Macroeconomics, Finance and Money Essays in Honour of Philip Arestis

This volume focuses on current issues of debate in the area of modern macroeconomics and money, written from (a broadly interpreted) post Keynesian perspective. The papers connect with Philip Arestis' contributions to macroeconomics and money, and&nb

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Previous books Giuseppe Fontana (Edited with Mark Setterfield) Macroeconomic Theory and Macroeconomic Pedagogy, Basingstoke, Palgrave Macmillan, 2009. Money, Uncertainty and Time, Abingdon (UK), Routledge, 2009. (Edited with Jesus Ferreiro and Felipe Serrano) Fiscal Policy in the EU, Basingstoke, Palgrave Macmillan, 2008. (Edited with Riccardo Realfonzo) The Monetary Theory of Production: Tradition and Perspectives, Basingstoke, Palgrave Macmillan, 2005. John McCombie (Edited with C. Rodriguez Gonzalez) Issues in Finance and Monetary Policy, Basingstoke, Palgrave Macmillan, 2007. (Edited with C. Rodriguez Gonzalez) The European Union: Current Problems and Prospects, Basingstoke, Palgrave Macmillan, 2007. (Edited with P. Arestis and M.C. Baddeley) Economic Growth. New Directions in Theory and Policy, Cheltenham: Edward Elgar, 2007. (Edited with P. Arestis) Unemployment: Past and Present, Basingstoke, Palgrave Macmillan, 2008. (Edited with P. Arestis) Missing Links in the Unemployment Relationship, Basingstoke, Palgrave Macmillan, 2009. Malcolm Sawyer (Edited with P. Arestis) Path Dependency and Macroeconomics, Basingstoke, Palgrave Macmillan, 2009. (Edited with J. Creel) Current Thinking on Fiscal Policy, Basingstoke, Palgrave Macmillan, 2009. (Edited with P. Arestis) Critical Essays on the Privatisation Experience, Basingstoke, Palgrave Macmillan, 2008. (Edited with P. Arestis) Political Economy of Latin America: Recent Economic Performance, Basingstoke, Palgrave Macmillan, 2007. (Edited with P. Arestis) Alternative Perspectives on Economic Policies in the European Union, Basingstoke, Palgrave Macmillan, 2006.

Macroeconomics, Finance and Money Essays in Honour of Philip Arestis Edited by

Giuseppe Fontana John McCombie and

Malcolm Sawyer

Selection and editorial content © Giuseppe Fontana, John McCombie and Malcolm Sawyer 2010 Individual chapters © Contributors 2010

Softcover reprint of the hardcover 1st edition 2010 978-0-230-22906-8 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2010 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the g