Professor and Chair of Economics
Mark Setterfield is Professor of Economics in the Department of Economics at The New School for Social Research, and is also a member of faculty at Eugene Lang College. He was previously Maloney Family Distinguished Professor of Economics in the Department of Economics at Trinity College, Hartford, Connecticut, and has held visiting positions at the University of Masschusetts, Lowell, CEPREMAP (Paris, France), Downing College (Cambridge, UK), Dalhousie University (Halifax, Canada), l'Université de Paris XIII, Sorbonne Paris Cité (Paris, France), and the University of Sao Paulo (Sao Paulo, Brazil). He is an Associate Member of the Cambridge Centre for Economic and Public Policy at Cambridge University, UK, a Senior Research Associate at the International Economic Policy Institute, Laurentian University, Canada, and a Member of the Centre d’Économie de l’Université Paris Nord (CEPN) at l'Université de Paris XIII, Sorbonne Paris Cité (France).
Concentrations: Macroeconomics, Growth and Distribution, Post-Keynesian Economics.
Research Interests: Kaldorian growth theory, Kaleckian growth theory, macroeconomic stabilization policy, path dependence in macroeconomics, aggregate wage and price setting behavior, agent-based macroeconomic models, macroeconomic methodology.
MA 1992, Cambridge University
PhD 1993, Dalhousie University
Centre d’Économie de l’Université Paris Nord (CEPN), Université Paris XIII, Sorbonne Paris Cité, France
Cambridge Centre for Economic and Public Policy, Cambridge University, UK
International Economic Policy Institute, Laurentian University, Canada
Articles and Book Chapters
“Long-run variation in capacity utilization in the presence of a fixed normal rate,” Cambridge Journal of Economics, 43, 2, 443-63 (2019).
“Political aspects of household finance: debt, wage bargaining, and macroeconomic (in)stability,” Journal of Post Keynesian Economics, 42, 1, 16-38 (2019) (with Yun Kim and Gilberto Lima).
“Time variation in the size of the multiplier,” Review of Keynesian Economics, 7, 1, 28-42 (2019).
“Intermediation, money creation, and Keynesian macrodynamics in multi-agent systems,” Review of Political Economy, 30, 2, 154-71 (2018) (with Bill Gibson). Supplemental materials: Online appendix (sensitivity analysis); NetLogo program
“Maybe you can but perhaps you shouldn’t! Saving undergraduate macroeconomics from DSGE modelling,” Journal of Economic Education, 49, 3, 237-41 (2018).
“Real and financial crises in the Keynes-Kalecki structuralist model: an agent-based approach,” Metroeconomica, 69, 3, 566-92 (2018) (with Bill Gibson).
“Is the balance of payments constrained growth rate time-varying? Exchange rate over valuation, policy-induced recessions, deindustrialization, and long run growth,” in P. Arestis (ed.) Alternative Approaches in Macroeconomics: Essays in Honour of John McCombie, London, Palgrave Macmillan, 331-53 (2018) (with Selen Ozcelik).
“Can monetary policy survive policy model mis-specification? Model uncertainty and the perils of ‘policy model complacency’,” Metroeconomica, 69, 1, 2-15 (2018).
“An essay on horizontalism, structuralism and historical time,” in L.P. Rochon and S. Rossi (eds) Advances in Endogenous Money Analysis, Cheltenham, Edward Elgar, 398-410 (2017).
“Wage- versus profit-led growth after 25 years: an introduction to the fourth special issue,” Review of Keynesian Economics, 5, 3, 303-6 (2017).
“Economic growth: conflicting visions,” in R.S. Rycroft (ed.) The American Middle Class: An Economic Encyclopedia of Progress and Poverty, 2 Vols., Santa Barbara, CA, Greenwood Press, 116-20 (2017).
“Wage- versus profit-led growth after 25 years: an introduction to the third special issue,” Review of Keynesian Economics, 5, 2, 143-5 (2017).
“Household borrowing and the possibility of ‘consumption-driven, profit-led growth’,” Review of Keynesian Economics, 5, 1, 43-60 (2017) (with Yun Kim).
“Wage- versus profit-led growth after 25 years: an introduction to the second special issue,” Review of Keynesian Economics, 5, 1, 1-3 (2017).
"Wage- versus profit-led growth after 25 years: an introduction," Review of Keynesian Economics, 4, 4, 367–372 (2016).
“Expectations and stability in the Kaleckian growth model,” Brazilian Keynesian Review, 2, 1, 11-25 (2016) (with Gilberto Lima).
“Economic growth and development,” in L.P. Rochon and S. Rossi (eds) An Introduction to Macroeconomics: A Heterodox Approach to Economic Analysis, Cheltenham, Edward Elgar, 211-33 (2016).
“Multi-agent systems as a tool for analyzing path-dependent macrodynamics,” Structural Change and Economic Dynamics, 38 (September), 25-37 (2016) (with Shyam Gouri Suresh).
“Heterodox economics, social ontology, and the use of mathematics,” in J. Morgan (ed.) What is Neoclassical Economics? Debating the Origins, Meaning and Significance, London, Routledge, 221-37 (2016).
“Inequality, debt servicing, and the sustainability of steady-state growth,” Review of Political Economy, 28, 1, 45-63 (2016) (with Yun Kim and Jeremy Rees).
“Debt servicing, aggregate consumption, and growth,” Structural Change and Economic Dynamics, 36 (March), 22-33 (2016) (with Yun Kim).
Books and Edited Volumes
After the Great Recession: the Struggle for Economic Recovery and Growth New York: Cambridge University Press (2013) (with Barry Cynamon and Steven Fazzari).
“How the Great Moderation became a (contained) depression and what to do about it,” The World Financial Review, March-April, 10-14 (2013) (with Barry Z. Cynamon and Steven M. Fazzari).
Advanced Macroeconomics 1
Computer Language Workshop
Economics Department Seminars
Directed Dissertation Study
Ind Senior Project