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Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics
Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity.
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Critical Acclaim
Contributors
Contents
More Information
Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity.
Students and professors of economics, policymakers interested in alternative policies, academics and scholars in all fields will benefit from the explorations therein and would do well to seek out the companion publication, Credit, Money and Crises in Post-Keynesian Economics, also published by Edward Elgar Publishing.
Students and professors of economics, policymakers interested in alternative policies, academics and scholars in all fields will benefit from the explorations therein and would do well to seek out the companion publication, Credit, Money and Crises in Post-Keynesian Economics, also published by Edward Elgar Publishing.
Critical Acclaim
‘This volume brings together some of the finest cutting-edge research in contemporary macroeconomics. It’s a fitting tribute to Marc Lavoie and Mario Seccareccia, but beyond that it will become an invaluable resource for anyone seeking to understand current patterns of economic growth and development across the world.’
– Jayati Ghosh, Jawaharlal Nehru University, New Delhi
– Jayati Ghosh, Jawaharlal Nehru University, New Delhi
Contributors
Contributors: P. Arestis, R.A. Blecker, S. Cesaratto, O. Costantini, J.J. da Silveira, M. Dufour, A.K. Dutt, G. Epstein, G. Fujii-Gambero, M. García-Ramos, J. Halevi-Haifa, G.C. Harcourt, E. Hein, E. Kam, J.E. King, P. Kriesler, G.T. Lima, J.A. Montecino, T.I. Palley, F.J. Prante, M. Sawyer, M. Setterfield, J. Smithin, J. Stanford, S. Storm
Contents
Contents:
Acknowledgments
INTRODUCTION: Economic policies for growth and development
Hassan Bougrine and Louis-Philippe Rochon
PART 1: ECONOMIC GROWTH AND POST-KEYNESIAN ECONOMICS
1. Celebrating Pioneers
Louis-Philippe Rochon and Hassan Bougrine
2. Autonomous demand growth, distribution and fiscal and monetary policy in the short and long Runs
Amitava Krishna Dutt
3 Functional distribution and wage inequality in recent Kaleckian growth models
Eckhard Hein and Franz J. Prante
4 Trade and growth in middle-income economies: Mexico, Korea and China
Gerardo Fujii-Gambero, Julio López-Gallardo and Manuel García-Ramos
5 Household Debt and the Rentiers’ Share of Income
Orsola Costantini
6 Secular stagnation, loanable funds and demography: why the Zero-Lower Bound (ZLB) is not the problem
Servaas Storm
7 Hicks on Hayek, Keynes, and Wicksell
John Smithin and Eric Kam
8 Garegnani, Ackley and the years of high theory at Svimez
Sergio Cesarrato
9 The Role of Destabilising Expectations in the 2000-2001 Turkish Crisis: A Behavioural Economics Complement to the Financial Fragility Hypothesis
Mathieu Dufour
PART 2: MACRO-STABILIZATION POLICIES AND POST-KEYNESIAN ECONOMICS
10 Long-term shifts in demand and distribution in neo-Kaleckian and neo-Goodwinian models
Robert A. Blecker
11 The Problematic Nature of the Macroeconomic Policies of the Economic and Monetary Union
Philip Arestis and Malcom Sawyer
12 The Political Economy of QE and the Fed: Who Gained, Who Lost and Why did it End?
Juan Antonio Montecino and Gerald Epstein
13 Central Bank Independence Revisited
Geoffrey. C. Harcourt, Peter Kriesler and Joseph Halevi
14 The Case for a Capital Levy
John E. King
15 Negative interest rate policy (NIRP) and the fallacy of the natural rate of interest: Why NIRP may worsen Keynesian unemployment
Tom I. Palley
16 Dimensions and Implications of the Slowdown in OECD Business Investment
Jim Stanford
17 The Great Deception: The ‘Science’ of Monetary Policy and the Great Moderation Revisited
Gilberto Tadeu Lima , Mark Setterfield and Jaylson Jair da Silveira
Index
Acknowledgments
INTRODUCTION: Economic policies for growth and development
Hassan Bougrine and Louis-Philippe Rochon
PART 1: ECONOMIC GROWTH AND POST-KEYNESIAN ECONOMICS
1. Celebrating Pioneers
Louis-Philippe Rochon and Hassan Bougrine
2. Autonomous demand growth, distribution and fiscal and monetary policy in the short and long Runs
Amitava Krishna Dutt
3 Functional distribution and wage inequality in recent Kaleckian growth models
Eckhard Hein and Franz J. Prante
4 Trade and growth in middle-income economies: Mexico, Korea and China
Gerardo Fujii-Gambero, Julio López-Gallardo and Manuel García-Ramos
5 Household Debt and the Rentiers’ Share of Income
Orsola Costantini
6 Secular stagnation, loanable funds and demography: why the Zero-Lower Bound (ZLB) is not the problem
Servaas Storm
7 Hicks on Hayek, Keynes, and Wicksell
John Smithin and Eric Kam
8 Garegnani, Ackley and the years of high theory at Svimez
Sergio Cesarrato
9 The Role of Destabilising Expectations in the 2000-2001 Turkish Crisis: A Behavioural Economics Complement to the Financial Fragility Hypothesis
Mathieu Dufour
PART 2: MACRO-STABILIZATION POLICIES AND POST-KEYNESIAN ECONOMICS
10 Long-term shifts in demand and distribution in neo-Kaleckian and neo-Goodwinian models
Robert A. Blecker
11 The Problematic Nature of the Macroeconomic Policies of the Economic and Monetary Union
Philip Arestis and Malcom Sawyer
12 The Political Economy of QE and the Fed: Who Gained, Who Lost and Why did it End?
Juan Antonio Montecino and Gerald Epstein
13 Central Bank Independence Revisited
Geoffrey. C. Harcourt, Peter Kriesler and Joseph Halevi
14 The Case for a Capital Levy
John E. King
15 Negative interest rate policy (NIRP) and the fallacy of the natural rate of interest: Why NIRP may worsen Keynesian unemployment
Tom I. Palley
16 Dimensions and Implications of the Slowdown in OECD Business Investment
Jim Stanford
17 The Great Deception: The ‘Science’ of Monetary Policy and the Great Moderation Revisited
Gilberto Tadeu Lima , Mark Setterfield and Jaylson Jair da Silveira
Index
