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Contents: Introduction / Louis-Philippe Rochon and Virginie Monvoisin -- Part I: Post-Keynesian views on finance and financialization -- 1. Measuring finance for the economy and finance for finance / Marcello Spanò -- 2. Economic limits of the originate to distribute model of banking / Óscar Dejuán and John S. L. McCombie -- 3. Private pension funds in emerging economies: From broken promises to financialisation / Bruno Bonizzi and Diego Guevara -- 4. Financialization and bancarization of Argentina, Brazil and Mexico: The financial services transformations as from the post-crisis period / Alicia Girón and Marcia Solorza -- Part II: Post-Keynesian views on distribution and growth -- 5. Macroeconomic implications of inequality and household debt: European evidence / Jonathan Perraton -- 6. How can policy tackle inequality in 21st century? / Hanna Szymborska -- 7. Economic policies and growth regimes in France (1974-2016) / Hélène de Largentaye and Renaud du Tertre -- 8. Non-conventional fiscal rules in a Kaleckian model of growth and income distribution with external debt / Pablo G. Bortz, Gabriel Michelena, and Fernando Toledo -- Part III: Post-Keynesian views on monetary policy -- 9. The transmission of monetary policy in the US: Testing the credit channel and the role of endogenous money / Nathan Perry and Carlos Schönerwald -- 10. Corporate debt expansion in emerging countries after 2008: Profile, determinants and policy implications / Cristiano Duarte -- 11. From trillemma to dilemma: Monetary policy after / Bretton Woods Hasan Cömert -- 12. Shifting frames of the expert debate: Quantitative easing, international macro-finance and the potential impact of Post-Keynesian scholarship / Max Nagel and Matthias Thiemann -- Part IV: Some notes on the dual economy Introduction / Helene Delargentaye -- 13. Dualism: More or less? / David Leadbeater -- 14. Do the robots come to liberate us or to deepen our inequality? The uncertain macrostructural foundations of the robotic age / Arpita Bhattacharjee and Gary Dymski -- Index.

This paper uses a modi.ed Harrodian model to understand both the long period of rapid Japanese growth and the recent period of stagnation. The model has multiple steady-growth solutions when the labour supply is highly elastic, and government intervention, we argue, took the Japanese economy onto a high-growth trajectory. Labour constraints began to appear around 1970, and a combination of high saving rates and slow population growth account for the stagnation of the 1990s. This combination produces a structural liquidity trap and threatens the sustainability of attempts to ensure near full employment through fiscal policy or by running a persistent trade surplus.

Bringing together over a dozen post-Keynesian experts on the issue of employment, growth, development and exchange rates, this book breaks new ground by offering interesting and innovative insights into the problems faced today in both developed and developing countries. This topical book addresses unemployment in Europe, the wrong-headed reliance on NAIRU to formulate policy, distributional conflicts and financial factors, as well as problems faced in developing countries with respect to exchange rate policy, central banking, challenges to growth, and international financial flows. In the fir

Broad principles regarding growth & distribution that prevail in post-Keynesian economic theory are applied to the model of a socialist economy that resembles contemporary Eastern European economies, exploring the ultimate causes & stability of growth. It is argued that the rate of growth in industrializing economies depends mainly on the behavior of those narrow social elites who monopolize saving-investment decisions. The different origins, organization, political persuasions, & goals of various social elites who are or have governed the process of growth may be great, but, concerning economic matters, are of secondary importance. Of primary economic importance is their comparative efficiency, ie, the velocity of growth they induced. The crucial problem of functional income distribution in socialism, ie, the level of government's freedom to vary the consumption/investment ratio in order to induce faster growth, is considered. It is argued that in practice, socialist governments neglected four major constraints to the freedom of varying functional income distribution. The first of these constraints concerns input-output relations & the availability of resources (eg, see Fel'dman, G. A. "K teorii tempov narodnogo dohoka" [On the Theory of the Rates of Growth of National Income], Planane Khoziastvo, 1928, Nov). The second concerns the diminishing returns of increasing investment share (eg, see Horvat, B. The Yugoslav Economic System, New York: M. E. Sharpe, 1976). The third constraint derives from the constant surplus of demand & simultaneous shortage & slack in production in socialist economy (eg, see Kornai, J. The Economics of Shortage, Amsterdam: North Holland, 1980), & the fourth constraint results from the fact that investment is a time-consuming & uncertain process ( a post-Keynesian constraint). 20 References. AA

'At a time when both the academic and the political establishment combine to convince us that there is no alternative to finance dominated capitalism, this lucidly argued book provides a refreshing intellectual challenge to conventional wisdom. Despite its relatively modest title in Distribution and Growth after Keynes: A Post-Keynesian Guide Professor Eckhard Hein achieves much more than just guiding the reader through the literature. With many original insights he discriminates with masterly skill among a wide range of theories about long term capitalistic growth, contrasting them against mainstream neoclassical growth models. He weaves his argument with stylized facts and statistical analyses to provide us with a coherent view of complex issues like class conflict and cooperation, the nature of the modern firm and its financial structure, technical progress, external trade and financial globalization, topics not dealt with in most over-simplified aggregate growth models. The book should be an essential reading not only for all researchers in the area but also for students who want to be equipped to imagine a feasible economic alternative in a rigorous way with the help of economic theory.' (Amit Bhaduri, Jawaharlal Nehru University, India, and Pavia University, Italy). -- 'The recent global financial and economic recession has underscored the shortcomings of mainstream macroeconomic and growth theory. Hein provides an excellent guide to an alternative theory that draws on the ideas of Kalecki and Steindl. After reviewing the contributions of these pioneers, he provides an authoritative discussion of theoretical models, empirical analyses and controversies related to this tradition. The book can be expected to draw the attention of students and scholars to an approach to the study of growth and distribution that has much to offer.' (Amitava Krishna Dutt, University of Notre Dame, US and FLACSO, Ecuador). -- 'At a time where income inequality is once again the focus of attention of economists, politicians and the general public, Hein's book is a welcome and pedagogical addition to the literature as it presents a fully integrated overview of the post-Keynesian models of growth and income distribution, dealing with the classics of the field as well as the latest extensions, to which Eckhard Hein has himself contributed.' (Marc Lavoie, University of Ottawa).

It can hardly be denied that perhaps the most serious challenge to mankind has not yet been addressed properly by post-Keynesianism: the over-stretching of our planetary boundaries. Most of the resources which we need to sustain our lives are non-renewable and, therefore, limited. And most of our production processes produce some kind of joint product (externality) like air, ground or water pollution which hold no value to the producer and instead harm the environment upon disposal. Consequently, the existence of mankind on this planet may be threatened when indispensable resources such as energy are running out and the environmental damage changes our living conditions in a way that mankind cannot survive.

We study monetary policy in a New Keynesian (NK) model with endogenous growth and knowledge spillovers external to each firm. We find the following results: (i) technology and government spending shocks have different effects on growth; (ii) disinflationary monetary policies entail positive effects on growth; (iii) the optimal long-run inflation rate is zero; (iv) the Ramsey dynamics implies deviation from full inflation targeting in response to technology and government spending shocks; (v) the optimal operational rule is backward looking and responds to inflation and output deviations from their long-run levels.