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After an introduction outlining the issues at stake in the study of Dobb's intellectual relationship to Keynes, I begin with a (necessarily brief) account of Keynes's attitude towards Dobb. I then ...

Thomas Piketty’s Capital in the Twenty-First Century makes hardly any reference to the ethics of inequality. Surprisingly, this is an omission shared by most of his critics. In this paper I investigate the literature on which he and his reviewers might have drawn and speculate on the reasons why they did not. I outline the four ‘views of society’ and the related issues in moral philosophy that were presented by Michael Schneider in his book on the distribution of wealth. I then summarise the criticisms of Piketty made by those few reviewers who did show some interest in ethical questions and examine the slightly earlier and quite different case against reducing inequality made by one of these critics, N. Gregory Mankiw. I consider the economic, political and social costs of inequality identified in a book-length study of Piketty’s work by Steven Pressman, and conclude by reflecting on the reasons for the widespread neglect of moral philosophy by mainstream economists.

I begin by providing a non-technical summary of the Post-Keynesian model of wage-led growth. I then summarise the work of microeconomists and industrial relations researchers on the reasons why real wages have failed to keep pace with labour productivity, leading to a steady decline in the wage share of GDP. These include the decline of trade unions, the erosion of the welfare state and (especially) the increasing ability and willingness of employers to evade and avoid labour market regulation. I conclude that these microeconomic problems need to be solved for a macroeconomic strategy of wage-led growth to be possible.

Background: Blast exposure is a potential hazard in modern military operations and training, especially for some military occupations. Helmets, peripheral armor, hearing protection, and eye protection worn by military personnel provide some acute protection from blast effects but may not fully protect personnel against cumulative effects of repeated blast overpressure waves experienced over a career. The current study aimed to characterize the long-term outcomes of repeated exposure to primary blast overpressure in experienced career operators with an emphasis on the assessment of hearing and vestibular outcomes.Methods: Participants included experienced “breachers” (military and law enforcement explosives professionals who gain entry into structures through controlled detonation of charges) and similarly aged and experienced “non-breachers” (non-breaching military and law enforcement personnel). Responses to a clinical interview and performance on audiological and vestibular testing were compared.Results: Hearing loss, ringing in the ears, irritability, and sensitivity to light or noise were more common among breachers than non-breachers. Breachers reported more combat exposure than non-breachers, and subsequently, memory loss and difficulty concentrating were associated with both breaching and combat exposure. Vestibular and ocular motor outcomes were not different between breachers and non-breachers.Conclusion: Hearing-related, irritability, and sensitivity outcomes are associated with a career in breaching. Future studies examining long-term effects of blast exposure should take measures to control for combat exposure.

The National Intrepid Center of Excellence (NICoE), on the campus of Walter Reed National Military Medical Center, was developed to help improve the lives of active duty service members (SMs) with traumatic brain injury (TBI) and comorbid behavioral health (BH) conditions. During the NICoE intensive outpatient program, SM who have all been identified as having some degree of TBI, undergo extensive interdisciplinary evaluations, including comprehensive vestibular assessment. These SMs sometimes present with vestibular symptoms ranging from lightheadedness to vertigo associated with the dual TBI/BH diagnoses, and vestibular testing results reported elsewhere have varied among this population. The study's purpose was to collate the vestibular test results obtained from a sample of the NICoE patients to determine if specific tests have a tendency to be abnormal in these SMs. Results indicate that oculomotor tests, particularly pursuit and saccade, were most often abnormal. The vertical subtests of the pursuit and saccade tests were abnormal more frequently than the horizontal subtests, suggesting that the vertical subtests should be utilized when evaluating the TBI population. Overall, oculomotor tests of vertical pursuit and saccades, as well as tests of central vestibular function, appear useful for detecting neurologic changes in active duty SMs with chronic symptoms after TBI.

This substantial volume reprints 20 of Marc Lavoie’s essays on post-Keynesian monetary theory and policy originally published between 1984 and 2018. Louis-Philippe Rochon has contributed a ‘Forewor...

These are the latest, but apparently not the last, books in a series that began in 2013; I reviewed the six previous volumes in this journal in issues 60 (2014) and 65 (2016). The first in the curr...

Hugh Dalton combined a brief but very successful academic career, spent entirely at LSE, with a deep commitment to the Labour Party. Cassell Reader in Economics from 1920 to 1935, when he resigned in order to devote himself to politics, Dalton published important work on public finance, the distribution of income and wealth and the economics of socialism. His authoritative textbook, Principles of Public Finance, was still selling well in the early 1950s having first appeared in 1922, and his 1920 article on ‘The Measurement of the Inequality of Incomes’ was rediscovered in the 1970s and has been very widely cited ever since. Dalton was essentially a pre-Keynesian economist, who applied A.C. Pigou’s neoclassical microeconomics to develop a surprisingly radical brand of democratic socialism.

For most economists, ‘Austrian economics’ refers to a distinct school of thought, originating with Mises and Hayek and characterised by a strong commitment to free-market liberalism. This innovative book explores an alternative Austrian tradition in economics. Demonstrating how the debate on the economics of socialism began in Austria long before the 1930s, it analyses the work and impact of many leading Austrian economists through a century of Austrian socialist economics.

This paper is based on a series of conversations between John King and Michael Schneider that took place in Melbourne in January and February 2016.*King: Let’s begin at the beginning, with your fam...

Joan Robinson's magnum opus, The Accumulation of Capital, was published 60 years ago, in 1956. I begin this diamond jubilee assessment by explaining the intellectual background to the book, placing Robinson's attempt to 'generalise the General Theory' in the context of the contemporary work of Harrod, Kaldor and Kalecki. I then provide a brief summary of the eight parts of the book before focusing on the analytical core, the analysis of 'accumulation in the long run' that is provided in Book II. Next I outline the critical reception of the book in the late 1950s and Robinson's reaction to it, both then and later in her career. I conclude by documenting the rather limited influence of The Accumulation of Capital in the longer term, even among heterodox economists, and conclude that the book was a noble failure.

The extensive critical literature on Thomas Piketty’s Capital in the Twenty-First Century is surveyed under nine headings. The first deals with the conservative argument that inequality in the distribution of wealth does not matter, since a rising tide lifts all boats. Second, it is claimed that Piketty’s prediction of continuously increasing inequality and the return of ‘patrimonial capitalism’ is unjustified. Third, the quality of the empirical evidence that he cites is questioned, on a number of quite different grounds. Fourth, some critics object that Piketty’s explanation of long-run trends in the distribution of wealth is too general and too theoretical. Fifth is the argument that he has used the correct (neoclassical) theory incorrectly, exaggerating the elasticity of substitution of capital for labour. Against this, post-Keynesian critics claim, sixthly, that Piketty is using the wrong theory, and should have drawn on the Kaldor–Pasinetti model of distribution and growth, and not the discr...