https://rosa.uniroma1.it/rosa04/psl_quarterly_review/issue/feedPSL Quarterly Review2024-02-06T10:42:03+00:00PSL Quarterly Reviewpslqr@uniroma1.itOpen Journal Systems<p><strong>PSL Quarterly Review</strong> is an open access forum for pluralist debate on economics and economic policy at the international level. We welcome contributions in all fields and from all the schools and research paradigms of economics without discrimination, provided they are rigorous in method and relevant in content. For more information see <a href="https://rosa.uniroma1.it/rosa04/psl_quarterly_review/about">About</a>.</p>https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/18063The effect of reducing wages of remote workers on society. A preliminary assessment2023-06-06T09:46:36+00:00Edoardo Berettaedoardo.beretta@usi.chMarco Desogusmdesogus@uniss.itSoorjith Illickal Karthikeyansoorjith.karthikeyan@iimu.ac.in<p><em>Remote work has represented ‘the’ alternative to office work during the COVID-19 pandemic as it has (while enabling employees to fulfill tasks from home) prevented or broken contagion chains. Though not a new approach to work, the recent emphasis on telework has come with pleas to reduce the wages of remote workers. By means of a logical-analytical approach, the article analyzes why such policies are not only unjustifiable in terms of keeping average wages at an at least stable level, but even more if the final sales prices would not shrink accordingly and would boost the share of corporate profits to GDP. Even cutting wages and final sales could be “deflationary” first and “recessionary” then (i.e., impoverish the economy). The article preliminarily analyzes the economic impact of such proposals on countries with a large ICT sector contributing to GDP (i.e., where remote work is facilitated due to the wide diffusion of tools such as Internet connections, computer devices, etc., enabling it) and an underperforming labor market in terms of female participation.</em></p>2024-02-06T00:00:00+00:00Copyright (c) 2024 Prof. Dr. Edoardo Beretta, Marco Desogus, Prof. Dr. Soorjith Illickal Karthikeyanhttps://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/18265The theory of monetary disorder: debt finance, existing assets, and the consequences of prolonged ultra-easy policy2023-10-25T10:52:37+00:00Thomas Palleymail@thomaspalley.com<p><em>This paper introduces the notion of monetary disorder. The underlying theory rests on a twin circuits view of the macro economy. The idea of monetary disorder has relevance for understanding the experience and consequences of the recent decade-long period of monetized large budget deficits and ultra-easy monetary policy. Current policy rests on Keynesian logic whereby a large fall in aggregate demand warrants robust offsetting monetary and fiscal policy actions. That logic neglects potential monetary disorder being bred within the financial circuit in the form of inflated asset prices and leveraged balance sheets. That disorder is likely to develop long before inflation accelerates so that inflation targeting fails to protect against it. Political factors increase the policy danger as the benefits of disorder are front-loaded and the costs backloaded. The paper concludes with a policy discussion regarding how to prevent Keynesian goods market counter-cyclical stabilization policy from causing monetary disorder.</em></p>2024-02-06T00:00:00+00:00Copyright (c) 2024 Thomas Palleyhttps://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/18411Income distribution and development: Celso Furtado’s theory in a context of global economic changes and its proximity to neo(post)-Kaleckian literature2024-01-30T21:45:56+00:00Felipe Orsolin-Teixeirafelipeorsolin@gmail.comDaniel Arruda Coroneldaniel.coronel@uol.com.brJosé Luis Oreirojoreiro@unb.br<p><em>The objective of the present article is to analyse the elements proposed by Celso Furtado regarding the process of overcoming underdevelopment – before and after “industrial civilization” – and to determine whether such attributes can characterize him as a neo(post)-Kaleckian. To accomplish this objective, we will carry out a detailed analysis of growth patterns led by profits and wages based on the neo-Kaleckian literature. The relationship between income distribution, demand, and capital accumulation was always present in Furtado's analyses, even before these approaches were formalised theoretically. This analysis is important to understand two main points of Furtado’s thought: i) the reason for Furtado's emphasis on distributive conflict as an engine of structural transformations and, in turn, as a driver of economic development; ii) the challenges imposed over underdeveloped economies in the face of a new world economic order, based on the increase in dependency relations as a result of the huge capital flows in the form of foreign direct investment of developed economies in underdeveloped regions.</em></p>2024-02-06T00:00:00+00:00Copyright (c) 2024 Felipe Orsolin-Teixeira, Daniel Arruda Coronel, José Luis Oreirohttps://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/18240From the effective demand as a principle to the ownership of the capital as social responsibility. Rereading Luigi Pasinetti2023-10-03T11:29:10+00:00Stefano Lucarellistefano.lucarelli@unibg.it<p><em>This paper tries to highlight some essential elements that emerge from Luigi Pasinetti’s work. Much of the research project that Pasinetti developed, especially in the 1981 book, was already present </em>in nuce<em> in the 1974 collection of essays. Here the theory of effective demand is presented for the first time, emphasizing the essential differences between sequential and simultaneous economic reasoning. The relevance of structural change is already apparent, and will be explored in a multisectoral scheme only in the 1981 book. The main insights that can be drawn from Pasinetti’s reflections on open economic systems and his ethical stance suggest that ownership of the means of production not only confers rights but it also imposes responsibilities on the community.</em></p>2024-02-06T00:00:00+00:00Copyright (c) 2024 Stefano Lucarellihttps://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/18412Tony Thirlwall (21 April 1941 – 8 November 2023)2024-01-30T22:12:25+00:00Esteban Pérez Caldenteyperezeste@gmail.comJuan Carlos Moreno-Bridjuancarlosmorenobrid@gmail.com<p><em>The departure of Tony Thirlwall, a pioneer, renowned scholar, and a generous mentor, is a major loss to economics. This article reviews his main contributions to economics. The article focuses on his approach and method to economics and on his research output in the theory and empirics of growth and development.</em></p>2024-02-06T00:00:00+00:00Copyright (c) 2024 Esteban Pérez Caldentey, Juan Carlos Moreno-Brid