Analytical Political Economy

The term Analytical Political Economy denotes formal, rigorous approaches both theoretical and empirical to economics that lie beyond the boundaries of conventional, mainstream analysis based on Walrasian general equilibrium. This book provides a series of articles that survey recent developments within the field and offers readers a wide range of topics and theoretical approaches that are critically and thoroughly reviewed. It offers a unique picture of recent developments including macroeconomic theories of growth and distribution; agent–based and stock–flow consistent models; financialization; Marxian price and value theory; exploitation theory; trade theory; the role of expectations and ′animal spirits′ on macroeconomic performance; and empirical research in Marxian economics. Contributions are written according to the highest standards of rigor and clarity that characterize academic work and the book provides a comprehensive and well–organized survey of cutting–edge empirical and theoretical work covering an exceptionally wide range of areas and fields.

1. Analytical Political Economy 1
Roberto Veneziani and Luca Zamparelli

2. Taking Stock: A Rigorous Modelling of Animal Spirits in Macroeconomics 5
Reiner Franke and Frank Westerhoff

3. The Agent–Based Approach to Post Keynesian Macro–Modeling 39
Corrado Di Guilmi

4. Stock–Flow Consistent Macroeconomic Models: A Survey 63
Michalis Nikiforos and Gennaro Zezza

5. Heterodox Theories of Economic Growth and Income Distribution: A Partial Survey 103
Amitava Krishna Dutt

6. Endogenous Technical Change in Alternative Theories of Growth and Distribution 139
Daniele Tavani and Luca Zamparelli

7. Minsky Models: A Structured Survey 175
Maria Nikolaidi and Engelbert Stockhammer

8. Financialization and Investment: A Survey of the Empirical Literature 207
Leila E. Davis

9. Quantitative Empirical Research in Marxist Political Economy: A Selective Review 237
Deepankar Basu

10. Value, Price, and Exploitation: The Logic of the Transformation Problem 269
Simon Mohun and Roberto Veneziani

11. A Progress Report on Marxian Economic Theory: On the Controversies in Exploitation Theory Since Okishio (1963) 307
Naoki Yoshihara

12. South South and North South Economic Exchanges: Does it Matter who is Exchanging What and with Whom? 339
Omar S. Dahi and Firat Demir

Index 381

Roberto Veneziani, PhD, is Reader in Economics at the School of Economics and Finance, Queen Mary University of London and co–founder of the Analytical Political Economy Workshop. His research interests include liberal principles of distributive justice, axiomatic exploitation theory, macrodynamic models of growth and distribution, egalitarian principles, normative principles in economics, history of economic thought, and classical political economy.

Luca Zamparelli, PhD, is Associate Professor of Economics at ′Sapienza′ University of Rome. His research mainly focuses on macrodynamic models of growth and distribution, endogenous growth theory, the history of economic thought, and classical political economy.