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    <title>EconStor Collection:</title>
    <link>https://hdl.handle.net/10419/181458</link>
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    <pubDate>Wed, 29 Apr 2026 14:16:13 GMT</pubDate>
    <dc:date>2026-04-29T14:16:13Z</dc:date>
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      <title>Conflict and cooperation in international trade: Post-Keynesian perspectives</title>
      <link>https://hdl.handle.net/10419/334004</link>
      <description>Title: Conflict and cooperation in international trade: Post-Keynesian perspectives
Authors: Blecker, Robert A.
Abstract: The revival of economic nationalism poses a challenge to neoclassical orthodoxy, which claims that liberalized international trade is (subject to a few recognized exceptions) inherently cooperative and mutually beneficial. Post-Keynesian open economy models demonstrate that international trade relations can be conflictive under certain conditions. In the short run, changes in either cost or quality competitiveness can shift output, growth, and employment from some countries to others. In the medium run, positive feedbacks from growth of exports to growth of labor productivity create self-reinforcing gains in external competitiveness for some countries that may come at the expense of losses for others. In the long run, changes in the real exchange rate or terms of trade can favor some countries' growth at the expense of others'. The post-Keynesian approach also implies that coordinated fiscal expansions can mitigate these conflicts and foster more cooperative outcomes, while industrial policies are generally superior to protectionism.</description>
      <pubDate>Wed, 01 Jan 2025 00:00:00 GMT</pubDate>
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      <dc:date>2025-01-01T00:00:00Z</dc:date>
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      <title>Power, wages, and the market: Kurt Rothschild's vision of distribution in a post-Keynesian framework</title>
      <link>https://hdl.handle.net/10419/334003</link>
      <description>Title: Power, wages, and the market: Kurt Rothschild's vision of distribution in a post-Keynesian framework
Authors: Krämer, Hagen
Abstract: Kurt W. Rothschild, an Austrian economist known for his multiparadigmatic and interdisciplinary approach, made significant contributions to Keynesian and post-Keynesian economic theory. Born in 1914 in Vienna, his work encompassed price theory, labor market economics, growth and distribution, power and ethics in economics, and economic policy. His incisive critique of neoclassical theories, advocacy for state intervention, and commitment to methodological pluralism distinguish his work as a vital contribution to economic thought. Since income distribution is a central theme in Rothschild's research, this paper examines his contributions to post-Keynesian distribution theory. Following a brief overview of his life, academic formation, and the historical context that shaped his thinking, the paper explores his theoretical innovations, emphasizing his rejection of mono-causal explanations in favor of an approach that integrates economic, political, and social dynamics. Rothschild's perspective on income distribution as a product of complex interactions between markets, institutions, power structures, and ongoing conflict is a defining feature of his work. The paper concludes by assessing the continued relevance of his insights for contemporary economic research. His legacy remains a guiding framework for scholars seeking a more holistic and dynamic understanding of income distribution and its policy implications.</description>
      <pubDate>Wed, 01 Jan 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/334003</guid>
      <dc:date>2025-01-01T00:00:00Z</dc:date>
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    <item>
      <title>A post-Keynesian open economy model of conflict inflation, distribution, employment, and external balance</title>
      <link>https://hdl.handle.net/10419/334005</link>
      <description>Title: A post-Keynesian open economy model of conflict inflation, distribution, employment, and external balance
Authors: Jungmann, Benjamin; Hein, Eckhard; Campana, Juan Manuel
Abstract: Post-Keynesian conflict inflation models have received renewed attention in the course of the recent inflationary processes related to the recovery from the Covid-19 crisis in 2020 and the hike of energy prices in the context of the start of the Russian war on Ukraine in 2022. Although the basic principles of conflict inflation can be presented in a closed economy framework (e.g. Hein 2023, chap. 5), examining current sources and triggers of inflation requires open economy models. Post-Keynesian economics has presented several of these models (e.g. Blecker 2011, Vera 2014, Bastian and Setterfield 2020), which differ in the role assigned to the nominal and the real exchange rate (RER), on the one hand, and the stability of the wage and price Phillips curves, on the other hand. This paper first provides a systematic overview of post-Keynesian open economy conflict inflation models using the treatment of the RER and the stability of the Phillips curve as the main clustering criteria. Second, it provides a model including an unstable Phillips curve and a policy rule targeting a certain RER in response towards trade imbalances. The model distinguishes three equilibrium rates of employment: the goods market equilibrium rate of employment, the distribution claims equilibrium and hence stable inflation rate of employment, and finally the external balance equilibrium rate of employment. The interaction of these three rates drives the system. Finally, the model examines the conditions for an overall equilibrium and its stability.</description>
      <pubDate>Wed, 01 Jan 2025 00:00:00 GMT</pubDate>
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      <dc:date>2025-01-01T00:00:00Z</dc:date>
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    <item>
      <title>UK markups and profit margins during the pandemic and its aftermath</title>
      <link>https://hdl.handle.net/10419/324478</link>
      <description>Title: UK markups and profit margins during the pandemic and its aftermath
Authors: Guschanski, Alexander; Onaran, Özlem
Abstract: We analyse UK markups and profit margins for the pandemic period and its aftermath using unconsolidated balance sheets of non-financial corporations for both listed and unlisted firms. The markup increases by 14.7% between 2014 and 2022, exceeding any previously documented growth rate for UK markups, despite major economic, ecological and geo-political crises. The rise in markups is driven by both increasing markups within UK companies and a reallocation of output towards high-markup firms. However, the within effect has dominated since 2020, driven by large firms. In this regard, the UK is different from the US, where the reallocation effect has been more prominent. Since 2014, the markup distribution of firms has become more polarised. Increasingly more firms are at risk of financial difficulties due to low profit margins while at the same time some firms are charging historically extraordinarily high markups and reap high profits. This contributes to bankruptcy risk and economic instability while exacerbating pricing power for some companies. Preventing markup increases during macroeconomic shocks should be a priority for policymakers seeking to reduce inflationary pressure and adverse effects on income inequality.</description>
      <pubDate>Wed, 01 Jan 2025 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/324478</guid>
      <dc:date>2025-01-01T00:00:00Z</dc:date>
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