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Heterodox macro after the crisis

  • Peter Skott


    (University of Massachusetts Amherst)

Macroeconomics is in crisis and this creates openings for alternative perspectives. The dominant heterodox traditions, however, have shortcomings that need to be addressed, both to improve our understanding of the real world and to take advantage of the opportunities offered by the irrelevance of most mainstream macro. This paper discusses three examples of areas that need attention: (i) investment functions (where popular specifications lack behavioral and empirical support), (ii) income distribution (where key developments have received little attention) and(iii) the relation between income inequality and financial markets (where extensions of existing models may help explain financial instability) JEL Categories: E12, E21, E22

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Paper provided by University of Massachusetts Amherst, Department of Economics in its series UMASS Amherst Economics Working Papers with number 2011-23.

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Date of creation: Oct 2011
Date of revision:
Handle: RePEc:ums:papers:2011-23
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  1. Thomas I. Palley, 2008. "Financialization: What it is and Why it Matters," IMK Working Paper 04-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  2. Skott, Peter, 1981. "On the 'Kaldorian' Saving Function," Kyklos, Wiley Blackwell, vol. 34(4), pages 563-81.
  3. Fabián Slonimczyk & Peter Skott, 2012. "Employment and Distribution Effects of the Minimum Wage," UMASS Amherst Economics Working Papers 2012-05, University of Massachusetts Amherst, Department of Economics.
  4. Ryoo, Soon, 2010. "Long waves and short cycles in a model of endogenous financial fragility," Journal of Economic Behavior & Organization, Elsevier, vol. 74(3), pages 163-186, June.
  5. Frederick Guy & Peter Skott, 2008. "Information and Communications Technologies, Coordination and Control, and the Distribution of Income," Journal of Income Distribution, Journal of Income Distribution, vol. 17(3-4), pages 71-92, September.
  6. Lavoie, M., 1992. "The Kaleckian Model of Growth and Distribution and its Neo-Ricardian and Neo-Marxian Critiques," Working Papers 9201e, University of Ottawa, Department of Economics.
  7. Peter Skott & Ben Zipperer, 2012. "An empirical evaluation of three post-Keynesian models," European Journal of Economics and Economic Policies: Intervention, Edward Elgar, vol. 9(2), pages 277-307.
  8. Thomas I. Palley, 1994. "Debt, Aggregate Demand, and the Business Cycle: An Analysis in the Spirit of Kaldor and Minsky," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 16(3), pages 371-390, April.
  9. Larry W. Hunter & John J. Lafkas, 2003. "Opening the box: Information technology, work practices, and wages," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 56(2), pages 224-243, January.
  10. repec:ums:papers:2012-5 is not listed on IDEAS
  11. Peter Skott, 2012. "Theoretical And Empirical Shortcomings Of The Kaleckian Investment Function," Metroeconomica, Wiley Blackwell, vol. 63(1), pages 109-138, 02.
  12. Amitava K. Dutt (ed.), 1994. "New Directions In Analytical Political Economy," Books, Edward Elgar, number 157, March.
  13. Dutt, Amitava Krishna, 1984. "Stagnation, Income Distribution and Monopoly Power," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 25-40, March.
  14. Palley, Thomas I., 2009. "America's exhausted paradigm: Macroeconomic causes of the financial crisis and great recession," IPE Working Papers 02/2009, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  15. Eckhard Hein, 2008. "Financialisation in a comparative static, stock-flow consistent Post-Kaleckian distribution and growth model," IMK Working Paper 21-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  16. Skott, Peter & Guy, Frederick, 2007. "A model of power-biased technological change," Economics Letters, Elsevier, vol. 95(1), pages 124-131, April.
  17. Matthew D. Shapiro, 1989. "Assessing the Federal Reserve's Measures of Capacity and Utilization," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(1), pages 181-242.
  18. Gerald Epstein & Arjun Jayadev, 2007. "The Correlates of Rentier Returns in OECD Countries," Working Papers wp123, Political Economy Research Institute, University of Massachusetts at Amherst.
  19. Francis Green, 2002. "Why Has Work Effort Become More Intense?," Studies in Economics 0207, School of Economics, University of Kent.
  20. Peter Skott, 2013. "Increasing Inequality and Financial Instability," Review of Radical Political Economics, Union for Radical Political Economics, vol. 45(4), pages 478-488, December.
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