Review of Political Economy

1997 - 2025

Current editor(s): Steve Pressman and Louis-Philippe Rochon

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Volume 37, issue 1, 2025

The Conceptual Resilience of the Atomistic Individual in Mainstream Economic Rationality pp. 1-20

Stavros Drakopoulos

Beyond Job Guarantee: The Employer of Last Resort Program as a Tool to Promote the Energy Transition pp. 21-52

Giuliano Toshiro Yajima

A Post-Keynesian Framework for Exchange Rate Equilibrium: Simulations for the Brazilian Economy pp. 53-71

Lúcio Otávio Seixas Barbosa and Douglas Alencar

The Brazilian Economic Regimes and the Possibility of a Regime Switch pp. 72-91

Lilian N. Rolim and Carolina Baltar

World Profit Rates, 1960–2019 pp. 92-107

Deepankar Basu, Julio Huato, Jesus Lara Jauregui and Evan Wasner

Financial Instability and Income Inequality: Why the Minsky–Piketty Connection Matters for Macroeconomics pp. 108-141

Filippo Gusella and Anna Maria Variato

What You See Is …. Not All There Is: Global Income Inequality From a Quasi-Marxist Perspective pp. 142-164

Rishabh Kumar

Merchants of Debt at the Extreme Overnight: Re-Considering Monetary Theories via Rollover-Induced Interbank Frictions pp. 165-182

Jessica Reale

Uneven Effects, an Evolutionary Model of Poverty Traps After Trade Liberalization pp. 183-201

Leopoldo Gómez-Ramírez and María Padilla-Romo

Deciphering the Chinese Economic Miracle: The Resolution of an Age-Old Economists’ Debate — and its Central Role in Rapid Economic Development pp. 202-226

Kun Duan, Plamen Ivanov and Richard Werner

A Historical Review of the Role of Education: From Human Capital to Human Capabilities pp. 227-244

Silvia Leoni

Economics Imperialism and Economic Imperialism: Two Sides of the Same Coin pp. 245-263

Angela Ambrosino, Mario Cedrini and John B. Davis

Globalization of Production and Absolute Advantage in a Classical Approach pp. 264-282

Pedro S. Machado

A Note on Capital in a Functional Analysis of the Traditional Banking Industry pp. 283-296

Riccardo Zolea

Augusto Graziani on Italian Economic Development (1950–1970) pp. 297-321

Giorgio Colacchio, Guglielmo Forges Davanzati and Andrea Pacella

Macroeconomics after Kalecki and Keynes: Post-Keynesian Foundations pp. 322-325

Marc Lavoie

The Political Economy of Central Banking in Emerging Economies pp. 325-329

Fatih Kırşanlı

Volume 36, issue 5, 2024

Introduction to the Symposium on: The Supermultiplier and Endogenous Money pp. 1717-1721

Maria Cristina Barbieri Góes, Óscar Dejuán Asenjo, Riccardo Pariboni and Ricardo Summa

Finance, Financial Adjustments and Alternative Closures in Neo-Kaleckian Models: The Paradoxes of Thrift and Costs in the Long-Run pp. 1722-1745

Brett Fiebiger

The Monetary Theory of Production and the Supermultiplier: What Determines Savings? pp. 1746-1774

Lorenzo Di Domenico, Giovanna Ciaffi and Davide Romaniello

Fiscal Supermultiplier and Endogenous Money in the United States: The COVID-19 Pandemic vs. the Global Financial Crisis pp. 1775-1800

Juan Matias De Lucchi

Supermultiplier Models, Demand Stagnation, and Monetary Policy: Inevitable March to the Lower Bound for Interest Rates? pp. 1801-1826

Steven Fazzari

The Supermultiplier-Cum-Finance. An Application to the Credit-Led Boom before the 2008 Crash pp. 1827-1849

Óscar Dejuán and Daniel Dejuan-Bitria

Pensions as an Engine of Growth. An Approach to the Spanish Case, Based on the Sraffian Supermultiplier pp. 1850-1875

Eladio Febrero and Fernando Bermejo

Components of Autonomous Demand Growth and Financial Feedbacks: Implications for Growth Drivers and Growth Regime Analysis pp. 1876-1893

Ryan Woodgate, Eckhard Hein and Ricardo Summa

Debt-credit Flows and Stocks in a Supermultiplier Model with Two Autonomous Demand Components: Consequences for Growth pp. 1894-1914

Stefano Di Bucchianico, Ettore Gallo and Antonino Lofaro

Limits to Fiscal and Monetary Policy in Small Open Economies pp. 1915-1942

Ariel Dvoskin and Matías Torchinsky Landau

Impacts of US Interest Rates on Growth, Income Distribution, and Macroeconomic Policy Space in Developing Countries: A SFC Supermultiplier Model pp. 1943-1963

João Emboava Vaz

There is no Room: The Role of Net Reciprocal Effectual Demands in Ricardo’s Theory of Foreign Trade pp. 1964-1981

Gustavo Bhering and Franklin Serrano

An Appraisal of Alternative Ricardian Trade Models pp. 1982-2003

Gabriel Brondino and Ariel Dvoskin

Towards an Explanation of a Declining Trend in Capacity Utilisation in the US Economy: Analysing the NBER-CES Output–Capital Ratio pp. 2004-2025

Santiago José Gahn

Multipliers and Supermultipliers in a Multisectoral Framework: Macroeconomic Tools After All? pp. 2026-2045

Fabrício Pitombo Leite

Debt Cancellation to Avert Fiscal Austerity: Helpful Beyond Controversy? pp. 2046-2067

Eladio Febrero and Jorge Uxó

Was the September 2019 US Money Market Turmoil Due to Insufficient ‘Loanable Funds’? pp. 2068-2084

Domenica Tropeano

The Sraffian Supermultiplier and Cycles: Theory and Empirics pp. 2085-2104

Michalis Nikiforos, Marcio Santetti and Rudiger von Arnim

Cycles: Empirics and the Supermultiplier Theory pp. 2105-2115

Ricardo Summa, Gabriel Petrini and Lucas Teixeira

Residential and Nonresidential Investment and the Cycle: A Rejoinder pp. 2116-2120

Michalis Nikiforos, Marcio Santetti and Rudiger von Arnim

Mission Economy: A Moonshot Guide to Changing Capitalism pp. 2121-2123

Tracey Katof

Cambridge economics in the post-Keynesian era: the eclipse of heterodox traditions pp. 2123-2126

Francis Cripps

Volume 36, issue 4, 2024

Conflict Inflation: A Symposium pp. 1299-1301

Maria Cristina Barbieri Góes, Sylvio Kappes and Louis-Philippe Rochon

The Conflict Theory of Inflation Revisited pp. 1302-1313

Robert Rowthorn

Conflictual Distributional Struggles and Inflation pp. 1314-1330

Malcolm Sawyer

Sellers' Inflation and Distributive Conflict: Lessons from the Post-COVID Recovery pp. 1331-1350

Ettore Gallo and Louis-Philippe Rochon

Cost-Push and Conflict Inflation: A Discussion of the Italian Case pp. 1351-1380

Davide Romaniello and Antonella Stirati

Inflation, Unemployment, and Inequality: Beyond the Traditional Phillips Curve pp. 1381-1396

Lilian Rolim

Conflictual Inflation and the Phillips Curve pp. 1397-1419

Marc Lavoie

Which Policies Against Inflation After Covid-19 and the War in Ukraine: The Italian Case pp. 1420-1435

Luigi Salvati and Pasquale Tridico

Kaleckian Models of Conflict Inflation, Distribution and Employment: A Comparative Analysis pp. 1436-1464

Eckhard Hein and Christoph Häusler

‘Sellers’ Inflation’ and Monetary Policy Interventions: A Critical Analysis pp. 1465-1485

Giuseppe Mastromatteo and Sergio Rossi

Conflict Inflation and the Role of Monetary Policy pp. 1486-1509

Pedro Clavijo-Cortes

Conflict, Inertia, and Phillips Curve from a Sraffian Standpoint pp. 1510-1535

Franklin Serrano, Ricardo Summa and Guilherme Spinato Morlin

Shaikh’s Theory of Inflation: Empirical Evidence from European Countries (2001–20) pp. 1536-1556

Oktay Ozden and Hakki Kutay Bolkol

Inflation in OECD Countries: An Empirical Assessment of a Structuralist Theory of Inflation pp. 1557-1581

Hongkil Kim

A Structuralist Model of the Palestinian Economy: Who Bears the Economic Burden of the Israeli Occupation? pp. 1582-1612

Ibrahim Shikaki

Supply and Demand in Kaldorian Growth Models: A Proposal for Dynamic Adjustment pp. 1613-1634

Guilherme R. Magacho and Danilo Spinola

A Multi-Sector Post-Kaleckian Growth Model of Structural Change pp. 1635-1653

Ricardo Araujo, Pedro Celso Rodrigues Fonseca and Theo Santini Antunes

Do Flexibility Measures Affect the Wage Share? An Empirical Analysis of Selected European Countries pp. 1654-1677

Giorgio Liotti, Emanuele Millemaci and Luigi Salvati

Stratification Economics and Occupational Prestige: A Theoretical and Empirical Approach pp. 1678-1697

Iris Buder, David Fields, Gwyneth Donahue and Maria Ramirez

Pluralist Economics as a Democratizing Force: A Review Essay pp. 1698-1707

Nina Eichacker

The Foundations of Real-World Economics: What Every Student Needs to Know pp. 1708-1712

Larry Allen

Who Matters at the World Bank? Bureaucrats, Policy Change, and Public Sector Governance pp. 1712-1715

Mirek Tobiáš Hošman

Volume 36, issue 3, 2024

Monetary Policy and Income Distribution: A Symposium pp. 887-891

Sylvio Kappes, Louis-Philippe Rochon and Guillaume Vallet

Monetary Policy and Income Distribution: The Post-Keynesian and Sraffian Perspectives pp. 892-918

Antonino Lofaro, Guillermo Matamoros and Louis-Philippe Rochon

The Distributive Monetary Analysis of a (un)Sustainable Economy pp. 919-952

Samuele Bibi

Foreign Price Shocks and Inflation Targeting: Effects on Income and Inflation Inequality pp. 953-973

Lilian Rolim and Nathalie Marins

Dealing with Rising Inequality: Is the Fed Up for the Task, or Will Everyone Get Fed Up? pp. 974-993

Steven Pressman

Monetary Policy and the Gender and Racial Employment Dynamics in Brazil pp. 994-1018

Patricia Couto and Clara Brenck

Monetary Policy and Income Distribution in a Multisectoral AB-SFC Model pp. 1019-1041

Matheus Trotta Vianna

Are Firm Markups Boosting Inflation? A Post-Keynesian Institutionalist Approach to Markup Inflation in Select Industrialized Countries pp. 1042-1063

Guillermo Matamoros

Classical Economics and the Question of Aggregate Demand pp. 1064-1078

Alex Thomas

The Advanced Stage of Industrialisation and the Argentine Pendulum: A Classical-Structuralist Approach pp. 1079-1103

Ramiro E. Alvarez

Tying Your Hands and Getting Stuck? The European Origins of Italy's Economic Stagnation pp. 1104-1129

Lucio Baccaro and Massimo D'Antoni

Growth Theory and the Growth Model Perspective: Insights from the Supermultiplier pp. 1130-1155

Guilherme Spinato Morlin, Nikolas Passos and Riccardo Pariboni

Financial Growth and Crash under Shadow Banking pp. 1156-1173

Amit Bhaduri and Srinivas Raghavendra

Financialisation in the Gulf States pp. 1174-1191

Jalal Qanas and Malcolm Sawyer

Households’ Liquidity Preference, Banks’ Capitalization and the Macroeconomy: A Theoretical Investigation pp. 1192-1215

Marco Missaglia and Alberto Botta

Hysteresis in the Dynamics of Employment by Activity Sector pp. 1216-1232

Paulo R. Mota and Paulo B. Vasconcelos

The New Forms of Economic Dominance in Latin American Economies in the Globalised Era: A Glance at Mexico’s Financial System pp. 1233-1252

Noemi Levy-Orlik

The Road Less Travelled: Keynes and Knight on Probability and Uncertainty pp. 1253-1278

Bill Gerrard

Economists and COVID-19: ideas, theories and policies during the pandemic pp. 1279-1285

E. Forrest Blanton and Madhav Tipu Ramachandran

Islamic Economics and Covid-19: The Economic, Social, and Scientific Consequences of a Global Pandemic pp. 1285-1288

Siti Mudrikah, Achmad Fadlil Abidillah, Muhammad Yahya Saifuddin and Agus Suaidi Hasan

Review of Public Banks: Decarbonisation, Definancialisation and Democratisation pp. 1288-1291

Olga Mikheeva

Paul Davidson: A Kind Man and a Forceful Debater in the Interests of Real-World Progress pp. 1292-1294

Sheila Dow

Paul Davidson: An Appreciation pp. 1295-1297

David Dequech

Volume 36, issue 2, 2024

The Price of Wealth: Scarcity and Abundance in an Unequal World pp. 389-397

Richard McGahey

Can Minimum Wages Effectively Reduce Poverty under Low Compliance? A Case Study from the Agricultural Sector in South Africa pp. 398-419

Ihsaan Bassier and Vimal Ranchhod

Commentary on Bassier and Ranchhod, ‘Can Minimum Wages Effectively Reduce Poverty Under Low Compliance? A Case Study from the Agricultural Sector in South Africa’ pp. 420-422

Nishita Trisal

The Racial Wealth Gap in South Africa and the United States pp. 423-440

Grieve Chelwa, Mashekwa Maboshe and Darrick Hamilton

Commentary on ‘The Racial Wealth Gap in South Africa and the United States’ by Chelwa, Maboshe and Hamilton pp. 441-443

Kimberly Chong

Relational Inequality and Economic Outcomes: A Consideration of the Indian Experience pp. 444-455

Jayati Ghosh

Commentary on Ghosh ‘Relational Inequality and Economic Outcomes’ pp. 456-460

Gustav Peebles

No Rest for the Weary: Measuring the Changing Distribution of Retirement Wealth in the United States pp. 461-480

Teresa Ghilarducci, Siavash Radpour and Jessica Forden

Debt and the Politics of Numbers: Hegemonic Numbers, Political Numbers, Ordinary Numbers pp. 481-499

Isabelle Guérin and G. Venkatasubramanian

Commentary on Guérin and Venkatasubramanian ‘Debt and the Politics of Numbers’ pp. 500-503

Amita Baviskar

The Hierarchies of Global Finance: An Anti-Disciplinary Research Agenda pp. 504-527

Ingrid Harvold Kvangraven and Maria Dyveke Styve

Commentary on Kvangraven and Styve, ‘The Hierarchies of Global Finance’ pp. 528-532

Caroline E. Schuster

The Political Benefits of ‘Unconventional’ Monetary Policies in Times of Crisis pp. 533-545

Sergio Rossi

A Political Economy of Fiscal Space: Political Structures, Bond Markets, and Monetary Accommodation of Government Spending Potential in the Core and Periphery pp. 546-564

Nina Eichacker

‘Independence’ of Central Banks and the Political Economy of Monetary Policy pp. 565-580

Jalal Qanas and Malcolm Sawyer

The Taylor Rule and its Aftermath: An Interpretation Along Classical-Keynesian Lines pp. 581-599

Enrico Sergio Levrero

A Note on the Real Effects of Interest Rate Policy and Its Impact on Inflation pp. 600-609

Massimo Pivetti

Logic and Economics I: Synthesis Neoclassicism pp. 610-633

Rod O’Donnell

Logic and Economics II: Pure Neoclassicism, Part A pp. 634-657

Rod O’Donnell

The Societal Responsibility of Banks: A Case Study of Three Swiss Alternative Banks pp. 658-684

Virgile Chassagnon and Guillaume Vallet

Interest and Profit: An Empirical Assessment of the Monetary Theory of Distribution for the Euro Area pp. 685-701

Santiago José Gahn

Center and Periphery: An Original Institutional Economics Analysis of Raúl Prebisch’s Structuralism pp. 702-721

Natalia Bracarense

Inequality and Exchange Rate Movements in an Open-Economy Macroeconomic Model pp. 722-760

Emilio Carnevali, Francesco Ruggeri and Marco Veronese Passarella

The Paradox of Investment: A Contribution to the Theory of Demand-Led Economic Growth pp. 761-775

Emanuel Reis Leão and Pedro Reis Leão

A Macro-Theoretic Exploration of Some Covid-19 Induced Constraints on Economic Policy pp. 776-791

Chandrasekaran Saratchand

Public and Private Financing of Sustainable Development Goals (SDGs) pp. 792-826

Massimo Cingolani

Characteristics of Labor Markets Varying with Perturbations of Relative Markups pp. 827-843

Robert L. Vienneau

Economy-Finance-Environment-Society Interconnections In a Stock-Flow Consistent Dynamic Model pp. 844-878

Emilio Carnevali, Matteo Deleidi, Riccardo Pariboni and Marco Veronese Passarella

The Economics of the Middle East: A Comparative Approach pp. 879-882

Fatih Kırşanlı

Crisis, Inequalities and Poverty pp. 882-885

Stefano Lucarelli

Volume 36, issue 1, 2024

The Political Economy of Social Change and Nation-Building During the Progressive Era pp. 1-7

Rebeca Gomez Betancourt and Guillaume Vallet

The Rise and Fall of Two Outstanding Progressives of American Social Sciences (1880s–1930s): A Critical Focus on R.T. Ely and A.W. Small pp. 8-30

Michel Rocca and Guillaume Vallet

Making a Central Bank Out of the Federal Reserve: A Historical Perspective on Wartime Amendments to the Federal Reserve Act pp. 31-58

Jane Knodell

Taxation in the Early Progressive Era: From Revenue to Social Policy pp. 59-75

Marianne Johnson

Between Ethics and Science: Economic and Political Arguments Against Child Labor in the Progressive Period pp. 76-96

Pedro N. Teixeira

Municipal Housekeeping and the Origins of the Economics of the Urban Environment (1900s–1920s) pp. 97-115

Antoine Missemer and Marco Vianna Franco

Power in Firms as Political Entities: Dependency, Strategy and Resistance pp. 116-136

Virgile Chassagnon and Naciba Haned

Leverage and Bargaining Power in a Kaleckian Growth Model pp. 137-153

Shinji Teraji

The Gender Gap in Political Participation: Evidence from the MENA Region pp. 154-177

Ali Fakih and Yara Sleiman

Activity Levels and the Flexibility of the Degree of Capacity Utilisation in the US pp. 178-201

Matteo Deleidi, Santiago José Gahn and Riccardo Pariboni

The Prospects of the Italian Economy in the Centenary of Paolo Sylos Labini's Birth pp. 202-232

Daniela Tavasci and Luigi Ventimiglia

Abstraction in the Marxian Oeuvre: Tendencies, Laws and Dialectics pp. 233-255

Theofanis Papageorgiou and Panayotis Michaelides

International Political Economy and Exchange Rate Regime: A Question of Sustainability pp. 256-267

Alban Mathieu

Balance Sheet Effects in a Financialized Environment: A Stock-Flow Consistent Framework for Mexico pp. 268-288

Lorenzo Nalin and Giuliano Toshiro Yajima

In Praise of ‘general laws’ of Capitalism: Notes from a Debate with Daron Acemoglu pp. 289-303

Emiliano Brancaccio and Fabiana De Cristofaro

Credit-Fueled Demand and Shrinking Aggregate Supply: A Study on the Hyperinflation in Venezuela pp. 304-324

Juan Barredo-Zuriarrain

Labor Market, Distributive Gains and Cumulative Causation: Insights from the Brazilian Economy pp. 325-350

Esther Dweck, Carolina Baltar, Marília Bassetti Marcato and Camila Unis Krepsky

Green Jobs: Sustainable Path for Environmental Conservation and Socio-Economic Stability and Inclusion pp. 351-372

Natalia Bracarense and Paulo Afonso Bracarense Costa

The Logic of Capital: An Introduction to Marxist Economic Theory pp. 373-376

Thomas Michl

The Community of Advantage: A Behavioural Economist’s Defence of the Market pp. 376-379

Stephen Parsons

Keynes on Uncertainty and Tragic Happiness: Complexity and Expectations pp. 380-382

Douglas Alencar

Post-Keynesian Growth Theory. Selected Essays pp. 383-384

Pablo Bortz

Capital Movements and Corporate Dominance over Latin America: Reduced Growth and Increased Instability pp. 385-388

Sunanda Sen