Growth, Employment and Inflation

PHILIP ARESTIS Department of Economics, University of East London, London, England IRIS BIEFANG-FRISANCHO MARISCAL Department of Economics, University of East London, London, England VILLY BERGSTRÖM Chief Editor, Dala-Demokraten, Falun, Sweden DAVID COLANDER Department of Economics, Middlebury College, Middlebury, Vermont, USA WENDY CORNWALL Department of Economics, Mount St. Vincent University, Halifax, Canada RED CROSS Department of Economics, University of Strathclyde, Glasgow, Scotland JAN FAGERBERG ESST, University of Oslo, Oslo, Norway JOHN FOSTER Department of Economics, University of Queensland, Brisbane, Australia GEOFFREY HARCOURT Faculty of Economics and Politics, University of Cambridge, Cambridge, England SHAUN HARGREAVES HEAP School of Economic and Social Studies, University of East Anglia, Norwich, England GEOFFREY HODGSON Judge Institute of Management Studies, University of Cambridge, Cambridge, England JOHN MCCOMBIE Fellow in Economics, Downing College, Cambridge, England MEHDI MONADJEMI Department of Economics, University of New South Wales, Sydney, Australia BASIL MOORE Department of Economics, Wesleyan University, Middletown, Connecticut, USA PASCAL PETIT CEPREMAP, Paris, France STEVEN PRESSMAN Department of Economics and Finance, Monmouth University, West Long Branch, New Jersey, USA KURT ROTHSCHILD Emeritus Professor of Economics, University of Linz, Linz, Austria PETER SKOTT Department of Economics, University of Aarhus, Aarhus, Denmark DOUGLAS STRACHAN Department of Economics, University of Strathclyde, Glasgow, Scotland BART VERSPAGEN MERIT, University of Maastricht, Maastricht, Netherlands.

"The book would be profitably read by most macroeconomists..." - Christopher J. Niggle, Review of Political Economy

• Frontispiece List of Tables List of Illustrations List of Contributors Introduction; M.Setterfield The Vital Contributions of John Cornwall to Economic Theory and Policy: A Tribute From Two Admiring Friends on the Occasion of His 70th Birthday; G.Harcourt and M. Monadjemi PART I: REFLECTIONS ON THE METHODOLOGY AND PRACTICE OF ECONOMICS Soros on 'Free Market' Equilibria; R.Cross and D.Strachan Economics and Complexity; B.Moore Modelling a Path Dependent Economy: Lessons From John Cornwall's Macrodynamics; M.Setterfield Post Keynesianism and Institutionalism: Another Look at the Link; G.Hodgson Are Economists Social Scientists?; V.Bergstr�m Deregulation: the Anatomy of a Catchword; K.Rothschild PART II: ECONOMIC GROWTH IN THEORY AND PRACTICE 'Modern Capitalism' in the 1970s and 1980s; J.Fagerberg and B.Verspagen A Problem with the Empirical Neoclassical Analysis of Multisector Growth; J.McCombie Integration and Convergence in the European Union; P.Petit Kaldor's Laws, Cumulative Causation and Regional Development; P.Skott Social Capital and the Economy; S.H.Heap PART III: THE POLITICAL ECONOMY OF UNEMPLOYMENT AND INFLATION The Rise of Unemployment and Working Poverty: An Evolutionary Macroeconomics Perspective; J.Foster A Post Walrasian Explanation of Wage and Price Inflexibility and a Keynesian Unemployment Equilibrium System; D.Colander Unemployment and Post Keynesian Monetary Theory; S.Pressman Wage Determination, Capital Shortage and Unemployment: A Comparison Between Germany and the UK; P.Arestis and I.Biefang-Frisancho Mariscal The Institutional Determinants of Unemployment; W.Cornwall Works by John Cornwall Index