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The Vital Contributions of John Cornwall to Economic Theory and Policy: A Tribute from Two Admiring eave from their respective universities (Tufts and Adelaide) in Cambridge during the latter’s most exciting decade of the postwar years. Ken Arrow and Bob Solow were both spending a year there, Solow to give the Alfred Marshall Lectures on two mythical creatures, ‘Joan’ and ‘Nicky’ (with only one of

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Soros on ‘Free Market’ Equilibria that the largely untrammelled pursuit of self-interest is most conducive to the common economic good, and at the aggregate level the prescription is for a minimalist or ‘nightwatchman’ state as far as intervention in markets is concerned.

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Economics and Complexityngly accepted that most economic time series are accurately characterized as possessing a unit root. This implies that they do not follow any deterministic trend path, and that any ‘trends’ found are time-dependent. Shocks are permanent in their effects, so that the system does not return to its ori

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Modelling a Path-Dependent Economy: Lessons from John Cornwall’s Macrodynamicst by the rush of early Keynesians to extend Keynes’s theory into the long run.. Keynes and the Post-Keynesians conceive capitalism as a monetary production economy, wherein nominal contracts and monetary exchange link the activities of buying inputs, producing output and realizing profits from the s

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‘Modern Capitalism’ in the 1970s and 1980slow, 1956), based on the ideas of perfect competition, decreasing returns and exogenous technology (a global public good), has had to give way to more realistic approaches emphasizing among other things innovation (through R&D investments or learning in private firms), scale economics and market pow

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Integration and Convergence in the European Unionuntries in the 1960s initially helped to attract new members. Doubts followed in the late 1970s, however, when these economies experienced renewed cyclical disturbances and stagnation. Further integration (especially in the monetary sector) was perceived as a means of protection against external haz