ABSTRACT:The paper starts with a brief criticism of macroeconomic analyses of different schools of thought for their focus on economic growth and maximisation of output. This applies to the traditional Keynesian approach, which has focused on the achievement of sufficient aggregate demand to underpin full employment and full capacity utilisation, down-playing aggregate supply constraints. This also applies to the neoclassical approach, including the current New Consensus Macroeconomics approach, which asserts the dominant role of aggregate supply in the long run, and where growth is set by the so-called 'natural rate of growth', with no concerns over environmental and ecological issues. The paper then proposes a different approach to macroeconomic analysis. It explicitly acknowledges that economic growth is a double-edged sword. Growth can help to alleviate persistent levels of high unemployment, but it can also lead to potentially catastrophic environmental problems. Building on the Monetary Circuit theory and the Demand-led growth theory, the paper offers an analysis of the interconnections and interdependence of the economic, biophysical and social worlds and by doing it hopes to provide the building blocks for the establishment of post-Keynesian ecological macroeconomics. Towards Post-Keynesian Ecological Macroeconomics ABSTRACT:The paper starts with a brief criticism of macroeconomic analyses of different schools of thought for their focus on economic growth and maximisation of output. This applies to the traditional Keynesian approach, which has focused on the achievement of sufficient aggregate demand to underpin full employment and full capacity utilisation, down-playing aggregate supply constraints. This also applies to the neoclassical approach, including the current New Consensus Macroeconomics approach, which asserts the dominant role of aggregate supply in the long run, and where growth is set by the so-called 'natural rate of growth', with no concerns over environmental and ecological issues. The paper then proposes a different approach to macroeconomic analysis. It explicitly acknowledges that economic growth is a double-edged sword. Growth can help to alleviate persistent levels of high unemployment, but it can also lead to potentially catastrophic environmental problems. Building on the Monetary Circuit theory and the Demand-led growth theory, the paper offers an analysis of the interconnections and interdependence of the economic, biophysical and social worlds and by doing it hopes to provide the building blocks for the establishment of post-Keynesian ecological macroeconomics.

Over the last two decades, work on the Post Keynesian theory of endogenous money has been flourishing, and has prompted a rethinking of the complex nature of money in modern economies. At the heart of the debate between what have now been labelled the accommodationist (or horizontalist) approach and the structuralist approach to endogenous money are the issues of the slope of the supply curves of reserves and of credit money, respectively. Using the distinction between a single period analysis and a continuation analysis, similarities and differences between those approaches are explained, and the suggestion is then made for retaining and re-interpreting them into a more general theory.

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The aim of this study was to assess the physiological profile of America's Cup grinders and mastmen, by measuring energy expenditure during sailing and assessing their aerobic and anaerobic fitness. The study focused on estimating the energy used during grinding activity, by measuring oxygen uptake (VO(2)) during sail setting in real sailing conditions. In the laboratory, using an arm-cranking ergometer, we measured VO(2peak) during an incremental maximal exercise test and total energy expended during the effort and recovery phases of an all-out test that simulated grinding activity, in six grinders and mastmen and ten sailors of the same crew. Total energy used during grinding corresponded to 45% (s = 9) and 51% (s = 5) of that used in the all-out test (234 kJ, s = 21.7) for tacks and gybes, respectively. In both grinding activity and the all-out test, VO(2) increased during and after the effort. The "VO(2) top value" was 53% (s = 8.6), 68% (s = 5.5), and 78% (s = 3.1) of VO(2peak) (4.7 l . min(-1), s = 0.43) in tacks, gybes, and the all-out test, respectively. During fast sequences of grinding activity, the "VO(2) top value" reached 65% (s = 7.1) VO(2peak) in tacks and 91% (s = 3.3) VO(2peak) in gybes. Our results suggest that grinders and mastmen are characterized by a high anaerobic capacity but their performance can be improved by powering aerobic fitness, to increase this energy contribution to all-out efforts and to guarantee fast recovery when grinding activity is repeated with short rest intervals.