Product Description: A collection of essays which develop Professor Nell's economic theory of transformational growth. The author's previous titles include "Free Market Conservatism: A Critique of Theory and Practice" and "Beyond the Steady State: A Revival of Growth Theory".

Product Description: An examination of the role of Nicholas Kaldor within economics. Topics covered range from Kaldor's discovery of the Von Neumann input-output model, to cyclical growth in a Kaldorian model, to Nicholas Kaldor as advocate of commodity reserve currency.

Product Description: For the past century, economic analysis has been wedded to the idea of equilibrium, in spite of the evident fact that most economic relationships are in flux. The theory of transformational growth in this work replaces equilibrium with history...read more

This ambitious book seeks both to revive and revise the idea of ‘functional finance’. Followers of this doctrine believe that government budgets should concentrate solely on the macroeconomic impact on the economy, rather than reflecting a concern for sound finance and budgetary discipline. Reinventing Functional Finance examines the origins of this idea, and then considers it in a modern context. The authors explore the concept of NAIRU and argue that modern economies can operate at the level of full employment without provoking unmanageable inflation. They also contend that budget deficits do not have the deleterious effects commonly ascribed to them; the belief that they do rests on a misunderstanding of modern money. In this context, they highlight the relevance of Abba Lerner’s famous dictum, ‘money is a creature of the State’. The authors also debate the merits of various proposals for ‘Employer of Last Resort’ programs, which combine automatic stabilizers with the buffer stock principle. The book boasts an array of eminent contributors which include, among others, James Duesenberry, Robert Eisner, Robert Heilbroner, Richard Musgrave, Edward Nell and Randall Wray. Financial economists, politicians, policymakers and bankers will welcome this provocative and refreshing book which challenges established economic thinking.

Product Description: Growth, Distribution, and Effective Demand presents original essays on a variety of topics in theoretical and applied economics. The book honors the work of Edward J. Nell and develops interconnected themes that run through the modern Post-Keynesian tradition...read more

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Product Description: This book examines the concept of Transformational Growth from a number of different historical and geographical perspectives. Transformational Growth sees the economy as an evolving system in which the market selects and finances innovations, changing the character of costs and affecting the pattern of market adjustment...read more (view table of contents, read Amazon.com's description)

Product Description: In Making Sense of Economics Edward Nell presents an unorthodox and original view of the current state of economic theory and policies. Deriding the general trend for 'econobabble', the author explains the reason why conventional wisdom in economics now seems irrelevant and looks to likely future scenarios...read more

Product Description: In analyzing money, contemporary economics has focused its attention on money's function as a store of value, neglecting its role as medium of circulation. When circulation is put center stage, it becomes apparent that the supply of money does indeed adapt to the needs of trade - and does so in many different ways, often ways that are difficult for a central bank to control, because they reflect the responses of banks and other financial institutions to market incentives...read more

Product Description: In the past, the theory of economic growth has been chained to the rock of equilibrium. In this book the authors break free and present institutional transformation as a central feature of growth. New arenas for theory emerge. These are developed in sections covering demand-constrained growth; the nature and role of technical change; the modeling of cycles and catastrophes in a growing economy...read more