Profile
**On leave Spring 2025**
Mark Setterfield is the Leo Model Professor 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), Université Sorbonne Paris Nord (Paris, France), the University of Sao Paulo (Sao Paulo, Brazil) and the Ruhr-Universität Bochum (Bochum, Germany). He is an Invited External Colleague at the Cambridge Centre for Economic and Public Policy at Cambridge University, UK, an Associated Researcher of the Analyses des Crises et Transitions (ACT) at l'Université Sorbonne Paris Nord, France, and a Fellow of the Forum for Macroeconomics and Macroeconomic Policies (FMM) at the Macroeconomic Policy Institute (IMK) of the Hans-Böckler Foundation, Germany.
Awards
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Awarded the 2025 prize for best scientific work by the Keynes Gesellschaft (German Keynes Society) for Capitalism, Inclusive Growth, and Social Protection: Inherent Contradiction or Achievable Vision? Cheltenham, Edward Elgar (2023) (with Hagen Krämer and Christian Proaño)
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Awarded the 2019 EAEPE-Kapp Prize by the European Association for Evolutionary Political Economy for “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)
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Appointed VIP (Visiting International Professor), Ruhr-Universität Bochum, 2019-20.
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Appointed Charles A. Dana Research Professor of Economics, Trinity College, 2013-15.
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Awarded the 2010 Haralambos Simeonides Prize by the Brazilian Association of Graduate Programs in Economics (ANPEC) for “Pricing behaviour and the cost-push channel of monetary policy” (Review of Political Economy, 22, 1, 19-40, 2010) (with Gilberto Lima).
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.
Degrees Held
MA 1992, Cambridge University
PhD 1993, Dalhousie University
Professional Affiliation
Cambridge Centre for Economic and Public Policy, Cambridge University, UK
Analyses des Crises et Transitions (ACT) at l'Université Sorbonne Paris Nord, France,
Macroeconomic Policy Institute (IMK) of the Hans-Böckler Foundation, Germany
Recent Publications
Books and Edited Volumes
Capitalism, Inclusive Growth, and Social Protection: Inherent Contradiction or Achievable Vision? Cheltenham, UK: Edward Elgar (2023) (with Hagen Krämer and Christian Proaño).
Heterodox Macroeconomics: Models of Demand, Distribution and Growth Cheltenham, UK: Edward Elgar (2019) (with Robert Blecker) (A list of errata can be found here.)
After the Great Recession: the Struggle for Economic Recovery and Growth New York: Cambridge University Press (2013) (with Barry Cynamon and Steven Fazzari).
Advance (online) publications
“Animal spirits and the Goodwin pattern,” Metroeconomica, (with George Wheaton)
Articles and Book Chapters
"Achieving two policy targets with one policy instrument: heterogeneous expectations, countercyclical fiscal policy, and macroeconomic stabilization at the effective lower bound," Review of Evolutionary Political Economy, 6, 135-155 (2025) (with GIlberto Lima and Jaylson da Silveira).
“Capitalism evolving: an introduction to social structure of accumulation theory,” The New School Economic Review, 13, 8-12 (2025).
“The social reproduction of labour and macro theory: a compelling and fruitful conjunction,” PSL Quarterly Review, 77, 310, 237-46 (2024).
“Managing the discontent of the losers redux: a future of Authoritarian Neoliberalism or Social Capitalism?” Social Research: An International Quarterly, 91, 3, 999-1027 (2024).
“How financially fragile can households become? Household borrowing, the welfare state, and macroeconomic resilience,” Review of Evolutionary Political Economy, 5, 1, 121-51 (2024) (with Yun Kim).
“Political aspects of ‘buffer stock’ employment: a reconsideration,” Cambridge Journal of Economics, 47, 6, 1171-86 (2023) (with Peter Kriesler and Joseph Halevi).
“Post-Keynesian growth theory and the supply side: a feminist approach,” European Journal of Economics and Economic Policies: Intervention, 20, 2, 299-316 (2023).
“Will hysteresis effects afflict the US economy during the post-COVID recovery?” Review of Keynesian Economics, 11, 4, 507-528 (2023).
“Joan Robinson’s historical time and the current state of post-Keynesian growth theory,” Cambridge Journal of Economics, 47, 5, 965–984 (2023) (with Ettore Gallo).
“Inflation and distribution during the post-COVID recovery: a Kaleckian approach,” Journal of Post Keynesian Economics, 46, 4, 587-611 (2023).
“Path dependency,” in J. Jespersen, V. Chick and B. Tieben (eds) Routledge Handbook of Macroeconomic Methodology, London, Routledge, 100-107 (2023).
“Hysteresis,” in L.P. Rochon and S. Rossi (eds) Elgar Encyclopedia of Post-Keynesian Economics, Cheltenham, Edward Elgar, 213-215 (2023).
“The network origins of aggregate fluctuations: a demand-side approach,” Structural Change and Economic Dynamics, 64 (March), 111-123 (2023) (with Emanuele Citera and Shyam Gouri Suresh).
“Whatever happened to the ‘Goodwin pattern’? Profit squeeze dynamics in the modern American labour market,” Review of Political Economy, 35, 1, 263-286 (2023).
“Is capacity utilization variable in the long run? An agent-based sectoral approach to modelling hysteresis in the normal rate of capacity utilization,” Structural Change and Economic Dynamics, 63 (December), 196-212 (2022) (with Tom Bauermann, Dany Lang and Federico Bassi).
“Neoliberalism: an entrenched but exhausted growth regime,” Ensayos Económicos, 79 (May), 2-17 (2022).
“Economic growth and development,” in L.P. Rochon and S. Rossi (eds) An Introduction to Macroeconomics: A Heterodox Approach to Economic Analysis, 2nd Edition, Cheltenham, Edward Elgar, 376-401 (2021).
“Editorial to the special issue: the monetary economics of Basil J. Moore,” European Journal of Economics and Economic Policies: Intervention, 17, 3, 307-12 (2020).
“On multi-sector and multi-technique models, production functions, and limit cycles: A reply to Libman,” European Journal of Economics and Economic Policies: Intervention, 17, 3, 295-306 (2020) (with Robert Blecker).
“Nominal exchange rate shocks and inflation in an open economy: towards a structuralist inflation targeting agenda,” Cambridge Journal of Economics, 44, 6, 1271-99 (2020) (with Eduardo Figueiredo Bastian).
“Hysteresis in the normal rate of capacity utilization: a behavioural explanation,” Metroeconomica, 71, 4, 898-919 (2020) (with Joana David Avritzer).
“The Great Deception: The ‘science’ of monetary policy and the Great Moderation revisited,” in L.P Rochon and H. Bougrine (eds) Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics, Cheltenham, Edward Elgar, 284-301 (2020) (with with Gilberto Lima and Jaylson da Silveira).
“Varieties of capitalism, increasing income inequality, and the sustainability of long-run growth,” Cambridge Journal of Economics, 44, 3, 559-82 (2020) (with Yun Kim).
“Is there scientific progress in macroeconomics? The case of the NAIRU,” European Journal of Economics and Economic Policies: Intervention, 17, 1, 19-38 (2020) (with Dany Lang and Ibrahim Shikaki).
“Tolerable ranges of variation in the rate of capacity utilization and corridor instability: a reply to Florian Botte,” Cambridge Journal of Economics, 44, 2, 483-88 (2020).
Public Scholarship
“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).
"Achieving two policy targets with one policy instrument: heterogeneous expectations, countercyclical fiscal policy, and macroeconomic stabilization at the effective lower bound," Review of Evolutionary Political Economy (2025) (with GIlberto Lima and Jaylson da Silveira)
Portfolio
IDEAS profile
Social Science Research Network (SSRN) profile
Curriculum Vitae