Path Dependency and Macroeconomics »

PHILIP ARESTIS is University Director of Research, Cambridge Centre for Economics and Public Policy, Department of Land Economy, University of Cambridge, UK. He is also Distinguished Adjunct Professor of Economics, University of Utah, US; Senior Scholar, Levy Economics Institute, New York, US; Visiting Professor, University of Leeds, UK; and Professorial Research Associate School of Oriental and African Studies (SOAS), University of London, UK. He has published as sole author or editor, as well as co-author and co-editor, a number of books and papers in academic journals.

MALCOLM SAWYER is Professor of Economics, Leeds University Business School, University of Leeds, UK. He was until recently Pro-Dean for Learning and Teaching for the Faculty of Business, University of Leeds, UK. He is managing editor of International Review of Applied Economics and on the editorial board of a range of journals. He has published widely in the areas of post Keynesian and Kaleckian economics, industrial economics and the UK economy. He has authored 11 books and edited 18, has published over 70 papers in refereed journals and contributed chapters over 100 books.

This fifth volume in the International Papers in Political Economy (IPPE) series focuses on the theme of path dependency and macroeconomics in terms of both theory and applications. The volume examines how path dependency is linked with notions of fundamental uncertainty, non-ergodicity and hysteresis.

List of Figures

List of Tables

1 Path Dependency and Demand-Supply Interactions in Macroeconomic Analysis Philip Arestis Arestis, Philip Malcolm Sawyer Sawyer, Malcolm 1

2 Path Dependency, Hysteresis and Macrodynamics Mark Setterfield Setterfield, Mark 37

3 Involuntary Unemployment in a Path-Dependent System: The Case of Strong Hysteresis Dany Lang Lang, Dany 80

4 Path Dependence, Equilibrium and Economic Growth Amitava Krishna Dutt Dutt, Amitava Krishna 119

5 Money Wage Rigidity, Monopoly Power and Hysteresis Alfonso Palacio-Vera Palacio-Vera, Alfonso 162

6 The Rise and Fall of Spanish Unemployment: A Chain Reaction Theory Perspective Marika Karanassou Karanassou, Marika Hector Sala Sala, Hector 209

Index 255