Relevant bibliographies by topics / Classical Keynesian Approach

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Academic literature on the topic 'Classical Keynesian Approach'

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Published: 14 March 2023

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Journal articles on the topic "Classical Keynesian Approach"

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Dormont, Brigitte. "Employment in Disequilibrium: a Disaggregated Approach on a Panel of French Firms." Recherches économiques de Louvain 55, no. 1 (1989): 61–93. http://dx.doi.org/10.1017/s0770451800031584.

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SummaryThe purpose of this paper is to understand disequilibrium phenomena at a disaggregated level. By using data on French firms, we carry out the estimation of labor demand model with two regimes, which correspond to the Keynesian and classical hypotheses. The results enable us to characterize classical firms as being particularly good performers: they have more rapid growth, younger productive plant and higher productivity gains and profitability. Classical firms stand out, with respect to their production function, by higher growth rate of disembodied technical progress and, with respect to their accumulation behaviour, by more rapid investment and replacement rates which lead to the rejuvenation of their capital stock. But the production-employment elasticities and production-capital elasticities, as well as the accelerator, are identical for classical and Keynesian firms.
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Bresser-Pereira, Luiz Carlos. "New and Classical Developmentalism compared: a response to Medeiros." Review of Keynesian Economics 8, no. 2 (April 7, 2020): 168–77. http://dx.doi.org/10.4337/roke.2020.02.02.

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New Developmentalism, which Carlos Medeiros (2020) criticizes, is a new theoretical approach to development macroeconomics and the political economy of middle-income countries. It is a system of thought whose roots are in Post-Keynesian economics and Classical Developmentalism, but it is an open and growth-oriented approach. This paper summarizes the new theoretical framework. Thereafter, it responds to the indictments that New Developmentalism is neither a Post-Keynesian nor a developmental theory, but rather an expression of the ‘market failure approach,’ ‘methodological nationalism,’ the ‘mistaken’ association of exchange-rate economic growth, etc. The paper then argues that New Developmentalism is a system of thought that responds to the new realities of the globalized world and compares New Developmentalism with Classical Developmentalism.
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Nikiforov, Alexandr, Olga Antipina, and Nina Miklashevskaya. "Macroeconomics as a Set of Scientific Research Programmes: New Opportunities and Competitive Advantages." Moscow University Economics Bulletin 2015, no. 2 (April 30, 2015): 3–16. http://dx.doi.org/10.38050/01300105201521.

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The authors consider Macroeconomics as a set of interrelateol research programmes which incorporates such schools of thought as Neoclassical, Keynesian, Neoclassical synthesis, Monetarism, New Classical and New Keynesian. This approach has a number of competitive advantages over a standard course and provides new opportunities for researchers, academics, entrepreneurs and students of economic theory.
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Argoti, Primera, and George Samuleson. "Some Elements About the Classical Employment Theory and the Keynesian Perspective." ENDLESS: International Journal of Future Studies 5, no. 2 (August 15, 2022): 170–81. http://dx.doi.org/10.54783/endlessjournal.v5i2.86.

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The fundamental aim of this paper is to lay out essential elements concerning classical economic theory about employment, and compare them with the Keynesian approach. In other words, this document shows a comparative-contrasting study of the classical and more modern theoretical claims, concerning employment. Since employment is a crucial variable related to economic growth and development, this paper is focused on a revision of conceptual issues concerning such a critical indicator. The approach presented here is important not only for professional economists but also for other social scientists. One of the major conclusions of this study is referred to the evidence that the Keynesian “General Theory” is not precisely the most completed and updated theoretical approach to solve problems of employment, but it has a particular richness in its contents that is important to rescue; in fact that theory was extremely useful to undertake unemployment and economic growth problems during the Great Recession in the United States.
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Hung, N. M., and P. Lefebvre. "Sur l’impact de l’assurance-chômage dans une économie keynésienne : On the impact of unemployment insurance in a Keynesian economy." Articles 57, no. 4 (January 21, 2009): 525–52. http://dx.doi.org/10.7202/601005ar.

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ABSTRACT This paper deals with involuntary unemployment. We suppose that wages fail to clear markets and undertake a disequilibrium analysis of the effect of unemployment insurance (U.I.) on unemployment and production. The disequilibrium model is so constructed as to take into account the impact of U.I. on all markets. The neo-classical paradigm based on an equilibrium approach is contrasted with the neo-keynesian paradigm which assumes persistent disequilibrium. It is shown in this perspective that U.I. has an impact on unemployment when the latter is keynesian in nature rather than classical. We conclude that in order to evaluate empirically the effect of U.I., the various kinds of unemployment under analysis must be distinguished. We find moreover, that a disequilibrium framework is most appropriate for the study of unemployment.
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Bauvert, Joanna. "Theories of Money Creation: From Post-Keynesians to Circuitists. Review an Prospects." Lecturas de Economía, no. 61 (November 3, 2009): 35–51. http://dx.doi.org/10.17533/udea.le.n61a2728.

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En comparación con la posición neoclásica, los post-keynesianos y los circuitistas desarrollaron el “enfoque endógeno” de dinero, destacando el papel de los bancos en la creación del dinero y considerando que la tasa de interés es exógena (fijada por el banco central). Los post-keynesianos y los circuitistas, desarrollan sus argumentos utilizando algunas perspicacias de Keynes: el “motivo especulación”, su concepción del crédito, el principio de una demanda eficaz y la función de la incertidumbre. Debido a este fondo común la frontera entre estas corrientes de pensamiento es confusa y cambiante. Por lo tanto, a menudo es difícil apreciar las diferencias entre estas. Palabras clave: dinero, post-keynesianos. Clasificación JEL: E40, E12 Abstract: Contrary to the neo-classical position, post-keynesians and circuitists developed the endogenous money approach, emphasising the function of banks in the creation of money and considering that the interest rate is exogenous (fixed by the Central Bank). Both, Post-keynesians and Circuitists, develop their arguments using some of Keynes' insights: the “finance motive”, his conception of credit, the principle of effective demand and the role of uncertainty. Because of this common background the frontier between these currents of thought is fuzzy and changing. Therefore, it is often difficult to appreciate the differences between them. Key words: money, post-keynesian. JEL: E40, E12 Résumé: Par opposition à la position neo-classique, les post-keynésiens et le circuitists ont développé l'approche endogène d'argent, soulignant le rôle des banques dans la création de l'argent et considérant que le taux d'intérêt est exogène (fixé par la banque centrale). Tous les deux, Post-Keynésien et Circuitists, développent leurs arguments en utilisant certaines perspicacités de Keynes: “motif de spéculation”, sa conception du crédit, le principe d'une demande effective et le rôle de l'incertitude. En raison de ce fond commun la frontière entre ces courants de pensée est brouillée et changeante. Par conséquent, il est souvent difficile d'apprécier les différences entre elles. Mots Clés: argent, post-keynésien.
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Versieren, Jelle. "Richard Westra’s Theory of Financialization and the Renewal of the Uno–Sekine Approach to the Dialectic of Capital." Review of Radical Political Economics 49, no. 4 (April 19, 2017): 680–87. http://dx.doi.org/10.1177/0486613416669341.

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Uno and Sekine considered the early postwar stage as a qualitative divergence from the structural characteristics of capitalism resulting in a gradual ex-capitalist transition. For Westra, the disintegration happens when self-commodified money capital in the money and capital markets disintermediates itself from the value augmentation processes in the production sphere. Westra develops a theory of financialization of globalization distinctive from the post-Keynesian notion of finance-led growth regime or the classical Marxist notion of finance capital.
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Thompson, Stephen. "Profit Squeeze in the Duménil and Lévy Model." Review of Radical Political Economics 50, no. 2 (January 24, 2018): 297–316. http://dx.doi.org/10.1177/0486613417701265.

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This article looks at the implications of labor-supply limits and endogenous wage growth in the Duménil and Lévy model. A long-run relationship is established between the employment rate and capitalists’ decisions to reinvest profits. Elements of a Marxian approach to macroeconomic policy are sketched. New conditions are derived for being Kaleckian/Keynesian in the short run and classical Marxian in the long run.
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Stützle, Ingo. "To be or not to be a Keynesian – ist das die Frage?" PROKLA. Zeitschrift für kritische Sozialwissenschaft 39, no. 157 (December 1, 2009): 607–23. http://dx.doi.org/10.32387/prokla.v39i157.414.

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Keynes is back. Not only in the discourse of political economy but also in the debates around an "alternative economic policy". This article outlines Keynes's approach to the political economy of capitalism and offers a critique in the tradition of Marx's critique of classical political economy. It points out the limits and conditions of radical reforms and criticizes the illusions attached to the idea of a new Keynesian project.
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Oner, Engin. "Comparative Interpretation of Classical and Keynesian Fiscal Policies (Assumptions, Principles and Primary Opinions)." International Journal of Finance & Banking Studies (2147-4486) 4, no. 2 (May 21, 2015): 11–20. http://dx.doi.org/10.20525/ijfbs.v4i2.213.

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Adam Smith being its founder, in the Classical School, which gives prominence to supply and adopts an approach of unbiased finance, the economy is always in a state of full employment equilibrium. In this system of thought, the main philosophy of which is budget balance, that asserts that there is flexibility between prices and wages and regards public debt as an extraordinary instrument, the interference of the state with the economic and social life is frowned upon. In line with the views of the classical thought, the classical fiscal policy is based on three basic assumptions. These are the "Consumer State Assumption", the assumption accepting that "Public Expenditures are Always Ineffectual" and the assumption concerning the "Impartiality of the Taxes and Expenditure Policies Implemented by the State". On the other hand, the Keynesian School founded by John Maynard Keynes, gives prominence to demand, adopts the approach of functional finance, and asserts that cases of underemployment equilibrium and over-employment equilibrium exist in the economy as well as the full employment equilibrium, that problems cannot be solved through the invisible hand, that prices and wages are strict, the interference of the state is essential and at this point fiscal policies have to be utilized effectively.Keynesian fiscal policy depends on three primary assumptions. These are the assumption of "Filter State", the assumption that "public expenditures are sometimes effective and sometimes ineffective or neutral" and the assumption that "the tax, debt and expenditure policies of the state can never be impartial".
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Dissertations / Theses on the topic "Classical Keynesian Approach"

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Álvarez, Ramiro Eugenio. "Essays on the Argentine Political Economy through the lens of the Classical-Keynesian Approach." Doctoral thesis, Università di Siena, 2020. http://hdl.handle.net/11365/1105887.

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This Ph.D. thesis is composed of three essays and is aimed to reconstruct, both conceptually and analytically, the Argentine political economy for the period from 1955 to 1991. To this aim, we apply theoretical elements rooted in the Sraffian-Keynesian tradition of thought, such as the extension of Sraffa’s representation based on "Production of Commodities by Means of Commodities" to the price-taking economy framework, the Monetary Theory of Distribution and the demand-led growth model based on Sraffian Supermultiplier. However, unlike some recent reconstructions of Latin American specificities through the lens of the Classical tradition, we provide a formal representation of the Argentine historical experience that abandons the canonical dichotomy between agricultural and industrial sectors in modeling semi-industrialized economies. To account for the different stages of industrialization during the fifties and sixties we include a distinction between manufactured goods for final consumptions and capital goods. Likewise, the inclusion of banks and the financial sector becomes relevant to address financial liberalization and capital-account deregulation during the seventies and eighties. An intrinsic non-tradable sector, associated with public services, turns to be relevant to capture the consequences of privatization during the nineties. The suggested models take into consideration the heterogeneities among productive sectors, as the natural outcome of the structural changes observed during the period under study. The 1st essay presents a comprehensive analysis regarding some contributions made by the political theorist Guillermo O’Donnell, which revolve around the notions of the Argentine Pendulum, Bureaucratic-Authoritarian State, and their implications on income distribution and output dynamics. Under the basis of a tripartite productive structure, O’Donnell’s pendulum is formally reconstructed as the ambivalent behavior of the international bourgeoisie with respect to its strategy of the class alliance for the determination of both economic policies and the pattern of development. The 2nd essay analytically re-elaborates the change undergone by the Argentine economy during the 1970s and 1980s, from a strategy of import-substituting industrialization led by a labor-based government (1973-1976) to a pattern of development based on market liberalization and implemented by a Dictatorial Regimen (1976-1983). By applying Sraffa’s representation of the productive process, the Monetary Theory of distribution and the extension of the Keynesian Principle of Effective Demand in explaining the growth path, such structural changes are analyzed and modelized. The suggested formal representation accounts for the capital goods-producing industry, the financial sector and an intrinsic non-tradable sector as distinctive elements of the Argentine productive structure of the period considered. The essay analytically re-elaborates the distributive changes and the structural consequences of the economic policies implemented by the so-called National Reorganisation Process, both in the pattern of specialization and in the financial dependence of Argentina. Finally, the 3rd essay revisits the cost-pushed theories of inflation to reconstruct the dynamics observed in prices and income distribution. The suggested model stresses the role played by the exchange rate and crawling-peg policy in approaching the high inflation and hyperinflationary experiences during the eighties external-debt crisis. Additionally, the multiple stabilizing programs are analyzed and formally reconstructed in the light of the Classical-Keynesian Approach, highlighting the importance of the exchange rate and external determinants in stabilizing price dynamics. In this sense, the Convertibility Regime, during the nineties, is analyzed as a strategy to control the price dynamic by reinforcing the financial dependence of the Argentine economy.
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BUONAGUIDI, DAMIANO. "Choice of Exogenous Variables, Stock Market Dynamics, Financial Sector: Three Essays on Macroeconomic Theory." Doctoral thesis, Università di Siena, 2018. http://hdl.handle.net/11365/1061353.

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The choice of exogenous variables is a fundamental element for the logical structure of economic models, leading to different positive and normative implications about growth, distribution and economic policies. In this dissertation a comparative approach is used both to study different models from a theoretical point of view and to analyze the link between the financial and the real sector of the economy. In the first chapter we present a comparison between the neoclassical model and the alternative approach, drawn from the classical and post-keynesian literature, within a common mathematical framework based on the Solow growth model. Several variations in the canonical models are considered. We shall show in a convenient analytical framework how the fundamental differences between the two paradigms ultimately lie in the choice of the exogenous variables: factors endowments in the neoclassical approach or effective demand and, in some cases, income distribution in the alternative approach. In the second chapter, we adopt a comparative approach to interpret stock market dynamics, pursuing two objectives. First, we shall show how the prevailing interpretation of Shiller tests on stock price volatility can all be traced back to the neoclassical model, which makes them exposed to several criticisms. Second, we shall present an alternative macroeconomic model drawn from Sraffian and Keynesian literature which suggests a different interpretation of the empirical evidence on stock market volatility. In the third chapter we propose an integration between the classical-Keynesian model and the monetary circuit framework, evaluating its consistency and its policy implications. In particular, we shall verify whether the Keynesian multiplier can be consistently introduced in the monetary circuit framework, how monetary authorities can affect economic dynamics, how monetary circuits are intertemporally linked to each other and how the problem of interest repayments can be solved.
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Books on the topic "Classical Keynesian Approach"

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Bellino, Enrico. Production, Value and Income Distribution: A Classical-Keynesian Approach. Routledge, 2021.

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Bellino, Enrico. Production, Value and Income Distribution: A Classical-Keynesian Approach. Taylor & Francis Group, 2021.

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Production, Value and Income Distribution: A Classical-Keynesian Approach. Taylor & Francis Group, 2021.

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Bellino, Enrico. Production, Value and Income Distribution: A Classical-Keynesian Approach. Taylor & Francis Group, 2021.

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Bellino, Enrico, and Sebastiano Nerozzi, eds. Pasinetti and the Classical Keynesians. Cambridge University Press, 2022. http://dx.doi.org/10.1017/9781108923309.

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Recent economic and financial crises have exposed mainstream economics to severe criticism, bringing present research and teaching styles into question. Building on a solid and vivid tradition of economic thought, this book challenges conventional thinking in the field of economics. The authors turn to the work of Luigi Pasinetti, who proposed a list of nine methodological and theoretical ideas that characterize the Classical Keynesian School. Drawing inspiration from both Keynes and Sraffa, this school has forged a long-standing and ambitious research programme often advocated as a competing paradigm to mainstream economics. Overall, the Classical Keynesian School provides a comprehensive analytical framework into which most non-mainstream schools of thought can be integrated. In this collection, a group of leading scholars critically assess the nine main ideas that, in Pasinetti's view, characterize the Classical-Keynesian approach, evaluating their relevance for both the history of economics and for present economic research.
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Harcourt, G. C., and Peter Kriesler, eds. The Oxford Handbook of Post-Keynesian Economics, Volume 2. Oxford University Press, 2013. http://dx.doi.org/10.1093/oxfordhb/9780195390759.001.0001.

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This book analyzes Keynesian foundations of post-Keynesian economics, focusing on how uncertainty and liquidity revoke Say’s law. It explains the key features of Michał Kalecki’s analysis of a capitalist economy and examines his macroeconomics in the short-run. It also provides a brief overview of post-Keynesian contributions to the study of the economic problems of least developed countries, also known as development economics. In addition, the book tackles the financial markets, considers Hyman Minsky’s financial instability hypothesis, and discusses Sidney Weintraub’s criticism of the neoclassical-Keynesian synthesis. The book also analyzes Piero Sraffa’s role in the criticism of mainstream theory and the development of post-Keynesian economics, assesses the contributions and the evolution of Wynne Godley’s views on money, and examines the notion of “center of gravitation” in the classical tradition. Other chapters look at a post-Keynesian theory of aggregate fluctuations, comment on Luigi Pasinetti’s systematic attempt to integrate Sraffa’s and John Maynard Keynes’s core theoretical messages as elements of a more general theoretical framework, and describe post-Keynesian approaches towards the making and implications of industrial prices.
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Book chapters on the topic "Classical Keynesian Approach"

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Halevi, Joseph, and Peter Kriesler. "Kalecki, Classical Economics and the Surplus Approach." In Post-Keynesian Essays from Down Under Volume I: Essays on Keynes, Harrod and Kalecki, 177–90. London: Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1057/9781137475381_12.

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Petrakis, Panagiotis E. "The Era of Low Growth and High Inflation: Contemporary International Trade Theories, New Classics, New Keynesian, Human Capital, Contractization Theories, and Behavioral Economics Under Uncertainty." In Theoretical Approaches to Economic Growth and Development, 347–64. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-50068-9_15.

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"A dynamic AGE model from a classical-Keynesian-Schumpeterian approach." In Economic Growth and Distribution, 271–90. Edward Elgar Publishing, 2006. http://dx.doi.org/10.4337/9781781008218.00018.

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"Post-Keynesian Macroeconomic Models." In Post-Keynesian Empirical Research and the Debate on Financial Market Development, 61–95. IGI Global, 2014. http://dx.doi.org/10.4018/978-1-4666-6018-2.ch004.

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The idea that the financial sector can amplify the business cycle dates back to the early 1900s. The main focus of finance and growth literature is the way in which financial markets influence the main drivers of growth (such as investment and savings) and the fluctuations of business cycle indirectly, via their impact on the firms and consumers. Keynesians and post-Keynesians believe that aggregate demand is responsible for achieving full employment and economic equilibrium, and investment is placed at the centre stage to stimulate aggregate demand. Classical theorists favour equilibrium with equalised profit rates, process of production, and full utilisation of productive capacity. Accordingly, this chapter extensively discusses the post-Keynesian literature in investment and productivity analysis, and their approaches to macroeconomic modelling.
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Roos, Göran. "Manufacturing in a High Cost Environment." In Global Perspectives on Achieving Success in High and Low Cost Operating Environments, 1–51. IGI Global, 2014. http://dx.doi.org/10.4018/978-1-4666-5828-8.ch001.

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This chapter explores the current state of flux in manufacturing. It examines the forces that drive fragmentation and dispersion of value chains on the one hand and those that drive concentration and integration of value chains on the other. These forces are underpinned by changes in technology, wage costs, business environment, importance of economies of scale for production, need for interaction with customers and input providers, needs for skills in the manufacturing workforce, and the workings of industrial commons and economic complexity. Analysing these changes at the level of the firm, this chapter puts the competitive focus on the creation of value more than on cutting costs (although both are important). The policy environment must provide both carrot and stick to ensure that firms align with these developments. In this dynamic world, an effective policy response requires a shift from any single dominating economic lens (e.g. neo-classical, neo-Keynesian, neo-Schumpeterian, evolutionary) to a situation-specific approach.
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Cornia, Giovanni Andrea. "Genesis, Context, Focus, and Accounting Relations of Standard Macroeconomics." In The Macroeconomics of Developing Countries, 3–24. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198856672.003.0001.

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This chapter defines the field of investigation and the main issues analysed by short-term, demand-side macroeconomics and long-term growth models in the now advanced economies. It presents also the set of accounting relations (for the production, uses, and distribution of income, for the balance of payments, and for the macro financial accounts) that are used to describe the functioning of the macroeconomy, and to assess its performance. Finally, it discusses briefly the context and historical evolution of macroeconomic theory during the last two centuries, by referring to the classical, Keynesian, neoclassical synthesis, monetarist, new classical, and structuralist macroeconomic approaches.
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Tsoukis, Christopher. "Business Cycles and Stabilization Policy." In Theory of Macroeconomic Policy, 275–346. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198825371.003.0006.

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This chapter reviews the theory related to business cycles. After outlining early approaches (including the multiplier-accelerator interaction and Goodwin cycles), it proceeds to discuss the modern debates between New Classical/Real Business Cycle (RBC) theorists and New Keynesians. This discussion is structured at various levels: more intuitive and discursive, then more analytical with the development of a formal RBC model and of a Dynamic Stochastic General Equilibrium model that synthesizes the two approaches. The chapter continues with a review of Vector Autoregressions. Finally, a narrative of a number of episodes is offered: the Great Depression, post-World War II cycles, Japan, effects of oil on business cycles, and the Great Recession (2007–9) and the subsequent slow recovery. The overarching philosophy is that a suite of models, old and new, and approaches, modelling, econometric, and narrative, are useful in offering complementary perspectives.
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Conference papers on the topic "Classical Keynesian Approach"

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Fırat, Emine. "Economic Fluctuations in Turkey in the Light of Business Cycle Theories." In International Conference on Eurasian Economies. Eurasian Economists Association, 2012. http://dx.doi.org/10.36880/c03.00525.

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Some economists have tried to demonstrate the cause of economic fluctuations and its solution with business cycle theories. The classical school emphasizes the efficiency of free market economy and the optimization of private economic factors. The Keynesian school believes that the causes of economic fluctuations arise from not only just the deviations from market equilibrium but also market failure on a grand scale. The debate over the source and propagation of economic fluctuations rages as fiercely today as it did in the Great Depression that began in 1929. Economic Fluctuation models investigate to answer the question of why economies go through boom and bust and why economies experience cycles of recession and recovery. In the economic literature, based on the Business Cycle Theories many different approaches have been proposed. While economists discuss the ultimate form of the right business cycle model, they must take into consideration the decisive factors of economic fluctuations in the past century. In this study, the local economic crisis occurred in Turkey in recent years are investigated in the light of Business Cycle Theory and also the effects of macroeconomic policies are evaluated on the basis of economic fluctuations models.
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