Social Democracy for the 21st Century: A Realist Alternative to the Modern Left

Actually, Lars quotes Paul Davidson in a succinct statement of the gross substitution axiom and why it is incompatible with Keynes’ General ...

As identified by Paul Davidson, they are as follows: (1) the neutral money axiom; (2) the ergodic axiom, and (3) the gross substituti...

Post Keynesians reject the gross substitution axiom, an implicit assumption made by both Austrians and neoclassicals. In brief, money and fi...

Keynes in the General Theory (1936) showed that fiat money and even commodity money have special properties: “… money has, both in the long...

The question is posed by a commentator on the last post, with respect to the New Keynesian N. Gregory Mankiw. The answer is that he, like th...

The neo-Walrasian economist Frank H. Hahn is a respected neoclassical economist. Unlike other neoclassicals, however, he has been rather mo...