Jose A. Pérez-Montiel - Representative Research

Alvarez y Perez-Montiel (2023).pdf

Álvarez & Pérez-Montiel (2024): "On the Capital Controversies as a Choice of Paradigms", in: Science, Technology and Innovation in the History of Economic Thought, 207-228

Abstract: Conventional economic theory is typically characterised as a framework based on supply and demand functions aimed at explaining prices, output levels, and the remuneration of productive factors. However, this theoretical framework faced significant criticism during the Capital Debates, or Cambridge–Cambridge Controversies (CCC), of the 1950s and 1960s. This chapter examines the origins and development of the CCC, as well as the reasons why the debate seemingly came to an end in the late 1960s and has since largely faded from mainstream economic discourse. To do so, the chapter draws on Thomas S. Kuhn’s characterisation of the history of scientific thought, presenting the controversy as a genuine confrontation between competing paradigms. It argues that the failure of the CCC to trigger a scientific revolution capable of undermining the neoclassical hegemony in economic theory cannot be explained solely in terms of the logical consistency of the competing approaches, but rather reflects the limited communicability and inherent circularity between distinct economic paradigms.

Prueba_Paper_con_Andreu (50).pdf

Pérez-Montiel & Sansó (2025): "Different specifications and implications of the Supermultiplier model". Structural Change & Economic Dynamics, 74, 963-969

Abstract: We analyze, compare, and discuss two different econometric specifications of the supermultiplier model. In particular, we compare the empirical approach to study the relationship between output (𝑦) and autonomous demand (𝑧) with the econometric specification to approach the relationship between induced demand (𝑥) and 𝑧 . Both specifications are theoretically valid from a macroeconomic point of view; however, we use econometric theory to demonstrate that they may yield different results in terms of cointegration and causality. This paper does not undermine the results of the existing empirical research on the supermultiplier model, based on the specification 𝑦 vs 𝑧 ; however, these results must be taken with caution, especially those regarding Granger causality running unidirectionally from autonomous demand to output.

Cruz et al. 2025.pdf

Cruz et al. (2025): "More than a Method: History and Outward Institutionalization of Post-Keynesian Economics in Spain". Review of Political Economy, 37 (4), 1422-1445

Abstract: Since the first Spanish economists and their disciples rejected the historical and institutional approach, a methodological monoculture was imposed in Spain in the 1940s. It has operated until today as an effective restriction to everything that cannot be confined within it. Despite this, heterodoxy made its way thanks to personal relationships with international economists. At the end of the 1970s, Josep Maria Bricall imported post-Keynesian economics from France, where he had established contact with heterodox economists of diverse backgrounds thanks to the network of contacts established by Gérard de Bernis with Alain Parguez -among others. Moreover, at the University of Barcelona, Bricall inspired a young Óscar Dejuán, who, after earning his PhD at the New School for Social Research, returned to Spain in the 1990s and began to publish and disseminate work on post-Keynesian economics. He was joined in this task by Eladio Febrero, Carlos J. Rodríguez Fuentes, Jesús Ferreiro, Felipe Serrano, Alfonso Palacio Vera, and Julián Sánchez González, most of whom had been abroad and established contact with post-Keynesians. In the late nineties, Ferreiro and Serrano initiated a fruitful relationship with Philip Arestis and Malcolm Sawyer that led to the organization of the International Conference Developments in Economic Theory and Policy (DETP) in Bilbao in 2004, which constituted an attempt to "institutionalize" post-Keynesian economics in Spain. The DETP became one of the main forums for debate on post-Keynesian economics at the European level. After the pandemic, the DETP was dismantled due to a lack of funding; and the Economía Crítica Conference became the only vehicle for transmitting and creating national and international contacts for post-Keynesian economics in Spain.