Ecological macroeconomics: reflections on labour markets

Towards Post - Keynesian Ecological Macroeconomics

The paper starts with a brief criticism of macroeconomic analyses of different schools of thought for their focus on economic growth and maximisation of output. This applies to the traditional Keynesian approach, which has focused on the achievement of sufficient aggregate demand to underpin full employment and full capacity utilisation, down-playing aggregate supply constraints. This also appl...

Reflections on US Labour Market Performance

This paper considers the impressive employment and unemployment performance of the United States over the past two decades, and the contrasting high unemployment experienced by most other OECD nations over the same period. It concludes that the multiple dimensions of US labour market flexibility have helped to produce strong labour market outcomes. However, the paper also documents the large in...

On the Macroeconomics of Uncertainty and Incomplete Markets

Presidential address for the Twelfth World Congress of the International Economic Association, summarising semi-formally the author's recent work and concerns. Uncertainty and incomplete markets breed demand volatility as well as price and wage rigidities. The conjunction of these leads to multiple, volatile supply-constrained equilibria, typically reflecting coordination failures and apt to di...

Macroeconomics and Asset Markets: some Mutual Implications.∗

This paper sheds light on the mutual discipline, which asset market observations and macroeconomic observation impose on each other. Economic choices such as consumption and leisure, which are taken as exogenous in much of the asset pricing literature, and which may suggest certain preference specifications in order to explain asset price observations in turn may have undesirable macroeconomic ...

General Equilibrium, Incomplete Markets and Macroeconomics