Journal articles

Liquidity-Preference, Expected Profitability and Investment

Pendulum shifts in the demand for investment have been consistent with Minskian models because of an institutional tendency towards increasing leverage-ratios when profits increase. The same result is attained through a different route, which was implicit in Keynes’s analysis of liquidity preference. Within this analysis, changes in the state of confidence of investors cause variations …

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Keynes as a First Behavioural Economist: A Predecessor to Attribute Substitution Model of Heuristic Judgment?

The present article demonstrates that Keynes’s analysis of inferential judgment and assimilation that was inherent in his theory of fundamental uncertainty is consistent with and historically a predecessor of attribute-substitution accounts of models of heuristic judgment, which are used in modern behavioral economics. This conclusion is important because it associates Keynes’s theory of fundamental uncertainty …

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Portfolio Allocation, Liquidity-Preference and the q Ratio: A Reassessment of the Contributions of Tobin and Kahn

This paper compares the implications of Tobin’s q theory and Kahn’s Post-Keynesian monetary analysis for monetary policy formulation. In recent years, monetary policy formation has taken account of expected market evaluations of equity as well as the effect of long-term government bonds. These evaluations are suggestive of Tobin’s q theory as well as Kahn’s monetary …

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Regulation and Culture Change in the Process of Europeanisation in Neighbor Economies

International economic relations are increasingly governed by trade agreements that give rise toregional associations. In this context, main socio-economic paradigms expand and, as a result,processes such as Europeanisation in the case of European Union emerge. A key foundation ofEuropeanisation is the adoption of regulation according to EU acquis by ascending member andpartner countries. Besides the …

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Media Regulation, Competition Policy and Cross-ownership Schemes: The Case of Greece

The regulation of media, which is an important sector within broad cultural economy, runs intosubstantive difficulties when it interfaces with competition regulation. In this paper, the Greekexperience on media regulation is discussed as a research input for the development of a theoreticalapproach that involves competition analysis. This discussion takes place in relation to similarinternational developments …

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Explicating the “Charm premium” in Second Homes: The Case of Algarve

The objective of the present paper is to explicate the distribution network of second homeownership in Algarve (Southern Portugal) and to explore the factors, which cause a high pricepremium, known as “charm premium”, for properties in high-profile regions, such as Vale do Lobo. Atemplate analysis of online newspaper editions, framed and interpreted for a period …

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Structural dualism, socio-evolutionary reproduction and the transformation of orthodoxy and heterodoxy in economics

The present paper evaluates Davis’s analysis of the potential transformational change of current orthodoxy and his main proposition of the potential benefits that will arise from the involvement of traditional heterodoxy with the new research programmes of mainstream pluralism based on a thematic and methodological division of labour between them. It is proposed that there …

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Counterfactual Thinking and Attribute Substitution in Economic Behavior

This paper discusses how counterfactual thinking can be incorporated into behavioral economics byrelating it to a type of attribution substitution involved in choices people make in conditions ofKnightian uncertainty. It draws on Byrne’s ‘rational imagination’ account of counterfactual thinking,evidence from cognitive science regarding the forms it takes, and identifies types of attributionsubstitution specific to economic …

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Liquidity preference in a portfolio framework and the monetary theory of Kahn

This paper examines the relation between variations in the propensity towards liquidity preference, price-adjustment and shifts in portfolio allocation by expanding Kahn’s idea of marginal equilibrium under strong uncertainty in financial markets and contributes to recent post-Keynesian attempts to develop a liquidity preference theory of asset prices by providing an analysis of the price-adjustment mechanism. …

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Attribute substitution, earlier-generation economic approaches and behavioural economics

The present paper examines attribute substitution in terms of both heuristics and attribution theory in social psychology. Alternative ‘old’ approaches in psychology were special because they considered choice in terms that were similar to attributional inference in social psychology and anticipated limitations of the static heuristics and biases approach. Attribute substitution plays an important role …

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