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Employment, Growth And Development

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Employment, Growth And Development

A Post-Keynesian Approach

Claude Gnos , Louis-Philippe Rochon , Domenica Tropeano

Edited by Claude Gnos, Senior Research Associate, Centre for Monetary and Financial Studies, University of Burgundy, Dijon, France and the International Economic Policy Institute, Laurentian University, Canada, Louis-Philippe Rochon, Associate Professor and Director, International Economic Policy Institute, Laurentian University, Sudbury, Canada and Co-editor, Review of Keynesian Economics and Domenica Tropeano, Associate Professor, Faculty of Economics, University of Macerata, Italy

2012 320 pp Hardback 978 1 84844 068 5
ebook isbn 978 0 85793 072 9

Hardback £88.00 on-line price £79.20


Series: New Directions in Modern Economics series

Available as an eBook for subscribing libraries on Elgaronline.

For individuals at paper price on Google ebooks and

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‘The editors of this volume have brought together an invaluable set of essays on each of these issues. The overall post-Keynesian message, of course – one that comes through very clearly – is that employment, growth and development are not at all separate topics, but each depend on the appropriate choice of macroeconomic policies for a monetary production economy.’
– John Smithin, York University, Canada

Contributors: M. Aslam, R. Bellofiore, M. Ben Guirat, F.J. Cardim de Carvalho, T. Chaiechi, M. Clévenot, E. Correa, C. Gnos, Y. Guy, J. Halevi, D. Lang, N. Levy Orlik, J. López, W.C. Marshall, E. Ortiz Cruz, C. Pastoret, L.-P. Rochon, M. Setterfield, E. Stockhammer, D. Tropeano, V. Vernay

Further information

Bringing together over a dozen post-Keynesian experts on the issues of employment, growth, development and exchange rates, this book breaks new ground by offering interesting and innovative insights into the problems faced today in both developed and developing countries.

This topical book addresses unemployment in Europe, the wrong-headed reliance on NAIRU to formulate policy, distributional conflicts and financial factors, as well as problems faced in developing countries with respect to exchange rate policy, central banking, challenges to growth, and international financial flows. In the first part of the book the chapters deal with issues related to employment policies, economic growth and development while the second part is dedicated to development and growth issues in open-economy developing countries.

Employment, Growth and Development offers an interesting analysis of the current economic issues from a post-Keynesian perspective that will appeal to academics and graduate students interested in development and economics.

Full table of contents


Introduction: Post-Keynesian Economic Policy – a Post-crisis View
Claude Gnos, Louis-Philippe Rochon and Domenica Tropeano

1. Deconstructing Labor: A Marxian–Kaleckian Perspective on What is ‘New’ in Contemporary Capitalism and Economic Policies
Riccardo Bellofiore and Joseph Halevi

2. Breaking the Economic Dependence of Developing Countries to Promote Economic Development and Full Employment: The Case of the Maghreb Countries
Mehdi Ben Guirat and Corinne Pastoret

3. The Redistribution Conflict in the ‘Patrimonial Regime’ through a Stock–Flow Consistent Model
Mickaël Clévenot and Yann Guy

4. Income Distribution, Growth and Financialization: The Italian Case
Domenica Tropeano

5. Faith-based Macroeconomics: A Critique of Recent Developments in NAIRU Estimation
Dany Lang and Mark Setterfield

6. Still Unemployed, After All These Wage Cuts. Labor in Europe
Engelbert Stockhammer

7. Labor Market and Monetary Macroeconomics
Vincent Vernay

8. Exchange Rate Policy in Developing Countries: The East Asian Experience
Mohamed Aslam

9. A Keynesian–Structuralist Growth Strategy for Latin America
Julio López and Fernando J. Cardim de Carvalho

10. Financial Development and Economic Growth through a Post-Keynesian Lens: Hong Kong Case Study
Taha Chaiechi

11. Money and Institutions: The Long Path of the Latin American Financial Reforms
Eugenia Correa

12. The Effect of Interest Rates in Developing Countries: Can Central Bank Monetary Policy Instruments Modify Economic Growth?
Noemi Levy Orlik

13. International Capital Flows and Latin America: Making Sense of Disappointing Results
Wesley C. Marshall

14. Inflation Targeting by the ‘Tyrannical Auctioneer’: The Predominance of a Normative Approach in Monetary Policy
Etelberto Ortiz Cruz


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