Climate change has profound consequences for the agriculture of south-eastern Australia and its climate-induced water shortage in the Murray-Darling Basin. Post Keynesian Economics (PKE) macro-dynamics, along with Kaleckian investment and growth theory, are used to develop an ecological-economic system dynamics model of this complex nonlinear river basin system. The MurrayDarling Basin Simulati...

Standard monetary policy analysis built upon the New Keynesian model suggests that an optimal monetary policy rule is one which minimizes a weighted sum of the variance of inflation and the variance of the output gap. As one might expect, the Taylor rule evaluates well under this criteria. Recent calls for nominal GDP targeting therefore must contend with Taylor rule as an alternative approach ...

We propose a novel methodology for evaluating the accuracy of numerical solutions to dynamic economic models. Speci…cally, we construct a lower bound on the size of approximation errors. A small lower bound on errors is a necessary condition for accuracy: If a lower error bound is unacceptably large, then the actual approximation errors are even larger, and hence, we reject the hypothesis that ...

the main aim in this research has been to determining the growth regime in iran based on an open economy concerning the bhaduri and marglin(1990) model.  this model which has been widely used in post keynesian economics is a kaleckian-post keynesian macroeconomic model which is based on effective demand. bhaduri and marglin(1990) concerning wage as a cost item as well as a component of aggregat...

Something happened to economics in the decade of the 1950s that is little appreciated by most economists and even by professional historians of economic thought. The subject went through an intellectual revolution as profound in its impact as the so-called Keynesian Revolution of pre-war years. I call it the Formalist Revolution after Ward (1972, pp. 40–41), who was the first to recognize the p...

This article explores the emergence of Cambridge Journal Economics, highlighting its strengths but also some tensions discernible at advent. From 1912, Economic Journal, disciplinary gold standard, was published under editorial control: first, by Keynes himself, then through successive long-serving panels heterodox economists. The first significant success locally enacted, externally inspired, ...

I hope, for the sake of economics, that the Keynesian and monetafist approaches do not lead to such opposite results as Professor Claassen supposes. I believe, in fact, that Professor Claassen imputed to a difference in economic analysis what is really due to a difference in. the situations under examination. The situation which Professor Claassen examines in his comment is one which in Keynesi...