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North Castle Books
Journal of Economic Issues
Editor: Christopher Brown, Arkansas State University (jei@astate.edu)

The Journal of Economic Issues is an internationally respected journal of institutional and evolutionary economics and serves as the official journal of the Association for Evolutionary Economics (AFEE). JEI publishes articles that describe aspects of evolving economies, economic problems, economic policy, economic history, and methodology.

The primary mission of JEI is to present articles that use and develop the core ideas of institutional economics in discussions of current economic problems and policy alternatives. JEI is the leading journal for ongoing debate of institutional economic theory and a major forum for discussion of solutions to real economic problems.

Papers that apply institutional analysis to current and ongoing economic issues of social provisioning processes are welcome. The potential spectrum of topics is broad including public policy, economic development, environmental and ecological issues, education policy, economic stabilization, labor relations, monetary management, and other topics. Papers that advance institutional theory and methodology are also welcome and interdisciplinary work is encouraged.

For information about membership in AFEE and individual member subscriptions to JEI contact Dr. Eric R. Hake, AFEE Secretary, KSOB 327, Catawba College, 2300 W. Innes St, Salisbury, NC 28144; 704-637-4293, fax 704-637-4491, erhake@catawba.edu or visit the AFEE website.
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ISSN:  Current volume: Frequency Per Year:
0021-3624 Vol. 48 No. 3 (Sept 2014 - June 2015) 4

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Editorial Board
Daniel L. Friesner, North Dakota State University; Daphne Greenwood, University of Colorado--Colorado Springs; John Hall, Portland State University; Mark Harcourt, University of Waikato; John Harvey, Texas Christian University; Richard P.F. Holt, Southern Oregon University; Anna Klimina, St. Thomas More College, University of Saskatchewan; Yan Liang, Willamette University; Philip A. O'Hara, Global Political Economy Research Unit, Perth, Australia; James Peach, New Mexico State University; Robert Scott III, Monmouth University; Tonia Warnecke, Rollins College; John Watkins, Westminster College; Christian Weller, University of Massachusetts--Boston, and Center for American Progress; Timothy Wunder, University of Texas--Arlington
The Association for Evolutionary Economics: President: Janet Knoedler, Bucknell College; President-Elect: Fred Lee, University of Missouri--Kansas City; Immediate Past-President: Philip A. O'Hara, Global Political Economy Research Unit, Perth, Australia; Secretary: Eric Hake, Catawba College; Treasurer: David Zalewski, Providence College
Board of Directors: Morris Altman, Victoria University of Wellington; Ilene Grabel, University of Denver; Svetlana Kirdina, Russian Academy of Sciences, Economics; Mayo Toruno, Cal-State University--San Bernadino; Eric Tymoigne, Lewis & Clark College; Mary Wrenn, Webber State University & Girton College; Timonthy Wunder, University of Texas--Arlington
Past Presidents of the Association serve on a Board of Trustees

Table of Contents
September 2014
Vol. 48 No. 3

On Property Theory
David Ellerman 601
Artificial Scarcity, Power, and the Italian Mafia
Clotilde Champeyrache 625
Modern Money Theory, and Interrelations Between the Treasury and Central Bank: The Case of the United States
Eric Tymoigne 641
Consumption as a Social Process
Zdravka Todorova 663
Ending the Unemployment Crisis with Guaranteed Employment and Retraining
Jon D. Wisman and Aaron Pacitti 679
Employer Moral Hazard, Wage Rigidity, and Worker Cooperatives: A Theoretical Appraisal
Cecilia Navarra and Ermanno Tortia 707
Institutions and Lagging Development: The Case of the Don Army Region
Alexander Maslov and Vyacheslav Volchik 727
Elements of Novelty, Known Mechanisms, and the Fundamental Causes of the Recent Crisis
Alberto Russo 743
Nineteenth-Century U.S. Black and White Working Class Physical Activity and Nutritional Trends During Economic Development
Scott Alan Carson 765
Appraising the Effectiveness of the Recent Turkish Monetary Policy: A Minskian Perspective
Erkan Tokucu 787
Innovation in State-Owned Enterprises: Reconsidering Conventional Wisdom
Filippo Belloc 821
The Changing Contours of Long-Term Unemployment: The Need for a More Radical Policy
Oren M. Levin-Waldman 849
Toward and Institutional Legitimation of Sustainability
Daniel A. Underwood, Dan Friesner, and Jason Cross 871
Thomas Piketty, translated by Arthur Goldhammer: Capital in the Twenty-First Century
Brady J. Deaton, Jr. 887
Colin Mayer: Firm Commitment: Why the Corporation Is Failing Us and How to Restore Trust in It
Kyle Bruce 890
Michael A. Livermore and Richard L. Reversz, eds.: The Globalization of Cost-Benefit Analysis in Environmental Policy
Klara Zwickl 892
Oliver Blancard, David Romer, Michael Spence, and Joseph Stiglitz, eds.: In the Wake of the Crisis: Leading Economists Reassess Economic Policy
Christof Morscher 895
Charles A.E. Goodheart and Dimitrios P. Tsomocos: Financial Stability in Practice
Nina Quinn Eichacker 897


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