Does Saving Increase the Supply of Credit? A Critique of Loanable Funds Theory

Fabian Lindner

…fallacies of composition. In the first step, the concepts of “saving” and “credit” will be clearly distinguished using simple accounting. It will be shown that credit is not limited by…
More ›

Universal Basic Income and the Cost Objection: What are we Waiting For?

Richard Pereira

…of often counter-productive, bureaucratic income security programs. Better results can be achieved with lower costs by implementing basic income, or a guaranteed livable income. This study does not seek any…
More ›

External Fragility or Deindustrialization: What is the Main Threat to Latin American Countries in the 2010s?

Roberto Frenkel, Martin Rapetti

…economies are far more robust than in periods prior to crises. The evidence that Latin American countries are not showing signs of external fragility does not imply, however, that the…
More ›

Setting a Principal to Interest Cap on the Issuance of Home Mortgages: a Proposed Change to Mortgage Underwriting Rules Designed to Control Housing Price Inflation

Timothy A. Wunder

…that rose to 33% by 1980 and 43% today. The mortgage industry is supposed to help foster affordable home ownership yet, as currently instituted, it has resulted far greater expense…
More ›

Rationality in the Theory of the Firm

Russell K. Standish, Stephen L. Keen

…fact was used in our previous presentation. This paper deals with correcting the derivation of the Keen equilibrium, and generalising the result to the asymmetric case. As well, we discuss…
More ›

Toward an Understanding of Keen and Standish’s Theory of the Firm: A Comment

David Rosnick

…the models and err in mathematics. The critiques do not follow through on their theoretical arguments, and do not explain what drives the results of their computer simulations. Consequently, their…
More ›

Institutional Support and Technological Upgrading: Evidence from Dynamic Clusters in Latin America and Asia

Rajah Rasiah, Jebamalai Vinanchiarachi

In light of wide differences in economic outcomes in the world, this paper uses an evolutionary set of lenses to examine the clusters of Buenos Aires’ automotive, Los Lagos’ salmon,…
More ›

Again on Piketty’s Capital in the Twenty-First Century or Why National Accounts and Three Simple Laws Should not be a Substitute for Economic Theory

Christian Flamant

…made by Piketty between “capital” and “wealth” which for him cover the same economic reality, and shows that productive capital, real estate capital and net financial assets cannot be put…
More ›

The Price Cannot be Right: Taxation, Sub-Intrinsic-Value Housing Bubbles, and Financial Instability

Gavin R. Putland

…to support such high prices, there will be a sub-intrinsic- value bubble – a condition in which prices, although lower than NPVs, are unsustainable due to unserviceable debt. The suggested…
More ›

Taxes are for Redemption, Not Spending

L. Randall Wray

Fiscal austerity has become the mantra, the solution to the world’s problems. Unemployment and slow growth? More austerity. High interest rates and rising debt ratios? More austerity. Inflation? More austerity….
More ›

Submissions

…should be given at the end of the articles in the following style with hyperlinks wherever useful and possible. For a review of the Harvard system, see: http://www.library.dmu.ac.uk/Images/Selfstudy/Harvard.pdf or http://www.cse.dmu.ac.uk/~bstahl/HarvardStyle.htm…
More ›

Editors

Email: wereditor@worldeconomicsassociation.org Jayati Ghosh, India, Jawaharlal Nehru University: jayatijnu@gmail.com John Weeks, UK, University of London: johnweeks@jweeks.org Susan Feiner, USA, University of Southern Maine: sffein@usm.maine.edu Esteban Perez Caldentey, Chile, Economic Commission for…
More ›