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Edward J. Nell                                                                          
                                                                                                                                   

Edward J. Nell is Malcolm B. Smith Professor of Economics at the New School for Social Research in New York. Professor Nell concentrates on macroeconomic theory and policy, methodology, growth theory, business cycles, inflation and unemployment. He currently heads the New School's Program on Transformational Growth and Full Employment, which collaborates closely with the Center for Full Employment and Price Stability. Professor Nell was a key figure during the Capital Debate of the 1960s. He is the author of The General Theory of Transformational Growth, Transformational Growth and Effective Demand, Prosperity and Public Spending, and numerous books and articles.

Professor Nell was born in Chicago in 1935. He attended Princeton, then Oxford as a Rhodes Scholar. While at Oxford, he started his work on logic and philosophical analysis, which led to the publication of his first six articles. His main concern at that time was trying to understand the processes of social change, which led him to study the way economic forces developed historically (the theory of growth). Nell viewed conventional growth economics as being too narrow by its focus on the quantitative aspects of technical change analysis. Nell believed that qualitative changes were more significant.

These arguments prepared the way to what was going to be his major contribution -- the theory of transformational growth. This theory recognizes that the way in which the economy functions is changing over time. A basic implication of this statement is that any economic theory must incorporate these changes in order to provide a realistic explanation of economic life. Nell argued that "the principles of economics are likely to be different in different eras." He argued the theory of transformational growth as being in contrast with the orthodox theories that "treat the economy as essentially unchanging over time and economics as a science devoted to timeless truths" [Nell 1996].

After leaving Oxford, Edward Nell taught at Wesleyan University and later at the University of East Anglia. In 1969, he became Professor at the Graduate Faculty of the New School for Social Research, where he served for many years as chair of the department of economics making it a world center for alternative, critical and progressive thinking.

Selected Publications


Nell, Edward J. "Short-Run Macroeconomic Stabilization by an Employer of Last Resort," Working Paper, Center for Full Employment and Price Stability, 2001/04.

Nell, Edward J. and Majewski, Raymond. "Maintaining Full Employment: Simulating an Employer of Last Resort Program," Working Paper, Center for Full Employment and Price Stability, 2000/10.

Nell, Edward J. "Full Employment and the Value of Money: The Implications of 'Exogenous Pricing' for an ELR Program." Economic and Labour Relations Review, vol. 11, (Supplement 2000): 42-68.

Nell, Edward J. "Wicksell after Sraffa: 'Capital Arbitrage' and 'Normal' Rates of Growth, Interest and Profits," in Value, distribution and capital: Essays in honour of Pierangelo Garegnani. Frontiers of Political Economy, vol. 12. London and New York: Routledge, (1999): 266-93.

Nell, Edward J. "Price Theory and Macroeconomics: Stylized Facts and New Keynesian Fantasies," in New Keynesian economics/Post Keynesian alternatives. Frontiers of Political Economy series, vol. 9. London and New York: Routledge, (1998): 71-97.

Nell, Edward J. "Stages in the Development of the Business Cycle," in Political economics in retrospect: Essays in memory of Adolph Lowe. Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt., (1998): 131-54.

Nell, Edward J. "Transformational growth and the business cycle," in Studies in Transformational Growth, edited by Nell. London and New York: Routledge, 1998.

Nell, Edward J. The General Theory of Transformational Growth: Keynes after Sraffa. Cambridge; New York and Melbourne: Cambridge University Press, 1998.

Nell, Edward J. "Understanding Effective Demand: Capitalism versus Socialism," in Essays in honour of Geoff Harcourt, Vol. 2. Markets, unemployment and economic policy. Frontiers of Political Economy, vol. 7. London and New York: Routledge, 1997 (1997): 178-94.

Nell, Edward J. "Deficits in Our Understanding: Transformational Growth and the Role of Government," in Interactions in political economy: Malvern after ten years. Frontiers of Political Economy series, vol. 3. London and New York: Routledge, (1996): 151-69.

Nell, Edward J. "Stagnation, Volatility, and the Changing Composition of Aggregate Demand," in Global unemployment: Loss of jobs in the '90s. Armonk, N.Y. and London: Sharpe, (1996): 109-35.

Nell, Edward J. and Deleplace, Ghislain. "Why and How to Replace the Microeconomic Theory of Money," in Money in motion: The post Keynesian and circulation approaches. Jerome Levy Economics Institute Series. New York: St. Martin's Press; London: Macmillan Press, (1996): 725-49.

Nell, Edward J. "The Circuit of Money in a Production Economy," in Money in motion: The post Keynesian and circulation approaches. Jerome Levy Economics Institute Series. New York: St. Martin's Press; London: Macmillan Press, (1996): 245-304.

Nell, Edward J. and Deleplace, Ghislain. "Monetary Circulation and Effective Demand," in Money in motion: The post Keynesian and circulation approaches. Jerome Levy Economics Institute Series. New York: St. Martin's Press; London: Macmillan Press, (1996): 3-41.

Nell, Edward J. "Transformational Growth and the Long-Period Method," Review of Political Economy, Vol. 8, No. 4 (October 1996): 379-401.

Nell, Edward J. Making Sense of a Changing Economy: Technology, markets and morals. London and New York: Routledge, 1996.

Nell, Edward J. et al. Transformational Growth and the Business Cycle. London and New York: Routledge, 1996.

Nell, Edward J. and Phillips, Thomas F. "Transformational Growth and the Business Cycle," Eastern Economic Journal, Vol. 21, n2 (Spring 1995): 125-46.

Nell, Edward J. and Phillips, Thomas F. "On Transformational Growth: AN Interview," Review of Political Economy, Vol. 6, n1, 1994.

Nell, Edward J. ""Instrumentalism" and the Role of the State," Economie Appliquée Vol. 47, n2 (1994): 81-113.

Nell, Edward J. "The Dynamics of the Drug Market," Challenge Vol. 37, n2 (March-April 1994): 13-21.

Nell, Edward J. "Minsky, Keynes and Sraffa: Investment and the Long Period," in New perspectives in monetary macroeconomics: Explorations in the tradition of Hyman P. Minsky. Ann Arbor: University of Michigan Press, (1994): 311-35.

Nell, Edward J. "History and Vision in Economics," in Economics as worldly philosophy: Essays in political and historical economics in honour of Robert L. Heilbroner. New York: St. Martin's Press; London: Macmillan Press, (1993): 1-11.

Nell, Edward J. "Transformational Growth and Learning: Developing Craft Technology into Scientific Mass Production," in R. Thomson, ed., Learning and Technological Change. New York: St. Martin's Press; London: Macmillan Press, (1993): 217-42.

Nell, Edward J. "Where Is the Keynes of Eastern Europe?" in United Germany and the new Europe. Aldershot, U.K.: Elgar; distributed in the U.S. by Ashgate, Brookfield, Vt., (1993): 231-48.

Nell, Edward J. Transformational Growth and Effective Demand. London: Macmillan, and New York: New York University Press, 1992.

Nell, Edward J. "Pricing, Profits and Corporate Investment," in Profits, deficits and instability. London: Macmillan Academic and Professional, (1992): 219-51.

Nell, Edward J. "Equilibrium without Constraints," in The notion of equilibrium in the Keynesian theory. New York: St. Martin's Press, (1992): 138-72.

Nell, Edward J. "The Failure of Demand Management in Socialism," in Socialist economies in transition: Appraisals of the market mechanism. Aldershot, U.K.: Elgar; distributed in North America by Ashgate, Brookfield, Vt., (1992): 83-116.

Nell, Edward J. "Transformational Growth: Mass Production and the Multiplier," in Beyond the steady state: A revival of growth theory. New York: St. Martin's Press, (1992): 131-74.

Nell, Edward J. "Demand Equilibrium," in Beyond the steady state: A revival of growth theory. New York: St. Martin's Press, (1992): 96-127.

Nell, Edward J. "Demand, Pricing, and Investment," in The megacorp and macrodynamics: Essays in memory of Alfred Eichner. Armonk, N.Y. and London: Sharpe, (1992): 27-57.

Nell, Edward J. "Capitalism, Socialism and Effective Demand," in Nicholas Kaldor and mainstream economics: Confrontation or convergence? New York: St. Martin's Press, (1991): 577-611.

Nell, Edward J. "Nicholas Kaldor and Mainstream Economics: Confrontation or Convergence? Introduction: Alternative Theories," in Nicholas Kaldor and mainstream economics: Confrontation or convergence? New York: St. Martin's Press, (1991): 1-9.

Nell, Edward J. "The Quantity Theory and the Mark-Up Equation," in The Joan Robinson legacy. Publication: Armonk, N.Y. and London: Sharpe, (1991): 185-94.

Nell, Edward J. Economics at the Princeton Club. Macmillan, 1990.

Nell, Edward J. Keynes after Sraffa. Unwin Hyman, 1990.

Nell, Edward J. Transformational Growth and Effective Demand. Macmillan, 1990.

Nell, Edward J. "Velocity of Circulation and Mark-up," Economie Appliquée, 1990.

Nell, Edward J. and Jimenez, Felix. "The Political Economy of the External Debt and Growth: The Case of Peru," in Financial dynamics and business cycles: New perspectives. Armonk, N.Y. and London: Sharpe, (1989): 228-51.

Nell, Edward J. "The Rate of Profit in Kalecki's Theory," in Kalecki's relevance today. New York: St. Martin's Press, (1989): 160-63.

Nell, Edward J. "Joan Robinson: A Memoir," in Joan Robinson and modern economic theory. New York: New York University Press; distributed by Columbia University Press (1989): 892-94.

Nell, Edward J. "Accumulation and Capital Theory," in Joan Robinson and modern economic theory. New York: New York University Press; distributed by Columbia University Press, (1989): 377-412.

Nell, Edward J. "On Long-Run Equilibrium in Class," in Joan Robinson and modern economic theory. New York: New York University Press; distributed by Columbia University Press, (1989): 323-43.

Nell, Edward J. "Notes on Finance, Risk and Investment Spending," in Money, credit and prices in Keynesian perspective: Proceedings of a conference held at the University of Paris I--Pantheon-Sorbonne. New York: St. Martin's Press, (1989): 16-47.

Nell, Edward J. Prosperity and Public Spending: Transformational Growth and the Role of Government. Winchester, Mass.; London; Sydney and Wellington, New Zealand: Unwin Hyman, Allen & Unwin, 1988.

Nell, Edward J. and Laibman, David. "Reswitching, Wicksell Effects, and the Neoclassical Production Function," in Sraffian economics, Volume 1. Schools of Thought in Economics series, no. 4 Aldershot, U.K.: Elgar; Brookfield, Vt.: Gower, (1988): 232-42.

Nell, Edward J. "On Monetary Circulation and the Rate of Exploitation," in Post-Keynesian monetary economics: New approaches to financial modeling. New Directions in Modern Economics series. Aldershot, U.K.: Elgar; distributed in the U.S. by Gower Brookfield, Vt., (1988): 72-121.

Nell, Edward J. "The Rate of Profit and the Choice of Technique in Competitive Conditions," in Keynesian theory, planning models and quantitative economics: Essays in memory of Vittorio Marrama, Volume 1. Universita degliStudi di Roma "La Sapienza" series, no. 44, 1 Milan: Giuffre, (1987): 449-55.

Nell, Edward J. "Economics: The Revival of Political Economy," in Alternatives to economic orthodoxy: A reader in political economy. Armonk, N.Y. and London: Sharpe, (1987): 89-103.

Nell, Edward J. "Cyclical Growth: The Interdependent Dynamics of Industry and Agriculture," in Competition, instability, and nonlinear cycles: Proceedings of an internatonal conference, New School for Social Research, New York, USA, March 1985 Lecture Notes in Economics and Mathematical Systems series, vol. 275 New York; Berlin; London and Tokyo: Springer, (1986): 289-300.

Nell, Edward J. "On the Monetary Circulation and the Rate of Exploitation," Thames Papers in Political Economy (Summer 1986).

Nell, Edward J. "Jean Baptiste Marglin: A Comment on 'Growth, Distribution and Inflation.'" Cambridge Journal of Economics, Vol. 9, n2 (June 1985): 173-78.

Nell, Edward J. "Structure and Behavior in Classical and Neo-Classical Theory." Eastern Economic Journal, Vol. 10, n2 (April-June 1984): 139-55.

Nell, Edward J. "On the Conception of the State in Macroeconomic Theory," Social Research, Vol. 50, n2 (Summer 1983): 401-28.

Nell, Edward J. "The State and the Corporate Economy," Social Research, Vol. 49, n4 (Winter 1982): 968-1003.

Nell, Edward J. "Growth, Distribution, and Inflation," Journal of Post Keynesian Economics, Vol. 5, n1 (Fall 1982): 104-13.

Nell, Edward J. "On Monetary Circulation and the Rate of Surplus Value," Economic Forum, Vol. 13, n2 (Fall 1982): 91-130.

Nell, Edward J. "Colander's Misleading MAP," Economic Forum, Vol. 11, n2 (Winter 1980-81): 134-35.

Nell, Edward J. Growth, Profits and Property. Cambridge: Cambridge University Press, 1980.

Nell, Edward J. "Changes in Productivity and Real Wages," Economic Forum, Vol. 10, n2 (Winter 1979-80): 92-98.

Nell, Edward J. "Keynes as New Dawn," Social Research, Vol. 46, n2 (Summer 1979): 208-11.

Nell, Edward J. "The Simple Theory of Effective Demand," Intermountain Economic Review, Vol. 9, n2 (Fall 1978): 1-32.

Nell, Edward J. "No Statement Is Immune to Revision." Social Research, Vol. 44, n4 (Winter 1977): 801-23.

Nell, Edward J. and Laibman, David. "Reswitching, Wicksell Effects, and the Neoclassical Production Function," American Economic Review, Vol. 67, n5 (Dec. 1977): 878-88.

Nell, Edward J. and Hollis, Martin. Rational Economic Man. Cambridge University Press, 1975.

Nell, Edward J. "The Black Box Rate of Return," Kyklos, Vol. 28, n4 (1975): 803-26.

Nell, Edward J. "The Fall of the House of Efficiency," Annals of the American Academy of Political and Social Science, Vol. 409, (Sept. 1973): 102-11.

Nell, Edward J. "Cyclical Accumulation: A Marxian Model of Development," American Economic Review, Vol. 63, n2 (May 1973): 152-59.

Nell, Edward J. "The Revival of Political Economy," Australian Economic Papers, Vol. 11, n18 (June 1972): 19-31.

Nell, Edward J. "Property and the Means of Production: A Primer on the Cambridge Controversy," Review of Radical Political Economics, Vol. 4, n2 (Summer 1972): 1-27.

Nell, Edward J. "The Revival of Political Economy," Social Research, Vol. 39, n1 (Spring 1972): 32-52.

Nell, Edward J. "A Note on Cambridge Controversies in Capital Theory," Journal of Economic Literature, Vol. 8, n1 (March 1970): 41-44.

Nell, Edward J. "Wicksell's Theory of Circulation," Journal of Political Economy (August 1967).

Nell, Edward J. "Theories of Growth and Theories of Value," Economic Development and Cultural Change, Vol. 16, No. 1 (December 1967).

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