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This paper proposes that K. William Kapp's 'Theory of Social Costs' and Adolph Lowe's 'Instrumental Analysis' are complementary analytical frameworks that contribute to the formation of a unique and practical [...]

This paper argues that the natural, nominal, risk free rate of interest is zero under relevant contemporary institutional arrangements. However, as Spencer Pack reminded us, "[n]atural and nature are complex […]

For several years now I have been involved in a project investigating the theoretical and practical possibilities of promoting full employment and price stability in an economy using state money […]

In this paper, I review seven important lessons to be learned from the work done by Abba Lerner some five decades ago. Lesson 1: Full employment, price stability, and a [...]

Wendell Gordon's recent [1997] note in this journal is a welcome commentary on institutionalist contributions to full employment policy. In particular, Gordon cites the support of institutionalists (including his own) [...]

Full employment is often associated with structural rigidities. An economy running at full employment and high levels of capacity utilization will have difficulty adjusting to structural changes such as capital- [...]

When Robert Eisner was invited to participate in the AFEE Roundtable on Employment Policy, he not only accepted the invitation on the spot, but also immediately said that he would [...]

An extended review of A Future of Capitalism: The Economic Vision of Robert Heilbroner, by Michael C. Carroll. London: Macmillan, 1998. Pp. 117. In his 'Preface' to A Future of [...]