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In Book Five of the General Theory, Keynes argued, in opposition to his colleague Pigou, that wage and price flexibility, alone, would not suffice to overcome the problem of involuntary unemployment. At this critical point in his overall narrative, Keynes linked together his earlier analysis of liquidity preference and the speculative demand for money, with(More)
Systems thinking, understood in a broad sense, encompasses so-called 'hard systems' techniques that include the dynamic simulation of linear and non-linear systems (of differential and difference equations), and stochastic optimal control and filtering theory. The latter provides the quantitative and theoretical core of finance theory (asset and option(More)
We review material on changes in US corporate practice, focusing on returns to shareholders and changes in the conditions of employment and remuneration. This leads into a discussion of UK neo-Weberian research into the sectoral constraints imposed over the maximization of shareholder value. We demonstrate that similar constraints have been imposed over(More)
In this paper I review recent Post-Keynesian debates about the notion of liquidity preference in the context both of Keynes' writings on and after the General Theory and also, modern portfolio theory. First, the paper reviews the Hayek-Sraffa debate to focus on certain issues raised by its protagonists which provide a continuing refrain over the years to(More)
1. Introduction This paper reviews recent work on the properties of Tsallis distributions, Tsallis statistics, anomalous diffusion and multi-fractal processes. Processes of this kind have the capacity to represent natural phenomena that are associated with turbulence and emerging complexity. However, in addition they may also capture crucial aspects of(More)
The paper reviews a series of recent UK empirical studies of short-termism based on rational valuation formulae to clarify the distinction between short-termism in the form of underweighting and excessive discounting of expected returns, and short-termism in the form of investor myopia. A brief genealogy of concept of short-termism is provided which traces(More)