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Relevant bibliographies by topics / Post-Keynesian and Classical Economics

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Academic literature on the topic 'Post-Keynesian and Classical Economics'

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Published: 14 March 2023

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Journal articles on the topic "Post-Keynesian and Classical Economics"

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GREENWALD, B., and J. E. STIGLITZ. "KEYNESIAN, NEW KEYNESIAN AND NEW CLASSICAL ECONOMICS." Oxford Economic Papers 39, no. 1 (March 1987): 119–33. http://dx.doi.org/10.1093/oxfordjournals.oep.a041773.

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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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Helm, Dieter, Trevor S. Preston, and Jan Pen. "Amongst Economists: Reflections of a Neo-Classical Post-Keynesian." Economic Journal 95, no. 380 (December 1985): 1118. http://dx.doi.org/10.2307/2233283.

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BRESSER-PEREIRA, LUIZ CARLOS. "From classical developmentalism and post-Keynesian macroeconomics to new developmentalism." Brazilian Journal of Political Economy 39, no. 2 (June 2019): 187–210. http://dx.doi.org/10.1590/0101-31572019-2966.

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ABSTRACT New developmentalism was a response to the inability of classical developmentalism and post-Keynesian macroeconomics in leading middle-income countries to resume growth. New developmentalism was born in the 2000s to explain why Latin American countries stopped growing in the 1980s, while East Asian countries continued to catch up. This paper compares new developmentalism with classical developmentalism, which didn’t have a macroeconomics, and with post-Keynesian economics, whose macroeconomics is not devoted to developing countries. And shows that to follow the East Asian example is not enough industrial policy, it is also necessary a macroeconomic policy that sets the five macroeconomic prices right, rejects the growth with foreign savings policy, and keeps the macroeconomic accounts balanced.

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Christensen, Paul P. "Recovering and extending classical and Marshallian foundations for post-Keynesian environmental economics." International Journal of Environment, Workplace and Employment 1, no. 2 (2005): 155. http://dx.doi.org/10.1504/ijewe.2005.006382.

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GUARINI, GIULIO. "A Classical-Post Keynesian critique on neoclassical environmentally-adjusted multifactor productivity." Brazilian Journal of Political Economy 43, no. 1 (March 2023): 67–77. http://dx.doi.org/10.1590/0101-31572023-3391.

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ABSTRACT The aim of the article is to critically analyze Environmentally-Adjusted Multifactor Productivity (EAMP), by considering the Classical-Post-keynesian environmental framework Ecological Macroeconomics, integrated with the Evolutionary Environmental Economics. The paper introduces EAMP as rooted in in neoclassical economics and derived from Cobb-Douglas function with natural resources built by Solow (1974). I present theoretical critiques of EAMP’s neoclassical assumptions by developing perspectives from heterodox Ecological Macroconomics literature. Finally, I discuss the shortcomings of EAMP’s conceptual framework, making specific reference to the policy debate on Porter Hypothesis. The article puts in evidence how the assumptions of constant returns to scale, perfect competition and perfect input substitutability seriously alter the meaning and promise of sustainability policy. The analysis indicates that EAMP is a poor instrument to study complex issues regarding the promotion and effectiveness of green innovations and should therefore be abandoned to face the great challenges regarding the process of ecological transformation.

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Lee, Frederic S. "Book Review: Competition, Technology and Money: Classical and Post-Keynesian Perspectives." Review of Radical Political Economics 29, no. 2 (June 1997): 110–12. http://dx.doi.org/10.1177/048661349702900209.

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Seidman, Laurence. "Keynesian stimulus versus classical austerity." Review of Keynesian Economics, no. 1 (October 1, 2012): 77–92. http://dx.doi.org/10.4337/roke.2012.01.05.

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Eichengreen, Barry. "Keynesian economics: can it return if it never died?" Review of Keynesian Economics 8, no. 1 (January 22, 2020): 23–25. http://dx.doi.org/10.4337/roke.2020.01.03.

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Appreciation of the Keynesian synthesis was enhanced by the events of the last decade. The global financial crisis highlighted the fragility of financial markets and the capriciousness of animal spirits. The depth of the downturn pointed to the value of not just automatic stabilizers but also discretionary fiscal policy as tools of macroeconomic management. Keynesian models and not their New Classical challengers provided the practical analytical framework for policy design. Models of the anti-Keynesian effects of fiscal consolidation received little support from actual consolidation experience. The secular-stagnation debate that followed the crisis lent legitimacy to the view that policy-makers with fiscal space were wise to use it.

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Dibeh, Ghassan. "A Classical-Keynesian Model of Macroeconomic Fluctuations." Review of Radical Political Economics 27, no. 3 (September 1995): 12–21. http://dx.doi.org/10.1177/048661349502700302.

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Dissertations / Theses on the topic "Post-Keynesian and Classical Economics"

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Hartropp, A. J. "Economic methodology, a Lakatosian appraisal of the Keynesian-monetarist-new classical controversy, and a critique." Thesis, University of Southampton, 1985. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.370515.

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Hearnshaw, Edward J. S. "A Post-classical economics approach to ecosystem management." Diss., Lincoln University, 2009. http://hdl.handle.net/10182/1425.

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A principal purpose of this thesis is to present an economic evaluation of ecosystems. The concept of ecosystem health is adopted to ascertain the status of ecosystems. Ecosystem health is considered in part an economic concept and defined as a function of utility through the ecosystem services that satisfy various needs, subject to preserving the integrity of the adaptive cycle. In order to quantify the utility supplied by ecosystem services the novel utility index Ecosystem Outcome Protection Year (ECOPY) is developed. By forming this index, an evaluation can be performed using cost utility analysis, which avoids monetizing these benefits. An attempt is made to ascertain an appropriate approach for ecosystem management. It is reasoned that expert intuition can determine some kind of macro-regularities in ecosystems despite their complex dynamics. Hence, these inferences could be used for ecosystem management. Adaptive co-management is introduced as a means to bring about the collaboration of experts as resource co-managers. The concept of informed intuition is developed to bring about a systematic approach to learning and evaluation where the mental models of experts are transcribed using fuzzy cognitive mapping. However, it is argued that ecosystems as complex adaptive systems are non-ergodic and full of surprises. Accordingly, abduction, the logic of creative conjecture is systematically developed, for the purposes of maintaining mental model flexibility. This systematic application of abduction with an informed intuition forms the proposed abductive process of research, which is grounded in Shacklean potential surprise, a non-probabilistic function. To demonstrate this novel research process, a post-classical economic evaluation of Te Waihora lake ecosystem is undertaken, which employs the ECOPY index and potential surprise method. This empirical case study reveals various cost-effective management actions for improving lake health, which went beyond the intuitions of resource co-managers. This indicated the potential of the approach, which is considered a significant contribution for the methodological development of ecosystem management.

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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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Henderson, Justina. "Post Keynesian economics : a Lakatosian explanation." Thesis, Queen Mary, University of London, 1992. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.296474.

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Stockhammer, Engelbert, and Paul Ramskogler. "Post Keynesian economics - how to move forward." Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2008. http://epub.wu.ac.at/772/1/document.pdf.

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Post Keynesian Economics (PKE) is at a cross road. The academic climate at universities has become more hostile to survival and the mainstream has become more diverse internally. Moreover, a heterodox camp of diverse groups of non-mainstream economists is forming. The debate on the future of PKE has so far focussed on the relation to the mainstream. This paper argues that this is not an important issue for the future of PKE. The debate has overlooked the dialectics between academic hegemony and economic (and social) stability. The important question is, whether PKE offers useful explanations of the ongoing socio-economic transformation. PKE has generated valuable insights but it offers little on important real world phenomena such as supply-side phenomena like the increasing use of ICT and the globalisation of production, social issues like precarisation and the polarization of income distribution or ecological challenges like climate change. It is these issues that will decide the future of PKE. (author´s abstract)
Series: Department of Economics Working Paper Series

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Stockhammer, Engelbert. "Is the NAIRU theory a Monetarist, New Keynesian, Post Keynesian or a Marxist theory?" Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, 2006. http://epub.wu.ac.at/1278/1/document.pdf.

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The NAIRU theory has become the mainstream theory in explaining unemployment in Europe and is often used to justify demands for a cutback of the welfare state, reducing unemployment benefits, reducing minimum wages, decentralizing collective bargaining etc. Close inspection reveals that it nonetheless shares some arguments with Post Keynesian and even Marxist theory. The paper proposes an underdetermined, encompassing NAIRU model, which is consistent with several theoretical tradtions. Depending on the closure with respect to demand formation and determination of the NAIRU itself, the model allows for New Keynesian, Post Keynesian and Marxist results. (author's abstract)
Series: Department of Economics Working Paper Series

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Jorge, Fernandes Mata Tiago. "Dissent in economics : making radical political economics and post Keynesian economics, 1960-1980." Thesis, London School of Economics and Political Science (University of London), 2006. http://etheses.lse.ac.uk/2691/.

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The history of dissent in economics has thus far been subject to scant interest. The existing scholarship, authored by dissenters probing their own past, has failed to address the crucial questions of how dissent emerged and rooted itself. This study is about two dissenting communities, Radical Political Economics and Post Keynesian Economics. I review the circumstances that led to their emergence in the late 1960s and early 1970s. I draw from the histories of religious and scientific dissent to explore the making of the dissenters' challenge to the economics orthodoxy. Notably, I use the concept of boundary work to analyse the debates between dissenters and mainstream. The history of Radical Political Economics begins with the founding in 1968 of the Union for Radical Political Economics. Onto this Union converged a generation of young radicalised academics that sought to unite their political interests and their scholarly pursuits. After a period devoted to the design of a "paradigm of conflict," radicals turned to outreach work with popular movements. The new commitment brought divisive political identities into their Union that barred any agreement on a programme to transform economics. Post Keynesian Economics emerged in the aftermath of debates on capital theory between Cambridge left Keynesians and neoclassical economists. With the conviction that the debates signalled the emergence of a new theory in economics, American dissenters decided to ally with the Cambridge critics. The content of the alliance was redefined many times in the 1970s by a succession of spokespersons for the group. Of this period resulted a weakly bound community joined by a sense of shared ancestry. The two case studies reveal the diverse resources and allies that dissenters mustered for their battle with the economics orthodoxy. They show how the dissenters' challenge shaped the boundaries of their communities and the content of their identity.

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Naqvi, Syed Ali Asjad, and Stockhammer Engelbert. "Directed Technological Change in a post-Keynesian Ecological Macromodel." WU Vienna University of Economics and Business, 2017. http://epub.wu.ac.at/5809/1/SFC_DTC_WP_version.pdf.

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This paper presents a post-Keynesian ecological macro model that combines three strands of literature: the directed technological change mechanism developed in mainstream endogenous growth theory models, the ecological economic literature which highlights the role of green innovation and material flows, and the post-Keynesian school which provides a framework to deal with the demand side of the economy, financial flows, and inter- and intra-sectoral behavioral interactions. The model is stock-flow consistent and introduces research and development (R&D) as a component of GDP funded by private firm investment and public expenditure. The economy uses three complimentary inputs - Labor, Capital, and (non-renewable) Resources. Input productivities depend on R&D expenditures, which are determined by relative changes in their respective prices. Two policy experiments are tested; a Resource tax increase, and an increase in the share of public R&D on Resources. Model results show that policy instruments that are continually increased over a long-time horizon have better chances of achieving a "green" transition than one-of climate policy shocks to the system, that primarily have a short-run affect.
Series: Ecological Economic Papers

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Economopoulos, Takis. "Post-Keynesian theory and the transmission mechanism of money and credit." Thesis, McGill University, 1990. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=74579.

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This thesis analyzes the transmission process that generates and links credit, money and economic activity as proposed by Post-Keynesian authors. These authors include mainly Chick, Davidson, Minsky and Wojnilower, who base their hypotheses on the collected works of Keynes and Kalecki. Their key contribution is to identify the cause of the transmission mechanism with the deficit spending of private economic units that is financed by credit that is created by financial intermediaries. The framework used by these authors assumes uncertainty, speculation and instability that have resulted in the formation of institutions such as money, contracts and intermediaries. It is shown that a consistent framework integrates the processes, channels, order and vehicles of the Post-Keynesian mechanism.

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Lopez, Bernardo Javier. "A post-Keynesian macroeconomic theory for equity markets in stock-flow consistent frameworks." Thesis, Kingston University, 2015. http://eprints.kingston.ac.uk/35862/.

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This thesis presents a theoretical framework for understanding the long-term behaviour of equity markets. The framework is informed by post-Keynesian theory. It highlights the importance of effective demand for equity valuation - alongside other post-Keynesian features such as a realistic institutional setup, the (in)efficiency of financial markets in pricing assets and the importance of income and wealth distribution for macroeconomic theory. In contrast to mainstream approaches dominated and constrained only by the logic of rational agents, a Stock-Flow Consistent (SFC) methodology is followed here. The strict accounting rules of SFC models guarantee that all assets, flows and price revaluations that happen in an economic system are booked accordingly, with no accounting 'black holes' in the logical structure. The SFC approach also permits an outcome in which the market value of assets differs from their book value, a crucial distinction that should be at the core of any theory for equity returns. This thesis makes a contribution to the post-Keynesian literature on the Cambridge corporate growth models. It is shown that this literature can be used as a starting point for developing a theory of equity markets with a more realistic institutional setup. The main features of the post-Keynesian theory for equity markets developed here can be summarised as follows. First, aggregate demand determines the return on shares and their valuation in the market. Second, Tobin's q is inversely related to the growth rate of the economy in the long-run and inversely related to the marginal propensities to consume. Third, Tobin's q can be different from 1 even in the long-run. And fourth, wealth holders' consumption decisions are a major driver of the equity yield in the long-run, a feature very similar in spirit to the Levy-Kalecki profit equation, but now applied to financial markets. I conclude that post-Keynesian theory can offer an alternative to mainstream finance and fill a gap in current financial macroeconomic theory.

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Books on the topic "Post-Keynesian and Classical Economics"

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1941-, Arestis Philip, and Skouras Thanos 1943-, eds. Post Keynesian economic theory: A challenge to neo-classical economics. Sussex: Wheatsheaf Books, 1985.

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A, Glick Mark, ed. Competition, technology, and money: Classical and post-Keynesian perspectives. Aldershot, Hants, England: E. Elgar, 1994.

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Among economists: Reflections of a neo-classical post Keynesian. Amsterdam: North-Holland, 1985.

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Pen, Jan. Among economists: Reflections of a neo-classical post Keynesian. Amsterdam: North-Holland, 1985.

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Neri, Salvadori, and Panico Carlo 1952-, eds. Classical, neo classical and Keynesian views on growth and distribution. Cheltenham, UK: Edward Elgar Pub., 2006.

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Schmidt-Hebbel, Klaus. External shocks in classical and Keynesian economies. Washington, D.C: World Bank, Policy Research Dept., Macroeconomics and Grwoth Division, 1994.

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Gerrard, Bill. Towards a post-classical economics. Leeds: University of Leeds, School of Economic Studies, 1988.

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Schmidt-Hebbel, Klaus. Fiscal policy in classical and Keynesian open economies. Washington, D.C: The World Bank, Policy Research Dept., Macroeconomics and Growth Division, 1994.

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Monetarism and the demise of Keynesian economics. New York: St. Martin's Press, 1989.

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Steele, G. R. Monetarism and the demise of Keynesian economics. Basingstoke: Macmillan, 1989.

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Book chapters on the topic "Post-Keynesian and Classical Economics"

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Harcourt, Geoff C., and Peter Kriesler. "Key elements of post-Keynesian economics." In Classical Economics, Keynes and Money, 115–25. London: Routledge, 2022. http://dx.doi.org/10.4324/9781003105558-11.

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Schefold, Bertram. "On the Classical and Marshallian Foundations of Keynesian and Post-Keynesian Economics." In Income and Employment in Theory and Practice, 126–53. London: Palgrave Macmillan UK, 1995. http://dx.doi.org/10.1007/978-1-349-23705-0_7.

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Schefold, Bertram. "On the Classical and Marshallian Foundations of Keynesian and Post-Keynesian Economics." In Normal Prices, Technical Change and Accumulation, 398–424. London: Palgrave Macmillan UK, 1997. http://dx.doi.org/10.1057/9780230372405_17.

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Dorman, Peter. "Classical Economics and the Keynesian Challenge." In Springer Texts in Business and Economics, 225–39. Berlin, Heidelberg: Springer Berlin Heidelberg, 2014. http://dx.doi.org/10.1007/978-3-642-37441-8_10.

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Janssen, Maarten C. W. "Structuralist Reconstructions of Classical and Keynesian Macroeconomics." In Philosophy of Economics, 165–81. Dordrecht: Springer Netherlands, 1989. http://dx.doi.org/10.1007/978-94-009-2319-5_10.

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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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Jarsulic, Marc. "Growth Cycles in a Classical-Keynesian Model." In Lecture Notes in Economics and Mathematical Systems, 252–68. Berlin, Heidelberg: Springer Berlin Heidelberg, 1986. http://dx.doi.org/10.1007/978-3-642-51699-3_11.

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Halevi, Joseph. "Capital and Growth: Its Relevance as a Critique of Neo-Classical and Classical Economic Theories." In Post-Keynesian Essays from Down Under Volume IV: Essays on Theory, 147–64. London: Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1057/978-1-137-47529-9_13.

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Sheffrin, Steven M. "Joan Robinson and the New Classical Economists as Critics of Keynesian Economics." In The Economics of Imperfect Competition and Employment, 631–45. London: Palgrave Macmillan UK, 1989. http://dx.doi.org/10.1007/978-1-349-08630-6_23.

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Schefold, Bertram. "Ecological Problems as a Challenge to Classical and Keynesian Economics." In Normal Prices, Technical Change and Accumulation, 525–49. London: Palgrave Macmillan UK, 1997. http://dx.doi.org/10.1057/9780230372405_20.

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Conference papers on the topic "Post-Keynesian and Classical Economics"

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Hiç, Özlen, and Ayşen Hiç Gencer. "Anti-Keynesian Views: Fiscal and Monetary Guidelines." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.00849.

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In this article, we will cover the main anti-Keynesian views and macroeconomic systems that arose in the post Keynes period as well as their fiscal and monetary policy guidelines. As is known, the early Classical economists introduced a macroeconomic system based on the Quantity Theory and Say’s Law resulting in automatic full-employment equilibrium; and finally after 1929-1934 Great World Depression, the Keynesian System was introduced as a “revolution” (Keynesian Revolution) in theory and practice. As a result of the Keynesian policies implemented, European countries and the United States not only got over the Great World Depression but also in the years following the World War II, they have observed a fast and stable growth for a long time. Moreover, cyclical fluctuations have been controlled to a great extent. Even so, at the stage when the Keynesian System was introduced, anti-Keynesian views and macroeconomic systems were immediately introduced. Intense academic discussions between advocates of these views and the Keynesian economists have continued up until today. Meanwhile, many economists such as J.R. Hicks, R.F. Harrod, N. Kaldor, M. Kalesci, A.W. Philips, A. Hansen, P.A. Samuelson, E. Domar, J. Tobin, R. Solow, A.M. Okun, W. Helier, G. Ackler, F. Modigliani, and R. Musgrave and many others have developed and defended the Keynesian System from different aspects. We can characterize significant anti-Keynesian views and macroeconomic systems as the “Counter-Revolution”.

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Bal, Oğuz. "Theoretical Perspective on the Concept of Sustainable Economic Growth." In International Conference on Eurasian Economies. Eurasian Economists Association, 2017. http://dx.doi.org/10.36880/c08.01839.

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Economic growth, real GDP is a concept that is related to the growth rate of the country. The history of this concept dates back to the mercantilist era. Mercantilist period the active actor is the state, while state intervention in fizyokrat, in contrast to the natural order, rationalism, and "laissez-fairy, laissez passer" was highlighted. The main idea in the classics of liberalism. Opinions that are based on the pressure of its population. Neoklasik the successor of the classics, according to the exogenous growth of labor supply and the concept of “labor growth and technological process” is one of the main determinants of the growth rate along the balanced. Classical and neoclassical growth models, the supply factor describes. Supply-side and demand is internal to the economic system is limited by assumptions. Keynesian and post-Keynesian growth models demand-oriented is referred to as. Vascular growth is tied to investment. The production capacity of the economy and new investments to increase production. Harrod, actual, guaranteed, and has made the difference between the natural growth rate. Harrod-Domar; are bound by the terms of the balance of the sustainability of growth. Stabilizing role of the state have been given. These models had been undertaken by N. Kaldor, Thirlwall was developed by. This article is intended that the components of the theoretical framework of the challenges of sustainable growth and developments is to examine and discuss. The method applied the inductive method.

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Gencer, Ayşen Hiç, and Özlen Hiç. "A.Smith and the Classical School, K.Marx and the Marxist Socialism, J.M.Keynes and the Keynesian Revolution and the Subsequent Developments." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.01166.

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Adam Smith is known as the founder of economics as a social science and also of economic liberalism (or termed as capitalism after Karl Marx) based on principles of non-intervention and non-protection by the governments to perfectly competitive markets. Over time, economic theory and resulting economic regime evolved: Interventions to improve the welfare of workers; infant-industry argument for limited trade protection; and most importantly, following the 1929 Great Depression, John Maynard Keynes and his macroeconomic system giving rise to less-than-full- employment equilibrium, hence the need for macro-economic level state interventions by means of monetary and fiscal policies. Evidently, liberal economic regime was modified but remained in essence; hence, it proved to be flexible and resilient. On the other hand, Marxist socialism, the doctrinaire challenge to capitalism, had virtually collapsed in the 1990's. The move of even the developing countries towards outward orientation and market economy at the national level is in line with Adam Smith's views; so is the establishment of the European Union and the like at the regional level, as well as the more recent move towards globalisation.

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Máslo, Lukáš Augustin. "POST-KEYNESIAN CONTROVERSY ABOUT UNCERTAINTY: METHODOLOGICAL PERSPECTIVE, PART II." In 12th Economics & Finance Conference, Dubrovnik. International Institute of Social and Economic Sciences, 2019. http://dx.doi.org/10.20472/efc.2019.012.016.

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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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Hiç, Özlen. "Keynesian System, Keynesian Policies and an Evaluation of What Keynes Might Have Advised Today." In International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01178.

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We have surveyed in this article the development of the Keynesian macroeconomic system since 1936 up to the present. Our approach was, however, analytical rather than historical and descriptive. Keynesian System, hence Neo-Keynesians and modern Keynesian schools, such as New Keynesian Economics and Post-Keynesian Economics visualize that, if left by itself, the economy will give unemployment due to insufficiency of aggregate demand. In the article, the Keynesian policies are analysed with respect to their efficiency. Keynesian System was developed and modified in the face of criticisms by its opponents. We emphasize in our article that the Keynesian System was mainstream most of the time both in academic circles and in implementation. Presently again, basically Keynesian System has the upper hand, mostly New Keynesian Economics and also to some extent, Post-Keynesian Economics.The last section of the article covers an evaluation of what Keynes might have said for today’s economic problems.

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Tekgül, Yelda, and Mehmet Fatih Cin. "The Rise and Fall of the Washington/Post Washington Consensus as a Neoclassical Paradigm and Alternative Recommendations of Post Keynesians Economics." In International Conference on Eurasian Economies. Eurasian Economists Association, 2014. http://dx.doi.org/10.36880/c05.01107.

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The Washington Consensus was accepted as common wisdom on policies for development and growth. The set of policies of the Washington Consensus was applied to structural crisis in Latin America and developing economies. Williamson identified 10 policy instruments whose proper deployment Washington could muster a reasonable degree of consensus. Williamson summarizes the content of the Washington Consensus as macroeconomic prudence, outward orientation, domestic liberalization, and free market policies consistent with neoclassical mainstream economic theory. The policy set was modified to the point that Williamson substituted the original name with a new label “Post Washington Consensus. The “Post Washington Consensus” designated a “new set of policy reforms” for Latin America and Developing Countries. The aim of this paper is to compare the two sets of controversial policies, the “Washington Consensus” and “Post Washington Consensus” and offer an alternative based on the Post Keynesian framework. The goal of Post Keynesian framework is the promotion of sensible prudent economic and social development that is equitable, stable and sustainable. The main purpose of the Post Keynesian policy framework proposed in this paper is to go beyond the Post Washington Consensus by emphasizing the importance of a possible new direction for economic policy for developing countries.

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Ghorpade, Ritesh, Gihun Kim, K. R. V. Manikantachari (Raghu), Joshua Weiner, Daniel T. Banuti, and Subith Vasu. "An Experimental Study of Supercritical Methane Injection Characteristics in a CO2 Environment." In ASME Turbo Expo 2022: Turbomachinery Technical Conference and Exposition. American Society of Mechanical Engineers, 2022. http://dx.doi.org/10.1115/gt2022-80881.

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Abstract Clean energy generation is gaining significant attention from industries, academia, and governments across the globe. The Allam cycle is one such technology that has been under focus due to its efficiency, environmental friendliness, and economics. This is a direct-fired cycle operating at supercritical conditions using carbon dioxide as a working fluid. Fuel or oxidizer jet mixing with CO2 is a vital phenomenon that governs combustion efficiency, and it is not well understood for the Allam cycle conditions. This paper experimentally and computationally investigated the jet characteristics of a methane jet injected into a subcritical to supercritical carbon dioxide environment. A wide range of injection pressures and temperatures were targeted between subcritical to supercritical conditions. Unlike previous studies, the current work focused on injecting lower-density (methane) jets into higher-density (carbon dioxide) environments. Schlieren imaging and methane absorption measurements were simultaneously performed with a CMOS high-speed camera and a 3.39 μm infrared laser. Specifically, we looked at the classical injection parameter of jet spreading angle, which was classically established to be mainly a density ratio function. Here, the jet cone angle was obtained from the post-processed schlieren videos. The jet cone angle is a critical characteristic parameter that describes the entrainment rate in a jet; thus, it is a crucial parameter in understanding the nature of the jet. The laser measurements were only used as an additional check to confirm the entry time of methane into the chamber filled with carbon dioxide. Notably, this paper makes a detailed comparison between the jet cone angles of jets with a density ratio. The result showed that the classical correlations, such as Abramovich’s theory applied to submerged turbulent gas jets developed for low-density ratio jets, were unsuitable for higher-density ratio jets. It was also observed that the divergence angles were dependent not only on density ratio but also on other parameters such as pressure ratios and reduced pressures.

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Szabó, Jakub, and Peter Jančovič. "Inflation Dynamics & Real Economic Activity: Examination of the Cost-Based Hybrid New Keynesian Phillips Curve for the Czech Republic." In EDAMBA 2021 : 24th International Scientific Conference for Doctoral Students and Post-Doctoral Scholars. University of Economics in Bratislava, 2022. http://dx.doi.org/10.53465/edamba.2021.9788022549301.465-475.

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The New Keynesian Phillips Curve (NKPC) became a staple in the New Keynesian economics, assuming an existence of a short-term trade-off between inflation and real economic activity, either in a form of labor unit costs or output gap. Extending the cost-based NKPC with hybrid, backward-looking price setting to the Czech Republic, we aim to examine the impact of unit labor costs, inflation expectations, import prices and real effective exchange rate on the development of inflation between 2000M1 and 2020M12. Dealing with nonstationary and cointegrated time series, we compare results employing an Error Correction Model (ECM) and an Autoregressive Distributed Lag (ARDL) model with the variables integrated in order I(1). Our data result suggest that the labor unit costs, and the inflation expectations might have an impact on the evolution of inflation based on the ECM and ARDL in differences for the Czech Republic between 2000M1 and 2020M12, although the results are too uncertain to be unambiguous.

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Kudaikulov, Marat. "System of the Relations of a Property and its Importance for Economy Development." In International Conference on Eurasian Economies. Eurasian Economists Association, 2012. http://dx.doi.org/10.36880/c03.00583.

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According to recommendations within the Washington consensus which for successful transition from planned methods of managing in the Post-Soviet countries to market economy assumes formation of a class of owners for what actions for privatization of state ownership were recommended. But research carried out by the author of article shows that importance of the property rights to means of production fades into the background in relation to economy operating conditions. For development of market economy not important who is the legal owner of means of production, and the next moment is important: between whom the received income is distributed when using these means of production i.e. who is the economic owner of these means of production. Ideal conditions for healthy functioning of economy are under construction on interest in increase in the income and its complete display for further distribution through tax system that we and observe in the developed economy. It follows from this that the importance of the property rights to means of production in works of classics of a scientific socialism was overestimated that formed in turn the basis for incorrect counteractions within the Washington consensus.

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Reports on the topic "Post-Keynesian and Classical Economics"

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Greenwald, Bruce, and Joseph Stiglitz. Keynesian, New Keynesian, and New Classical Economics. Cambridge, MA: National Bureau of Economic Research, February 1987. http://dx.doi.org/10.3386/w2160.

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