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Issue 53: November, 24 2007

From the Editor

Recently I mentioned to some colleagues that membership in heterodox associations and subscriptions to heterodox journals have declined significantly in the last 10-15 years and in some cases by more than 50%. One of them suggested that this could be a result of university libraries getting online subscriptions to heterodox journals, which made it very easy to access them for articles without leaving the office. Hence there was no need to actually subscribe to heterodox journals or maintain association memberships. While the free-rider account may have a germ of truth, I think the decline is due more to retirements, apathy and non-engagement, and the decline in the production of PhDs that are engaged in heterodox economics. Whatever the complex reason for the decline, one thing is certain, for the heterodox associations and journals to survive in the long term (over the next 10 years), it is for individuals to make a material contribution to them—that is to pay hard earned money for subscriptions and membership fees. Join in on the upcoming holiday spirit and treat yourself to a present—subscribe to that heterodox journal you always wanted or join that heterodox association you have been putting off.

Each ASSA meeting generates a surplus and it is distributed among its six founding members according to the distribution of registrations. In 2007 ASE got $2,815.03 (and in 2006 it got $2,951 and in 2005 it got $990); and LERA got $6,182.04 (and in 2006 it got $7,480 and in 2005 it got $3,950). So when registering for the ASSA, tick the boxes for ASE and LERA and have your part of the surplus be used for advancing heterodox economics.

Fred Lee

In this issue:
  Call for Papers
  - The 10th International Post Keynesian Conference
- Graduate Summer School in Post Keynesian Economics
- 10th Anniversary Conference of the Association for Heterodox Economics
- TSCF 2008 International Social Capital Conference
- Innovation and Social Development
- Innovation and Change in Health Care Systems
- Globalization, Gender, and the Challenge of Transnational Feminisms
- Collective Intentionality VI - Social Change
  Conferences, Seminars and Lectures
  - Teaching Innovations Program (TIP) Workshop
- Gender and Economic Policy Analysis
- Antonio Gramsci Today
- The Nature And Significance of Economic Science
- Other Europes: Agents of Transformation
  Job Postings for Heterodox Economists
  - Wartburg College
- The University of Rhode Island
- University of Massachusetts at Amherst
- Carthage College
- Queen Mary, University of London
  Heterodox Conference Papers and Reports and Articles
  - James Crotty on Heterodox Macroeconomics
  Heterodox Journals and Newsletters
  - Levy News
- Forum for Social Economics
- International Review of Applied Economics
- Journal of Post Keynesian Economics
- International Journal of Green Economics (IJGE)
- PERI in Focus
  Heterodox Books and Book Series
  - UN-DESA Policy Brief No. 4
- Arms, War and Terrorism in the Global Economy Today
- Social Costs and Public Action in Modern Capitalism
- Euroland and the World Economy
- Circus
- Mindful Economics: Understanding American Capitalism, Its Consequences and Alternatives
- David Hume's Political Economy
- Dollars and Sense Books
- The Market: Mainstream and Evolutionary Views
  Heterodox Book Reviews
  - Modern State Intervention in the Era of Globalisation
  Heterodox Web Sites
  - World Association for Political Economy
  For Your Information
  - Warren Samuels Prize
- Winners of the Competition to Honour the 150th Anniversary of the Birth of Thorstein Veblen

Call for Papers

The 10th International Post Keynesian Conference

Call for Papers
Theme: Post Keynesian Economic Policy
June 29- July 1, 2008
Kansas City- Missouri USA

More information will be forthcoming at  and  websites.
Contact: Heather Starzynski ( )

Graduate Summer School in Post Keynesian Economics

Call for Papers
June 26-28, 2008
University of Missouri- Kansas City and Center for Full Employment and Price Stability (CFEPS)
The faculty should submit a proposal for 1 hour class with class title and summary.
More information will be forthcoming at
Contact: Heather Starzynski ( )

10th Anniversary Conference of the Association for Heterodox Economics

4-6 July, 2008
Anglia Ruskin University, Cambridge
The Tenth Anniversary Conference of the Association of Heterodox Economics (AHE) will be held at Anglia Ruskin University, Cambridge from Friday 4th to Sunday 6th July 2008.
In ten years the AHE has established a reputation as a major national and international forum for the discussion of alternatives to mainstream economics, and for the interdisciplinary and pluralistic nature of its discussions. In this anniversary year we particularly encourage submissions on
(1) the state of economic heterodoxy and pluralism, and the relation between them
(2) experiences and difficulties in teaching heterodox and pluralist economics
(3) environmental and ecological economics

For detailed information: AHE.doc

TSCF 2008 International Social Capital Conference

"Perspectives on Social Capital and Social Inclusion", Buggiba, Malta, 19-22 September 2008.

The Social Capital Foundation invites papers and proposals for the TSCF 2008 International Social Capital Conference. The call will open on 2 January 2008. All papers and proposals should be submitted by 30 July 2008. For more detailed information (including guidelines, themes, submission and registration forms) please visit:

To submit a paper, a roundtable or to volunteer to serve as a chair or discussant, please contact
Papers submitted and accepted before 31 January 2008 will be inserted into the programme of the conference. Proposals are reviewed within two weeks of submission. We look forward to receiving your proposal and hope you will be able to join us in Malta in September 2008.

Innovation and Social Development

Cognitive capitalism – What Are The Conditions For Social Development?

Don Frana Bulica 4, HR-20000 Dubrovnik, CROATIA, Phone (+ 385 20) 413-626, 

Date of Event: 23-25 May 2008

Conference Directors:
Richard Blandy, University of South Australia, Australia
Jasminka Lažnjak, University of Zagreb, Croatia
Željka Šporer, University of South Australia, Australia
Jadranka Švarc, Institute of Social Sciences Ivo Pilar, Zagreb

Conference Description/ Call For Papers

The conference works as an inter- and trans-disciplinary workshop. Its focus is generally on the key role of innovation in the knowledge society and its consequences for development at global, regional and local levels. Creation and dissemination of new knowledge, its commercialisation and human capital development have become crucial factors for economic development. Taking into account different models of socioeconomic development through history, a variety of patterns of production, application and commercialisation of knowledge emerge. Our fourth conference will continue to discuss all relevant aspects of this relationship with special emphasis on concept of cognitive capitalism. Contributions dealing with other issues related to innovation and development are welcome as well.

For detailed information: IUC.doc

Innovation and Change in Health Care Systems

International Society for Research into Innovation and Change in Health Care Systems
Graduate School of Management
St. Petersburg State University
Call for Papers
2. ISRICH Conference
Innovation and Change in Health Care Systems
Saint Petersburg
8-9 May 2008

For detailed information: ISRICH.pdf

Globalization, Gender, and the Challenge of Transnational Feminisms

The College of Saint Rose Women’s Studies Program
Second Annual Regional Conference

Globalization, Gender, and the Challenge of Transnational Feminisms
SATURDAY, MARCH 15th, 2008 -- Albany, NY

Keynote speaker Katha Pollitt

We invite scholarly papers, panels, practical workshops, poster sessions, and dialogues by and between feminist writers, scholars, and activists on themes related to Globalization, Gender, and the Challenge of Transnational Feminisms.

Topics of interest include, but are not limited to: Transnational Identity and/or Citizenship: Immigration, Emigration, and Diaspora; Empire, Foreign Policy, and War: Globalization and Religion: Globalization, Gender, and Health ; Feminism and the State; Gender and Nationality; Globalization and GLBT Politics/Mobilization; Globalization and Power; Globalization and the Family; Global Environmental Issues and Transnational Women’s Activism; and Globalization and Mobilization/Transnational Social Movements

Individual Papers or Paper Panels: Individual submissions (name, affiliation, title, 300 word abstract) welcome. Panel proposals should include a panel title and brief abstract relating the panel’s topic to the conference theme, as well as names of participant(s), titles, and abstract (300 words) for each paper.

Roundtable Discussions: Proposals for roundtables should include an abstract, participant names, affiliations, and paper/work titles. (500 words)

Workshops: Proposals for workshops should include a complete title and description of the workshop, names and credentials of the presenter(s) and the type of space needed. (500 words)

Poster Sessions: Poster session presenters should submit their name, title, and a brief abstract , including a plan for its display (300 words). Poster session participants should expect to speak for about 5 minutes.

The Women’s Studies Conference Student Paper Award is offered for the best paper presented by an undergraduate or graduate student. To be considered, a students should (1) indicate on the registration form that she or he is a graduate or undergraduate student, and (2) submit his or her completed paper to the address below by February 1, 2008.

Submit proposals to: Prof. Bridgett Williams-Searle, Women’s Studies Program Coordinator, The College of Saint Rose, Albany NY 12203 or to  Inquiries welcome.
Deadline for all proposals is December 29th, 2007.

Collective Intentionality VI - Social Change

International, interdisciplinary conference on Collective Intentionality and Social Change

July 8-11, 2008

University of California, Berkeley, USA

Abstract: 500 - 1000 words

Deadline: November 30, 2007
Notification: January 31, 2008

We are inviting papers to be presented for the Collective Intentionality VI conference. This conference will be hosted for the first time in the United States on the campus of the University of California, Berkeley.
Keynote Speakers: Frans de Waal (Emory), Tony Lawson (Cambridge), Philip Pettit (Princeton), John R. Searle (Berkeley)
Suggested topics for paper submissions:
• Social Ontology, Power and the Theory of Collective Intentionality • Natural Science Approaches to Collective Intentionality • Collective Intentionality and the Social Sciences • Collective Perception: Ethics & Aesthetics • Social Kinds: Race, Gender • Social Reality in the Digital World

Paper Submission
We require blind submission of an abstract. Please send two separate documents to the following e-mail:

1) Your name, e-mail contact, title of your paper
2) Title of your paper, 500-1000 word abstract (Word or PDF format)


Conferences, Seminars and Lectures

Teaching Innovations Program (TIP) Workshop

spring 2008 workshops will be held in San Antonio, Texas (May 30-June 1) and Chapel Hill, North Carolina (June 6-8).TIP website (  ).
For detailed information: TIP Brochure 2008.pdf

Gender and Economic Policy Analysis

3-week Graduate Certificate Course
25 February – 14 March 2008

A new field in economics
One of the most pertinent social differentiations among agents in any economy is that of gender. Women work longer days than men, earn lower wages, have less access to resources and are predominantly responsible for meeting household needs. Moreover, gender inequalities impact upon economic variables such as productivity, economic growth, and efficiency.

Course content
The course consists of three one week modules. Module one has a microeconomic orientation. It will critically analyse gender issues in markets as well as in the household and the firm, and policies that influence the working of markets and impact upon the gender division of labour in households. Module two is a methodological one, discussing issues such as gender-aware indicators, gender-aware modelling, unpaid work and the care economy, and techniques for gender-aware policy analysis, such as gender budget analysis. Module three has a macroeconomic orientation. It will critically analyse gender issues in macroeconomic policies, in particular those resulting from the Washington Consensus, and gender issues in international trade and finance.

Target groups
Mid-career economists and other social scientists that work for international development organisations, government agencies and NGOs, as well as academics, who want to better understand the gendered character of economies as well as seek to develop economic policies that are gender-aware. For economists, the course will have a more technical focus, through specific readings and exercises. For others, the course will have a less technical focus, emphasising interdisciplinary readings and exercises.

Programme staff: Irene van Staveren, Haroon Akram Lodhi, and Diane Elson

How can economic policies be analysed and improved from a gender perspective?
Do you want to learn how trade policies or poverty reduction strategies could help to decrease gender inequalities?

Join the course Gender and Economic Policy Analysis.

For more information: Contact: Prof. dr. Irene van Staveren, ISS, P.O. Box 29776, 2502 LT THE HAGUE, THE NETHERLANDS. Phone: (31) 70 42 60 602. Fax: (31) 70 42 60 799. e-mail: website:

Antonio Gramsci Today

The International Institute for Research and Education (IIRE) and the Italian Institute of Culture in Amsterdam would like to invite you to the Conference:
Antonio Gramsci Today: 70 years after Gramsci's death, the legacy and relevance of his thought today.
Saturday, 8th December 2007, International Institute for Research and Education (IIRE), Lombokstraat 40, 1094 AL, Amsterdam
The seminar will equally be webcasted from

2:30pm Registration
3:00pm Introduction and Greetings. Session 1:The Legacy of Antonio Gramsci.
Chair: Sara Farris (Research Fellow of the IISG)
Silvio Marchetti (Director of the Italiaans Cultureel Instituut in Amsterdam)
Lea Durante (University of Bari, Italy - International Gramsci Society) - "Gramsci and the Prison Notebooks: Past and Present"
4:00pm Coffee break

4:15pm Session 2: Gramsci, Hegemony and International Relations
Chair: Arthur Mitzman (Emeritus Professor of Modern History, University of Amsterdam)
Bertil Videt (Director of the IIRE) – "Applying the Theory of Hegemony: the Turkish Case"
Peyman Jafari (Research Fellow of the IISG) - "Hegemony and Counter-Hegemony: Globalisation and Resistance today"
5:15pm Coffee break

5:30pm Session 3: Gramsci in the 21st Century
Chair: Geert Reuten (Senator in the Dutch Parliament and University of Amsterdam)
Michael Kraekte (University of Amsterdam, member of the Rosa Luxemburg Foundation and the International Marx Engels Society) - "Gramsci and the Renewal of the Critique of Political Economy"
Peter Thomas (University of Amsterdam, Editorial Board of Historical Materialism) - "The Philosophy of Praxis and the Alternative Globalisation Movement"

6:30pm Projection of Film Gramsci l'ho visto così by Gianni Amico and Giorgio Baratta

7:45pm Chena sarda (Sardinian Dinner) at the IIRE (pre-registration is required)

Please pre-register for the conference by sending an email to

The Nature And Significance of Economic Science

75th Anniversary of Lionel Robbins’s Essay

This year marks the 75th anniversary of Lionel Robbins’s Essay on the Nature and Significance of Economic Science. The Department of Economics at LSE and the editors of Economica are marking the event by a conference and a special issue of the journal. The purpose of this conference is to renew the considerations of Robbins’s theme and reflect on the current nature and significance of economic science as well as examine Robbins’s own position from a historical perspective.

Speakers include: Tony Atkinson, Ken Binmore, Lawrence Blume, Richard Lipsey and Robert Sugden

The Conference will take place at LSE on 10-11 December 2007.

There are no conference fees. Participation includes luncheon on both days of the conference and a conference dinner on Monday, 10/12.
However, there are a limited number of places and registration is on the basis of first come first served.

You can obtain your registration form and examine the programme of the conference at:

Other Europes: Agents of Transformation

ISET Colloquium
31 January – 1 February 2008
London Metropolitan University
Graduate Centre, 166-220 Holloway Road, London N7 8DB

Download the program.


Job Postings for Heterodox Economists

Wartburg College

DEPARTMENT: Business Administration and Economics at Wartburg College, Waverly, Iowa

POSITION: Assistant Professor or Associate Professor of Economics Tenure-track appointment

STARTING DATE: Fall term 2008

DEADLINE: Review of applications will begin December 10, 2007 and continue until position is filled.

Required: Doctorate degree in economics or related field by August, 2008.
Preferred: Successful college-level teaching experience. Background and willingness to teach in interdisciplinary general education; support for the mission of a liberal arts college of the Lutheran Church (ELCA).

Teach seven undergraduate courses or equivalent per year (usually three in Fall term, three in Winter term, and one in May term) from among the following: Principles of Macroeconomics, Principles of Microeconomics, International Trade & Finance, Comparative Systems, Microeconomic Theory, Economic Development. Engage in scholarship and service appropriate in a liberal arts setting.

Competitive for entry-level appointment.

APPLICATION PROCEDURE: Send letter of application, curriculum vitae, sample of research, statement of teaching philosophy, unofficial undergraduate and graduate transcripts, and three current letters of reference electronically to: or by mail to Jane Juchems, Director of Human Resources, Wartburg College, 100 Wartburg Blvd., Waverly, IA 50677-0903. For specific inquiries contact Paul Magnall, Chair, Department of Business Administration and Economics ( ) or E-mail  For further information about the college and the city of Waverly, see

The University of Rhode Island

Postion # 106436
TITLE: Assistant Professor, Economics
Department: Economics
Union: AAUP Acad
This is a tenure-track appointment for Fall of 2008.
Teach undergraduate courses in economics including courses in economic development and international economics, maintain a scholarly research program, advise undergraduate students and participate in departmental governance and service.
Required: Ph.D. in economics awarded by August 2008; area of specialization economic development and/or international economics; evidence of excellence in teaching and scholarship.

Submit (no emails or faxes, please) a letter of application, vita, three current letters of professional recommendation, evidence of teaching excellence, a recent sample of scholarly writing, and copies of transcripts (letters of reference and transcripts may arrive after the deadline but should be submitted as soon as possible), postmarked by 12-08-07 to:
John P. Burkett, Search Chair
Requisition # 11975
University of Rhode Island
PO Box G
Kingston, RI 02881
An Affirmative Action/Equal Opportunity Employer

University of Massachusetts at Amherst

The Economics Department of the University of Massachusetts at Amherst is inviting applications at the assistant professor level for one position starting in Fall 2008. Ph.D. in Economics preferred. Salary will be commensurate with experience. We are soliciting applications in all fields. Applicants should submit curriculum vitae, three letters of reference, a copy of a recent research paper and, if possible, evidence of teaching effectiveness. For full consideration, applications must be received by December 4, 2007. Candidates will be interviewed at the American Economics Association meetings in New Orleans. Please send application materials electronically to or in hard copy by mail to Chair, Hiring Committee, Economics Department, Thompson Hall, University of Massachusetts, Amherst, MA 01003. The University of Massachusetts is an Affirmative Action/Equal Opportunity employer. The Economics Department is committed to developing a more diverse faculty, student body and curriculum.

Carthage College

The Economics Department at Carthage College, Kenosha, Wisconsin, seeks to hire an assistant or associate professor with a specialization in monetary economics and/or finance. The candidate should be able to teach courses in principles of economics, money and banking, and quantitative methods or econometrics. As the department offers majors in both economics and international political economy, the department will find candidates with demonstrated interests and experience in international finance particularly attractive.

The full job advertisement is listed in the November JOE.
To be considered for interviews at the ASSA meetings in January all material should be submitted by December 14, 2007.

The department is currently staffed by heterodox economists.

Queen Mary, University of London

Job Title: Lecturer in Economics Ref: 07448/KK
Date Posted: 13 November 2007
Closing Date: 30 November 2007
Details: School of Business and Management

Lecturer in Economics Ref: 07448/KK

Established in 2002, The School of Business and Management has rapidly expanded into a vibrant and successful centre for teaching and research. It is now looking to make further appointments to sustain and further develop the School’s excellence in research, and contribute to the further innovation and delivery of its taught programmes at undergraduate and postgraduate levels.

The main priority of the School is to develop a distinctive research profile and the development of research programmes, along with a vibrant PhD programme, which can then form the basis for excellence in teaching as well as research.

The School has identified four distinctive themes in research that are multidisciplinary and cut across subject fields:

Equality and Diversity
Critical Organization and Political Economy
Innovation, Networks and Knowledge
Politics, Histories and Globalisation

You should have or be working towards a PhD, and should be able to demonstrate high levels of research achievement and potential. You should also have experience of designing and delivering undergraduate and postgraduate courses in relevant areas.

Informal enquiries may be made to Michael Rowlinson (Director of the School and Professor of Organization Studies),;  +44 (0)20 7882 6323.

Salary for this full time indefinite post will be in the range £34,518 - £46,753 per annum inclusive. Benefits include 30 days annual leave, an interest free season ticket loan, child care vouchers scheme and a contributory, final salary pension scheme.

Further particulars and an application form can be obtained via the School’s website  or from Clare Birch, School of Business and Management, email: or telephone +44 (0)20 7882 7465, quoting the relevant reference number. Alternatively, please visit the Human Resources website on:

Completed application forms, CV and contact details of three referees should be returned by e-mail to

The closing date for receipt of applications is 30th November 2007.

Please download the QM Application Form
and Job Description from the link below.
Additional Details:
Apply: If you have any technical download issues, please contact Roland Miller
Completed applications should be returned by 30 November 2007 .


Heterodox Conference Papers and Reports and Articles

James Crotty on Heterodox Macroeconomics

A collection of papers that may be of interest, presented recently at a conference in honor of James Crotty on heterodox macroeconomics:


Heterodox Journals and Newsletters

Levy News

Digital Newsletter of The Levy Economics Institute of Bard College

November 7, 13  2007

The Continuing Legacy of John Maynard Keynes
Working Paper No. 514
John Maynard Keynes’s theoretical contributions continue to provide guidance for the formation of real-world policy that can solve economic problems and advance the public interest while providing space for individual initiative in a successful capitalist economy. Current proposals to reform the international monetary system are reviving Keynes’s famous Bancor plan and the notion of flexible but managed exchange rates. Alleviating unemployment requires directed employment programs that provide a “reserve army” of the employed, reduce immigration, and close wage and standard-of-living gaps internationally.

Minsky’s Approach to Employment Policy and Poverty: Employer of Last Resort and the War on Poverty
Working Paper No. 515
Hyman P. Minsky’s proposals can ameliorate the two fundamental faults of capitalism: unemployment and the unequal distribution of income (poverty). High consumption and employer-of-last-resort programs reduce poverty as a step toward achieving macroeconomic stability. Minsky estimated that two-thirds of all poverty could be eliminated by providing a minimum-wage job to each household.

The Right to a Job, the Right Types of Projects: Employment Guarantee Policies from a Gender Perspective
Working Paper No. 516
Research Scholar Rania Antonopoulos reviews the nature of unemployment, gender issues, and various social protection policies worldwide, including India, South Africa, Chile, and Argentina. She finds that employment programs that guarantee the right to a job and target female unskilled labor are the best means of alleviating unemployment and social service deficits. The post–Washington Consensus view presents an opportunity to rethink the role of employer-of-last-resort programs, which are ideal for achieving the U.N. Millennium Development Goals.


The U.S. Economy: Is There a Way Out of the Woods?
November 2007 
This Strategic Analysis provides a retrospective view of U.S. growth in the last 10 years, showing that the authors’ previous work has proven a useful contribution to the public discussion. The analysis reviews recent events in the U.S. housing and financial markets to obtain a likely scenario for the evolution of household spending. It argues that a significant drop in borrowing is likely to take place in the coming quarters, with severe consequences for growth and unemployment, unless (1) the U.S. dollar is allowed to continue its fall and thus complete the recovery in the U.S. external imbalance, and (2) fiscal policy shifts its course—as it did in the 2001 recession.

Government Spending on the Elderly
October 2007

This book examines the many economic and budgetary impacts of an aging population, exploring the welfare state and incentives to retire, the macroeconomic and fiscal implications of aging, and the long-run effects of government spending on the elderly. There is also an examination of the changing patterns of retirement behavior, economic well-being and gender disparities among the elderly, the interaction between private and public provisioning, and aspects of retirement security.

Forum for Social Economics

Now published with Springer

John Marangos, Department of Economics, Colorado State University

Aims & Scope
The Forum for Social Economics is an international journal sponsored by the Association for Social Economics. For 35 years the Forum has published high quality peer-reviewed papers. The primary focus of the Forum is on applying social economic analysis to practical policy issues and/or the implications of alternative policy perspectives encompassing the social economy.
Download the flyer.

International Review of Applied Economics

Volume 21 Issue 5 is now available online at informaworld.

This new issue contains the following articles:

The Contractionary Short-Run Effects of Nominal Devaluation in Developing Countries: Some Neglected Nuances p. 577
Authors: Arslan Razmi

Monetary Policy Transparency in the UK: The Impact of Independence and Inflation Targeting p. 603
Authors: Iris Biefang-Frisancho Mariscal; Peter Howells

The Conditional Convergence Properties of Simple Kaldorian Growth Models p. 619
Authors: Mark Roberts

Exploring the Economic Choice to Participate in Sport: Results from the 2002 General Household Survey p. 633
Authors: Paul Downward

The Malaysian Real Trade Balance and the Real Exchange Rate p. 655
Authors: Mohammed B. Yusoff

Estimating Market Power in the South African Banking Sector p. 669
Authors: Charles C. Okeahalam

Efficiency in Crime Prevention: A Study of Lisbon’s Police Precincts p. 687
Authors: Carlos Pestana Barros

Authors: John Grieve Smith

Journal of Post Keynesian Economics

Volume 30 Number 1 / Fall 2007 of Journal of Post Keynesian Economics is now available on the web site at

This issue contains:

The state of Post Keynesian interest rate policy: where are we and where are we going?

 p. 3

Louis-Philippe Rochon

Interest rates, income distribution, and monetary policy dominance: Post Keynesians and the "fair rate" of interest

 p. 13

Louis-Philippe Rochon, Mark Setterfield

Why money matters: Wicksell, Keynes, and the new consensus view on monetary policy

 p. 43

Giuseppe Fontana

Macroeconomics and monetary policy: competing theoretical frameworks

 p. 61

Thomas I. Palley

Fiscal policy in a stock-flow consistent (SFC) model

 p. 79

Wynne Goldey, Marc Lavoie

A real interest rate rule for monetary policy?

 p. 101

John Smithin

A Post Keynesian view of central bank independence, policy targets, and the rules versus discretion debate

 p. 119

L. Randall Wray

International Journal of Green Economics (IJGE)

IJGE is a peer-reviewed international journal, that proposes and fosters discussion on all aspects of Green Economics. It contributes to international research and practice in Green Economics with the aim of encouraging economic change and the positioning of Green Economics at the centre of the Economics disciplines. Green Economic theories and policies, tools, instruments and metrics are developed with the aim of offering practical and theoretical solutions and proposals to facilitate a change to the current economic models for the benefit of the widest number of people and the planet as a whole. IJGE focuses particularly on resource management, on meeting peoples’ needs and the impact and effects of international trends and how to increase social justice. (See also the Green Economics Institute for further background and details, including GEI membership subscriptions). The IJGE paper are available to download from the publisher’s website:

For detailed information: IJGE.doc

PERI in Focus

Political Economy Research Institute- Fall 2007

- An Employment-Targeted Economic Program for Kenya
- PERI Announces Research Associates Program
- Rebellious Economics: Honoring the Career of James Crotty
- Robert Pollin: A Unified U.S. Economic Plan for 2008
- National AFL-CIO Leaders Visit PERI

PERI Working Papers

Friday November 9. 2007, 1:30
Kevin Gallagher
The Enclave Economy: Foreign Investment and Sustainable Development in Mexico's Silicon Valley
Environmental Working Group discussion series
Gordon Hall, third floor

Friday November 16. 2007, 1:30
Amit Basole
What Gandhi and Hayek Have in Common: Viewing the Informal Economy through the Knowledge Lens
Environmental Working Group discussion series
Gordon Hall, third floor

Friday November 30. 2007, 1: 30
Fikret Adaman
The Political Economy of the Environment in Turkey
Environmental Working Group discussion series
Gordon Hall, third floor

Friday December 7. 2007, 1:30
Hasan Tekguc
Are the Supply Side Agricultural Policies Counter-Productive? The Case of Animal Husbandry Sector in Turkey
Environmental Working Group discussion series
Gordon Hall, third floor


Heterodox Books and Book Series

UN-DESA Policy Brief No. 4

UN-DESA Policy Brief No. 4 is available from:

It analyses the financial turmoil of this summer in the context of persistent global imbalances, and calls for a shift in the attention of policy makers and central banks away from a one-sided focus on bolstering confidence and stability in financial markets, to addressing the more entrenched problem of debt accumulation by the household sector, particularly in the United States, and attendant asset bubbles. Such accumulation is a major factor behind the unhealthy and unsustainable pattern of current account deficits and surpluses. International policy coordination aimed at global re-balancing, and through reflationary rather than deflationary policies, is the key challenge to be addressed.

Arms, War and Terrorism in the Global Economy Today

Wolfram Elsner (Ed.) "Arms, War and Terrorism in the Global Economy Today: Economic Analyses and Civilian Alternatives." The volume presents papers of two joint seminars of EPS and the European Association for Evolutionary Political Economy (EAEPE) that took place in Rethymon, Crete, Greece, complemented by papers from the Second International Conference on Defense, Security, and Economic Development in Larissa, Greece in 2004. Contributing authors include Michael Intriligator, Fannie Coulomb, Jacques Fontanel, Jurgen Brauer, Gulay Gunluk-Senesen, J. Paul Dunne, Luc Mampaey, Claude Serfati, Christos Kollias, Clark Abt, and Lucy Law Webster, as well as several others. The book is available from the publishers, LIT Verlag, for €24.90 at

Social Costs and Public Action in Modern Capitalism

Essays inspired by Karl William Kapp's Theory of Social Costs
October 2006: 234x156: 240pp
Hb: 978-0-415-41351-0: £65.00
Edited by Wolfram Elsner, University of Bremen, Germany, Pietro
Frigato, University of Pisa, Italy and Paolo Ramazzotti, University of
Macerata, Italy

There is a widely shared understanding that the current de-regulated global economy increasingly generates drawbacks in terms of manifold costs that are "externalised" and shifted to third parties by corporate business. These costs - which include ecological damage, unemployment and underpaid employment, deteriorating work conditions, public health and social protection systems, increasing poverty, inequality and exclusion and the undermining of social capital and institutions - are individually and collectively borne by other agents and outside corporate economy. Economics has therefore provided a well-known and widely-used concept for these phenomena: social costs. Mainstream economics deals with social costs as a market failure. It explains them in terms of
imperfect privatisation, commercialisation, marketisation and allocation of property rights and it contends that they could be mitigated by institutional arrangements that tend towards a perfectly invidualized and competitive world. However, the term has also been used by heterodox evolutionary institutionalist economists to provide a more comprehensive conception. A major contributor to this approach was K.W. Kapp. Within the complex open systems approach of evolutionary economics he derived the conception of market-based capitalist economizing as a generation of social cost. This book elaborates and provides new insights on these ideas.
1. Freedom To Plan: On Kapp’s Institutional Outlook Michele Cangiani
2. Political Democracy And Social Costs: Reading K.W. Kapp’s ‘Political Economy’ Today Regine Heidenreich
3. Social Costs, Social Rights and the Limits of Free Market Capitalism: A Re-Reading Of Kapp Maurizio Franzini
4. Increasing Complexity in the ‘New’ Economy and Coordination Requirements Beyond the ‘Market’: Blockages And Lock-Ins as Social Costs and a New
Governance to Mitigate Them Wolfram Elsner
5. Policy For Social Costs: Kapp V. Neoclassical Economics James A. Swaney
6. Improved Allocation Through Environmental Taxes? Theory And Reality: The Example Of Germany Gustav M. Obermair and Lorenz Jarass
7. Unemployment as a Social Cost Paolo Ramazzotti and Marco Rangone
8. Social Costs And Human Health: Kapp’s Approach and its Growing Relevance Today Pietro Frigato
9. Impact of Economic and Labour Market Policy on Health: Health Costs of the ‘Transition Process’ in Central and Eastern Europe Richard Peter and Johannes Siegrist

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Euroland and the World Economy

Global Player or Global Drag?
Edited by: Jörg Bibow and Andrea Terzi
Little attention has been paid to the role of the European economies, and notably of the euro area, in the current global imbalance of international payments and growth rates, leading to somewhat simplistic views of Euroland contributing to limiting those imbalances and providing a template of economic policy for the twenty-first century. In addition, an influential view continues to stress the need for deeper and more comprehensive supply-side, structural reforms as a means to protect Euroland from potentially adverse global developments and play a positive role in the orderly correction of global imbalances. The contributions in this volume challenge this view and compellingly question, from a variety of angles, many popular beliefs about the road to virtues of Euroland, providing a comprehensive and fresh framework to address important questions for the future of the euro, from a critique of current macroeconomic policy institutions to proposals for both soft and tougher modifications of euro institutions, all pointing to a key question for the future of Europe: will the single currency project contribute to world economic dynamism or will it be driven by the vigour and vitality of others? Will Euroland act as global player or global drag?
Introduction; J.Bibow & A.Terzi
Global imbalances, Bretton Woods II, and Euroland's Role in All This; J.Bibow
Wage Divergences in Euroland: Explosive in the Making; H.Flassbeck
Can the Euro Area Play a Stabilizing Role in Balancing Global Imbalances?; P.Arestis & M.Sawyer
Whatever Happened to 'Policy Coordination'?; J.Forder
The Economic Rationale of the EMU and the Euro; C.Sardoni
Righting Global Imbalances: Recession, Protection or Reflation?; A.Izurieta & G.Irvin
Replacing the Stability and Growth Pact?; C.Goodhart
Fiscal Policy and Macroeconomic Performance in the Euro Area: Lessons for the Future; E.Hein & A.Truger
Germany's Choice and Lessons from Japan: Supply vs. Demand Policy, Fiscal vs. Monetary Policy; R.Werner
You Can't Always Get What you Want: Why Europe is not Keynesian-able while the US New Economy is Driven by Financial Keynesianism; R.Bellofiore & J.Halevi
'Not My Fault' or Would Spreading the Maastricht Wisdom beyond Europe Really Do Much Good At All?; J.Creel & F.Capoen
The Role of the Euro in the International Monetary Arena: Present and Prospects; S.Rossi
International Payments Imbalances and the Prospective Role of the Euro; A.Terzi


El Grupo Lujan presenta Circus, una revista de análisis de la realidad y teoría económica, en el intento de romper con la falta de tradición teórica en la Argentina.


¿Por què Circus?

Amit Bhaduri
El rol de la distribución del ingreso en el crecimiento endógeno de largo plazo...........6

Franklin Serrano y Fabio Freitas
El supermultiplicador sraffiano y el papel de la demanda efectiva en los modelos de crecimiento........ 19

Marc Setterfield
Oferta y demanda en la teoría del crecimiento de largo plazo........36

Entrevista a Heinz Kurz:
Sraffa ha vuelto a encender el interés en los clásicos”, por Gustavo Murga........49

Entrevista a Massimo Pivetti
“Marx es el punto de referencia principal para entender realmente a Sraffa”, por Alejandro Fiorito y Fabián Amico........61

Entrevista a Marc Lavoie
“Los fundamentos de la teoría neoclásica son completamente irrealistas”, por Pablo Bortz.........67

Oscar Braun
“Valor” en Ricardo y Marx.........72

Eduardo Crespo
Sobre los rendimientos de escala en la teoría clásica de los precios.........76

Alejandro Fiorito y Fabián Amico
Heterodoxia, teoría económica y crisis argentina......94

Gustavo Murga
Glosas marginales sobre los orígenes de la relación entre la teoría económica y las matemáticas.........113

Demian Panigo y Fernando Toledo
Poder de mercado y distribución funcional del ingreso en Argentina......131

Reseña: Interpreting Classical Economics: Studies in long period analysis, Heinz D. Kurz y Neri Salvadori (con Christian Gehrke, Giuseppe Freni y Fausto Gozzi), Londres: Routledge, 269 págs. por Pablo Bortz............145

Reseña: Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth, W. Godley and M. Lavoie, Palgrave/ Macmillan, 2006, 530 págs.por Pablo Bortz......149

¿Qué es el grupo Luján?..........154

Mindful Economics: Understanding American Capitalism, Its Consequences and Alternatives

by Joel Magnuson

Mindful Economics is a valuable resource for anyone who wishes to deepen their understanding of the United States economy. The book breaks away from traditional economic theory and provides a fresh, critical perspective on capitalism in America. The book will be particularly useful for citizens, activists, students or others who seek positive social change. The first several chapters guide the readers through an exploration of real-world institutions such as corporations, government, market systems, financial and other institutions that make up the U.S. economy. These chapters provide much information about the histories of these institutions, as well as how they have evolved to serve the profit-making and growth imperatives of capitalism. Embedded in these stories is the consistent theme that the need to maximize profits for a relatively small section of the U.S. population has shaped the development of America's most powerful institutions.
The second part of the book demonstrates how the need for higher profits and endless growth has intensified environmental destruction, resource depletion, instability, social and political inequality, and even global warming. These problems have become systemic and solutions therefore require long-term systemic change.
The path toward systemic change is laid out in the third part of Mindful Economics. Such change can be brought about by developing alternative institutions. As these alternatives evolve and grow, they will place the U.S. economy on a path to a new system. Systemic change will come about gradually by the will of people who purposefully steer the development of the economic institutions in their communities in a positive and healthy direction. To this end Mindful Economics lays a foundation for building new alternatives that are democratic, locally-based and ecologically sustainable. Such alternatives are not only viable, they can be found all across the United States. Through a network of alternative institutions, people can begin to build alternatives to capitalism and provide hope for future generations.

David Hume's Political Economy

Edited by Carl Wennerlind and Margaret Schabas.

About the book

Hume’s Political Discourses (1752) won immediate acclaim and positioned him as an authoritative figure on the subject of political economy. This volume of thirteen new essays definitively establishes the central place of political economy in Hume’s intellectual endeavor, as well as the profound and far-reaching influence of his theories on Enlightenment discourse and practice. A major strength of this collection is that the contributors come from a diverse set of fields – philosophy, economics, political science, history and literature. This promotes a comprehensive reading of Hume’s political economy, taking into account his entire set of writings and correspondence, in a way that captures his polymathic genius. Hume’s analyses of trade and commerce not only delve into the institutions of money and markets, but also human agency, the role of reason and the passions, manners and social mores. Hume sought general principles but also concrete applications, whether he grappled with the problem of economic development (Scotland and Ireland), with the debates on luxury consumption (France), or with the mounting public debt (England).

This book is a key resource for students and researchers in the areas of economic and political philosophy, history of economic and political theory, and the history of ideas.

For further information or to purchase a copy of the book please click here

Author Biography

Table of contents

Further titles in the Routledge Studies in the History of Economics Series

Dollars and Sense Books

Real World Macro

24th ed.
July 2007, 178 pages
ISBN 978-1-878585-66-0

Real World Macro Real World Macro asks the questions that mainstream textbooks largely neglect: What’s so great about growth? Is unemployment “natural”? Besides the basicsÑmonetary and fiscal policy, productivity and investment, inflation and unemployment. Real World Macro covers major controversies in macroeconomics, such as the legacy of Keynesianism and the basics of Marxist economic theory. It also takes a critical look at international trade and finance, covering topics like the global debt crisis and arguments for and against “free trade.”

Contents (61 articles):
1. Measuring Economic Performance
2. Wealth, Inequality, and Poverty
3. Savings and Investment
4. Fiscal Policy, Deficits, and Debt
5. Monetary Policy and Financial Markets
6. Unemployment and Inflation

Real World Micro

14th ed.
July 2007, 138 pages
ISBN 978-1-878585-67-7

Help your students measure neoclassical theory against reality with Real World Micro. In addition to exploring the underside of supply and demand, consumer behavior, and the production process, this book critically examines such topics as market power, the economics of the environment, job discrimination, Social Security, affordable housing,
CEO compensation, and the implications of growing
Contents (42 articles):
1. Markets: Ideology and Reality
2. Supply and Demand
3. Consumers
4. Firms, Production, and Profit Maximization
5. Market Structure and Monopoly
6. Labor Markets and the Distribution of Income
7. Market Failure, Government Policy, and
Corporate Governance
8. Policy Spotlight: Tax Policy

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The Market: Mainstream and Evolutionary Views

Announcing the first microeconomics principles book which offers both mainstream and institutionalist perspectives. Below is a brief description and Table of Contents. The book contains a Problem Set which includes exercises in neoclassical and institutionalist concepts. A Test Bank is available to adopters.

The book is available for Spring 2008 courses.

To obtain a complimentary copy for possible adoption, see the Kendall Hunt Publishing Company website.

by Joseph E Pluta

ISBN: 978-0-7575-4137-7
Copyright: 2008
Edition: 01
Number of Pages: 572
Binding: Soft Cover
Discipline: Economics

For detailed information: The Market.doc


Heterodox Book Reviews

Modern State Intervention in the Era of Globalisation

Nikolaos Karagiannis and Zagros Madjd-Sadjadi
Cheltenham, UK: Edward Elgar, 2007
Reviewed by Howard A. Doughty
“Oh East is East and West is West and never the twain shall meet,” or so sang Rudyard Kipling in his ode to manly courage and honour across cultures in 1895 (it was a poem about a question of ownership of a horse). Today, the pertinent poles might be North and South, or simply rich and poor. In any event, the differences were ultimately overcome, at least in microcosm. The lesson to be learned was that similar standards of virtue were worthy of respect, no matter their culture of origin.
Download the review.


Heterodox Web Sites

World Association for Political Economy 


For Your Information

Warren Samuels Prize

The Association for Social Economics (ASE), one of the founding member organizations of the Allied Social Science Associations, together with the Review of Social Economy, would like to invite submissions for the Warren Samuels Prize
This prize is awarded to a paper, presented at the January ASSA meetings, that best
exemplifies scholarly work that:
- Is of high quality,
- Is important to the project of social economics,
- Has broad appeal across disciplines.
It is preferable that the paper is presented at one of the ASSA sessions sponsored by the Association for Social Economics. Papers will not normally exceed 6,500 words (inclusive of references, notes), and should follow the style guidelines for the Review of Social Economy.
The winner of the prize will be announced during the ASE presidential breakfast, to which the winner is invited. The winning paper may, subject to peer review, be published in the subsequent September issue of the Review of Social Economy. The winner of the Warren Samuels Prize receives a $500 stipend.
The selection committee consists of:
The immediate Past-President of the ASE;
A Co-editor of the Review of Social Economy (Chair);
A member of the Editorial Board, Review of Social Economy.
Papers presented at the 2008 ASSA meetings in New Orleans, Louisiana may be send electronically, as a word or pdf attachment, to Wilfred Dolfsma, Corresponding Editor of the Review of Social Economy, before December 5th, 2007:

Winners of the Competition to Honour the 150th Anniversary of the Birth of Thorstein Veblen

This joint AFEE-EAEPE prize competition was for works unpublished or published no earlier than 2005. The prizes of £2000 each were presented at the EAEPE conference in Porto in Portugal on Saturday 3 November 2007.

Winners of Category 1
For candidates born on or after 1 January 1973, or currently enrolled PhD students, or candidates who were awarded their PhD on or after 1 January 2003.
• Olivier Brette, ‘Expanding the Dialogue Between Institutional Economics and Contemporary Evolutionary Economics: Veblen’s Methodology as a Framework’, Journal of Economic Issues, 40(2), June 2006, pp. 493-500.
This published journal article addresses the question of possible links between various traditions of institutional economics, neo-Schumpeterian evolutionary economics and the regulation school. In a highly creative move, Brette uses Veblen’s methodological framework to consider points of both dialogue and possible fusion.
• Zdravka K. Todorova, Reconsidering the Role of Households in Economic Theory, PhD Thesis, University of Missouri – Kansas City, 2007.
This ambitious PhD thesis considers the role of households within a micro-macro framework developed from a Post Keynesian and chartalist monetary theory of production. The work adds a further, Veblenian dimension by addressing the roles of gender and production in a pecuniary culture. It is a highly skilful and creative synthesis.

Winners of Category 2
For candidates who did not qualify for Category 1.
• Avner Greif, Institutions and the Path to the Modern Economy: Lessons from Medieval Trade (Cambridge and New York: Cambridge University Press, 2006).
Greif’s book focuses on the evolution of the basic economic institutions of property and contract enforcement from medieval times. Using a combination of economic theory and rich empirical material, Greif develops an original and powerful explanation of the development of these institutions, which respects both cultural and historical specificities.
• Arild Vatn, Institutions and the Environment (Cheltenham and Northampton: UK and MA, USA, 2005).
Vatn’s book addresses the urgent question of environmental policy and shows that an understanding of the role of institutions is vital in this area. It incorporates insights on institutions from both mainstream and heterodox traditions of thought. Magisterial and comprehensive, it is both a textbook and an inspiring, pioneering monograph.


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