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

Author: Grafiati

Published: 14 March 2023

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1

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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2

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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3

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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4

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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5

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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6

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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7

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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8

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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9

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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10

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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11

Martínez Hernández, Francisco A., and Víctor M. Isidro Luna. "CAPITALISM: COMPETITION, CONFLICT, CRISES, ANWAR SHAIKH." Investigación Económica 79, no. 311 (December 10, 2019): 137. http://dx.doi.org/10.22201/fe.01851667p.2020.311.72441.

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<p>In 1,024 pages, seventeen chapters, and divided in three books, plus seventeen appendixes, Anwar Shaikh, one of the leading scholars and a distinguished Professor of Economics at the New School for Social Research, presents a path breaking and monumental book which main objective is the unified study of the logic, history, dynamics, and crises of the capitalist system. Throughout this book, the author confronts his own perspective and method of the classical political economy with major schools of economic thought such as neoclassical, monetarist, and different branches of the post-Keynesian school...</p>

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12

Tobin, James. "Price Flexibility and Output Stability: An Old Keynesian View." Journal of Economic Perspectives 7, no. 1 (February 1, 1993): 45–65. http://dx.doi.org/10.1257/jep.7.1.45.

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In this symposium I shall play the role in which I was cast, the unreconstructed old Keynesian. Considering the alternatives, I do not mind being billed as a Keynesian, an old Keynesian at that. But old Keynesians come in several varieties, and I speak for no one but myself. Nor do I defend the literal text of The General Theory. Several generations of economists have criticized, amended, and elaborated that seminal work. I shall argue for the validity of the major propositions that distinguish Keynesian macroeconomics from old or new classical macroeconomics.

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13

Bazhan, Anatoliy. "The slowing Growth of Global Economy: Keynesian and Neo-Classical Interpretations." Contemporary Europe 99, no. 6 (November 1, 2020): 142–52. http://dx.doi.org/10.15211/soveurope62020142152.

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The article outlines the reasons for the slowing growth of global economy in the last 2 years and analyzes the views of IMF and UNCTAD experts on this subject. The author concludes that the new US protection policy cannot be considered the main reason of the slowdown: the growth of US import tariffs for China and Europe does impede the economic growth in those regions, but it stimulates growth in the US and other countries whose corporations compete with Chinese producers in the US market. The author argues that the Keynesian theory gives a better explanation to the slower growth as it is attributed to lack of demand and productive investment. The article shows that the Keynesian theory needs to be corrected as well, because the liberalization of global economy distorts the connection between money demand, generated by incomes in various countries, and growth of their economies: the demand can be covered by goods produced abroad, while investment can be allocated for foreign projects. Thus, promotion of economic activity should utilize not only the traditional Keynesian recipes of financial and credit influence, but also the national customs and currency regulation, as well as respective cross border capital migration restrictions.

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14

McAleer, Michael, and C. R. McKenzie. "Keynesian and New Classical Models of Unemployment Revisited." Economic Journal 101, no. 406 (May 1991): 359. http://dx.doi.org/10.2307/2233546.

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15

Fazzari, Steven M. "Keynesian macroeconomics as the rejection of classical axioms." Journal of Post Keynesian Economics 32, no. 1 (September 1, 2009): 3–18. http://dx.doi.org/10.2753/pke0160-3477320101.

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16

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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17

Sunna, Claudia. "Did Keynes Go to Developing Countries?" ISTITUZIONI E SVILUPPO ECONOMICO, no. 1 (February 2009): 31–52. http://dx.doi.org/10.3280/ise2007-001002.

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- This work examine the nature of the relation between Keynesianism and the theories of development economics, pinpointing the consistencies and differences existing between them. In this respect a Keynesian heritage is unquestionable and can even be discerned in the vicissitudes of many development economists' lives. At the same time, it must be acknowledged that some foundational concepts of the development debate cannot be ascribed to any Keynesian genealogy, and must rather be traced back to classical categories. The eclecticism of early development economics makes the so-called label of Keynesian consensus too narrow a concept.

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18

Schefold, Bertram. "ECOLOGICAL PROBLEMS AS A CHALLENGE TO CLASSICAL AND KEYNESIAN ECONOMICS(*)." Metroeconomica 37, no. 1 (February 1985): 21–61. http://dx.doi.org/10.1111/j.1467-999x.1985.tb00402.x.

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19

Beltratti, Andrea. "L’economia dell’equilibrio." Journal of Public Finance and Public Choice 3, no. 2 (October 1, 1985): 97–108. http://dx.doi.org/10.1332/251569298x15668907117101.

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Abstract The new classical macroeconomists have widely criticized Keynesian economics during the last fifteen years; most of all, on the basis of a lack of microfoundations to Keynesian models and theories.The rational expectations hypothesis is necessary but not sufficient, by itself, to deny the policy effectiveness results advocated by Keynesian theorists; the most important hypothesis, and the most characteristic feature, of the new classical school is continuous market-clearing on each market. Rational expectations can be used also in disequilibrium models, and can even strengthen policy effectiveness results.This paper considers some interesting points made by the equilibrium theorists, such as the Lucas critique and the equilibrium business cycles, and also tries to show some limits of the models.The debate between Keynesians and New Classical Economists is very useful; both schools are able to benefit from the valuable insights of the last few years, which allow theorists to hope in a substantial improvement of macroeconomics as a science and as a tool to understand the working of today’s economic systems.

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20

Palley, Thomas I. "Keynesian, Classical and New Keynesian Approaches to Fiscal Policy: Comparison and Critique." Review of Political Economy 25, no. 2 (April 2013): 179–204. http://dx.doi.org/10.1080/09538259.2013.775821.

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21

Piluso, Nicolas, and Gabriel Colletis. "A Keynesian reformulation of the WS-PS model: Keynesian unemployment and Classical unemployment." Economia Politica 38, no. 2 (March 16, 2021): 447–60. http://dx.doi.org/10.1007/s40888-021-00222-y.

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AbstractThe orthodox theory of wage negotiations considers that the trade union monopoly causes a rigidity of real wages which is, itself, the cause of unemployment. The model of this negotiation ("Nash bargaining") only considers situations where negotiations between union and firm succeed. In this article, we attempt to read the WS-PS model from a Keynesian point of view. Our model reflects the fact that successful negotiation is only one case among other situations, including failure where the union expresses a claim that is not necessarily satisfied. Although, in situations close to full employment, there is a bargaining mechanism by which unions and firms reach an agreement, this is not the case in times of massive unemployment. In the latter situation, employment is unilaterally determined by firms, on the basis of previous demand.

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22

Cover, James Peery. "A Keynesian Macroeconomic Model with New-Classical Econometric Properties." Southern Economic Journal 54, no. 4 (April 1988): 831. http://dx.doi.org/10.2307/1059519.

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23

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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24

Gerrard, Bill. "Towards a Post-Classical Economics." History of Economics Society Bulletin 10, no. 2 (1988): 117–33. http://dx.doi.org/10.1017/s1042771600005603.

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The subject of economics is characterised by deep divisions over methodology, theory and practical implications. This paper addresses itself to these divisions with the aim of suggesting a way forward. The starting point is the proposition that one of the keys to the problem is for economists to be more aware of the simple, but often tacit, ideas which underlie economic theory, especially the ideas which economists tend to have on the nature and status of their theories. It is an approach which is developed more fully in A Theory of the Capitalist Economy: Towards a Post-Classical Synthesis (Gerrard, forthcoming). This present paper offers a short exposition of some of thearguments in favor of a post-classical approach.

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25

Prascevic, Aleksandra. "The return to keynesianism in overcoming cyclical fluctuations?" Ekonomski anali 53, no. 177 (2008): 30–58. http://dx.doi.org/10.2298/eka0877030p.

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The problems faced by the American economy in the second half of 2007, which intensified in 2008, have once again asked economic science, and even more so economic policy, questions relating to business cycles - the reasons for cyclical fluctuations, the character of business cycles and, naturally, economic policy measures that can be implemented to alleviate and overcome an economic recession. Since the 1970s, business cycle theories have been intensively developed - ranging from monetary theories, developed within monetarism and the first phase of New Classical Macroeconomics, to the real business cycle theory of New Classical Macroeconomics. Consequently, the triggers for the beginning of a cycle can be monetary (monetary theories) or real in the form of technological shocks (real business cycles). In essence economic policy conducted since the 1970s, has rejected the Keynesian explanations of the functioning of the economic system, and thus the policy of aggregate demand management. However, the measures that are now being implemented in the USA point to a return to Keynesianism. This refers, above all, to attempts to compensate for the inefficiency of monetary policy with fiscal expansion. All three psychological propensities (propensity to consume, propensity to invest and liquidity preference) in Keynes's theory and applied in Keynesian economic policy, are still the significant determinants of monetary and fiscal policies. The return to Keynesianism points to the depth of the crisis faced by the USA, but also confirms the vitality of Keynesian economics and affirms the view that - although Keynes wished to present his theory as being "general" - it is actually the theory of economic depression.

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26

Hine, Steven C., and Charles W. Bischoff. "Adjusted P and F Tests and the Keynesian-Classical Debate." Southern Economic Journal 61, no. 2 (October 1994): 288. http://dx.doi.org/10.2307/1059977.

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27

Jacobsen, Joyce P., and Gilbert L. Skillman. "Dialogue: is New Classical Economics a False Path or an Illuminating Complement to Keynesian Economics?" Eastern Economic Journal 33, no. 4 (October 2007): 539. http://dx.doi.org/10.1057/eej.2007.39.

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28

Dagum, Estela Bee. "Business Cycles and Current Economic Analysis." Studies of Applied Economics 28, no. 3 (March 14, 2021): 577–94. http://dx.doi.org/10.25115/eea.v28i3.4742.

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This is a brief introduction to the special issue on “New Developments in Modelling and Estimation of Economic Cycles” . The concept and definition of economic and business cycles are discussed together with two main schools of thought, the Keynesian and the neoclassical. Until the Keynesian revolution in mainstream economics in the wake of the Great Depression, classical and neoclassical explanations were the mainstream explanation of economic cycles; following the Keynesian revolution, neoclassical macroeconomics was largely rejected. There has been some resurgence of neoclassical approaches in the form of real business cycle (RBC) theory. Real business cycle theory is a class of macroeconomic model in which business cycle fluctuations to a large extent can be accounted for by real (in contrast to nominal) shocks. In a broad sense , there have been two ways by which economic and business cycles have been studied, one analyzing complete cycles and the other, studying the behavior of the economic indicators during incomplete phases by comparing current contractions or expansions whith corresponding phases in the past in order to assess current economic conditions. Two different methodologies have been applied for current economic analysis, the parametric one, that makes use of filters based on models, such as ARIMA and State Space models , and the other based on nonparametric digital filtering. Some of the invited papers of this issue deal with this second approach.

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29

Bryant, W. D. A. "Non-nested tests of new classical versus Keynesian models: further evidence." Applied Economics 23, no. 2 (February 1991): 385–90. http://dx.doi.org/10.1080/00036849100000148.

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30

Peterson, William. "Keynesian Policies for Voluntary Unemployment." Recherches économiques de Louvain 52, no. 3-4 (December 1986): 399–411. http://dx.doi.org/10.1017/s0770451800082968.

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This paper represents an attempt to construct a simple classical model of the aggregate labour market from which it is nevertheless possible to draw certain Keynesian conclusions about the desirability of intervention, in the form of a conventional counter-cyclical fiscal policy, in order to maintain full employment. The starting point of the paper is the observation, based on recent studies of the simulation properties of two macroeconomic models of the United Kingdom, (Brooks et al [1983], Peterson [1984]), that it appears to be possible to devise policies which start from current levels of output, employment and inflation and which represent an unambiguous improvement in all welfare indicators. Such policies have become known as «free lunches», apparently after the habit of 19th century American barkeepers in providing their customers with free, but thirst provoking, food in order to stimulate sales of drink : similar incentives are offered by Nevada casino proprietors. In these contexts the catch is obvious, but in the case of expansionary macroeconomic policies there is scope for more controversy.

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31

Bakeev, M. B. "A compromise between formalism and realism as a way to influence economic policy." Journal of the New Economic Association 57, no. 5 (2022): 113–25. http://dx.doi.org/10.31737/2221-2264-2022-57-5-7.

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In this paper, we argue that economics faces two conflicting societal demands. On the one hand, there is a demand for a practical theory that can be successfully used in the framework of economic policy, in solving various applied problems, etc. On the other hand, the established scientific ethos sets high standards for the internal consistency and formalism of the theory, which often limits its realism and practical applicability. As we speculate in this article, based on the history of the post-war macroeconomic mainstream, the most successful schools of thought in terms of policy impact are those that attempt to respond to both of these demands. This is expressed in the choice of a middle, compromise path: the preservation of a formalized abstract core of the theory while introducing modifications that increase its realism. Based on the study of the influence of four schools in macroeconomics, namely, post-war mainstream Keynesianism (so-called “The Neoclassical Synthesis”), monetarism, new classical macroeconomics, and new Keynesian macroeconomics, on US monetary policy, we claim that New Keynesians turned out to be the most influential school, as they managed to combine the standards of formalism and realism as much as possible.

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32

Pradeep Kumar, B. "On Heterodox Economics." Shanlax International Journal of Arts, Science and Humanities 8, no. 2 (October 1, 2020): 65–69. http://dx.doi.org/10.34293/sijash.v8i2.3433.

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In the literature of Economics itself, branches have evolved thanks to different positions held by economists on different economic issues, and most importantly, on the efficacy and desirability of economic policies to address such economic issues. The so-called Classical and Keynesian poles apart positions have stood as the firm foundation for the germination of a couple of developments in economics. But, it may be reiterated that these positions have been premised upon several assumptions which often go diametrically opposite to real-world circumstances. The growing concern of the disconnect of the mainstream economics from the conditions of the real world has made a vacuum. The attention that heterodox economics has been receiving should be regarded as a response to this fill this vacuum. Google searching deliberations on the Covid-19 pandemic would find economics being discussed elsewhere and everywhere as if the economics of the Virus matters a lot rather than its biological side. Heterodox economics has grown to occupy an important place in modern economic thinking, and in the years to come, in the field of teaching as well, the elements discussed in heterodox economic will have an indisputable place. In the field of policy making, too, the principles of heterodox have been used. Nevertheless, mainstream economics does not seem to have been shaken by the claims of heterodox economics. For economics to continue as rigorous social science, much celebrated neo-classical tools and its ideas are still more important.

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33

DALZIEL, PAUL. "CLASSICAL AND KEYNESIAN UNEMPLOYMENT IN A SIMPLE DISEQUILIBRIUM AS-AD FRAMEWORK." Australian Economic Papers 32, no. 60 (June 1993): 40–52. http://dx.doi.org/10.1111/j.1467-8454.1993.tb00130.x.

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34

Woolsey, W. William. "The BFH payments system in new classical and new Keynesian models." Atlantic Economic Journal 21, no. 2 (June 1993): 62–70. http://dx.doi.org/10.1007/bf02302316.

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35

Mankiw, N. Gregory. "Real Business Cycles: A New Keynesian Perspective." Journal of Economic Perspectives 3, no. 3 (August 1, 1989): 79–90. http://dx.doi.org/10.1257/jep.3.3.79.

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Real business cycle theory is the latest incarnation of the classical view of economic fluctuations. It assumes that there are large random fluctuations in the rate of technological change. In response to these fluctuations, individuals rationally alter their levels of labor supply and consumption. The business cycle is, according to this theory, the natural and efficient response of the economy to changes in the available production technology. In this essay, I appraise this newly revived approach to the business cycle. In my view, real business cycle theory does not provide an empirically plausible explanation of economic fluctuations. Both its reliance on large technological disturbances as the primary source of economic fluctuations and its reliance on the intertemporal substitution of leisure to explain changes in employment are fundamental weaknesses. Moreover, to the extent that it trivializes the social cost of observed fluctuations, real business cycle theory is potentially dangerous. The danger is that those who advise policymakers might attempt to use it to evaluate the effects of alternative macroeconomic policies or to conclude that macroeconomic policies are unnecessary.

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36

Olufemi Adeyeye, Patrick, Olufemi Adewale Aluko, Oladapo Fapetu, and Stephen Oseko Migiro. "How financial liberalization impacts stock market volatility in Africa: evidence from Nigeria." Investment Management and Financial Innovations 14, no. 3 (November 13, 2017): 291–301. http://dx.doi.org/10.21511/imfi.14(3-1).2017.13.

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Understanding the impact of financial liberalization on stock market is important for decision making by investors. The neo-classical economists believe that financial liberalization reduces stock market volatility while the post-Keynesian economists argue that financial liberalization increases volatility of the stock market. This study investigates the effect of financial liberalization on the volatility of an emerging stock market in Africa, with particular focus on the Nigerian stock market. The estimation results reveal that financial liberalization has a significant positive impact on return volatility, thus indicating that it increases stock market volatility. Also, the study finds no evidence of asymmetry in the stock market.

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37

Dadkhah, Kamran M., and Santiago Valbuena. "Non-nested test of New Classical vs Keynesian models: evidence from European economies." Applied Economics 17, no. 6 (December 1985): 1083–98. http://dx.doi.org/10.1080/00036848500000069.

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38

Hein, Eckhard. "Karl Marx: an early post-Keynesian? A comparison of Marx's economics with the contributions by Sraffa, Keynes, Kalecki and Minsky." European Journal of Economics and Economic Policies: Intervention 16, no. 2 (September 16, 2019): 238–59. http://dx.doi.org/10.4337/ejeep.2019.02.08.

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This paper compares Marx's economics with those by Sraffa, Keynes, Kalecki and Minsky. The paper takes an ‘ex post’ view on the matter and looks at the output side of the respective authors, but not at the input side. This means no attempt is made to study in a systematic way whether and to what extent Sraffa, Keynes, Kalecki and Minsky were individually influenced by Marx's work. First, the relationship between Marx's theory of value and Sraffa's reformulation of the classical theory of prices and distribution is reviewed. Then the relationship between Marx's and Keynes's monetary theory is examined, relying on an interpretation of Marx's theory of value as a ‘monetary theory of value’. Next, some light is shed on the Marx–Kalecki connection, focusing on Marx's theory of simple and extended reproduction and the built-in, although not fully elaborated, ‘principle of effective demand’ and the related theories of distribution and accumulation. Finally, Marx's and Minsky's views on financial instability and crises are scrutinised. It is concluded that Marx should not be considered as an ‘early post-Keynesian’ but rather as an important forerunner of modern post-Keynesianism, with certain similarities, but also some important differences, and several areas of compatibility.

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39

SNOWDON, BRIAN. "OUTSIDE THE MAINSTREAM: AN INTERVIEW WITH AXEL LEIJONHUFVUD." Macroeconomic Dynamics 8, no. 1 (January 30, 2004): 117–45. http://dx.doi.org/10.1017/s1365100503030050.

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Axel Leijonhufvud made an enormous impact on macroeconomics in the late 1960s with the publication of his bookOn Keynesian Economics and the Economics of Keynes: A Study of Monetary Economics(1968). In this famous book, Leijonhufvud argued that the standard neoclassical synthesis (Hicks–Hansen IS-LM) interpretation of the General Theory totally misunderstood and misinterpreted Keynes. However, during the 1970's, interest in Keynes and Keynesian models waned as new classical equilibrium models became all the rage. Nevertheless, Leijonhufvud, from a position outside the mainstream, continued his research into problems of unemployment, business cycles, and inflation—issues that from his perspective are problems of coordination failure in complex dynamical systems. Axel Leijonhufvud is currently Professor Emeritus at the University of California, Los Angeles, and, since 1995, Professor of Monetary Economics at the University of Trento, Italy. In this interview the author discusses with Leijonhufvud a wide range of issues relating to his own work as well as his views on the development of macroeconomics after Keynes.

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Batra, Ravi. "Economics in Crisis: Severe and Logical Contradictions of Classical, Keynesian, and Popular Trade Models." Review of International Economics 10, no. 4 (November 2002): 623–44. http://dx.doi.org/10.1111/1467-9396.00354.

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Caldentey, Esteban Pérez, and Matías Vernengo. "Varieties of peripheral capitalism: on the institutional foundations of economic backwardness*." Review of Keynesian Economics 10, no. 2 (April 29, 2022): 242–63. http://dx.doi.org/10.4337/roke.2022.02.06.

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This paper critically analyses the literature spawned by Peter Hall and David Soskice’s influential book on the varieties of capitalism. It takes as a starting point the critiques within the comparative political economy literature about the supply-side views on economic growth, and the problems with emphasizing the nature of firm behavior as the source of institutional variety. It argues that demand-led growth, as discussed by Post-Keynesian authors, provides an important alternative to the conventional approach to the explanation of varieties of institutional experience. It suggests that understanding the reasons for institutional variety within capitalism requires incorporating the work of Cambridge Keynesians which recovered the work of Classical political economy authors and extended Keynes’s ideas on effective demand to explain the process of accumulation. It also requires incorporating the ideas of Prebisch and the Latin American Structuralists, who analysed the limits to accumulation in peripheral countries. The paper also discusses the limitations of Neo-Kaleckian models of demand-led growth used by some authors in the comparative political economy literature, and it suggests a new taxonomy for ordering varieties of capitalism.

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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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Schabas, Margaret, and Carl Wennerlind. "Retrospectives: Hume on Money, Commerce, and the Science of Economics." Journal of Economic Perspectives 25, no. 3 (August 1, 2011): 217–30. http://dx.doi.org/10.1257/jep.25.3.217.

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David Hume (1711–1776) is arguably the most esteemed philosopher to have written in the English language. During his lifetime, however, Hume was as well if not better known for his contributions to political economy, particularly for the essays published as the Political Discourses (1752). Hume left his mark on the economic thought of the physiocrats, the classical economists, and the American Federalists. Adam Smith, who met Hume circa 1750, was his closest friend and interlocutor for some 25 years. Among modern economists, Hume's essays on money and trade have informed theorists of both Keynesian and Monetarist persuasions. In this essay, we begin by discussing Hume's monetary economics, and then spell out his theory of economic development, noting his qualified enthusiasm for the modern commercial system. We end with an assessment of his views on the scientific standing of economics, specifically his counterintuitive argument that economics could be epistemologically superior to physics.

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Sirko, Anatoliy. "Etatism and liberalism as leading and competing paradigms for the development of economic theory." Herald of Economics, no. 4 (March 16, 2022): 8. http://dx.doi.org/10.35774/visnyk2021.04.008.

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Introduction. Economic theory as a fundamental economic and social science, born out of the dominance of the market (capitalist) mode of management, is constantly evolving, improving and enriching by new ideas and concepts. A penetrating analysis of the nature of its historical development makes it possible to identify and characterize certain cycles in the changing ideological attitudes of theoretical economists.Purpose of the research: study of the nature and trends of economic theory through the prism of the main paradigms, the formulation of their own evaluative judgments and the forecast of subsequent paradigmatic changes.Methods: deductive and comparative analyses.Results. The main paradigms of the development of theoretical economic thought are defined by the author as etatism and liberalism. The ideology of etatism tilts one part of economists on the side of the state, hopes for its «collective mind» in the regulation of economic and social life; liberal ideology makes the rest of the theorists advocates economic freedom, liberal ideology makes the rest of theorists advocates economic freedom, rational model of individual and «natural order» behavior under the influence of the market laws. Three paradigm cycles have been traced and described in the development of economic theory: 1) mercantilism → classical political economy → Marxist political economy (from the beginning of the XVI th century to the last third of the XIX th century); 2) Marxist theory → neoclassical economics→ keynesian economics (from the last third of the XIX th century up to the 1970s of the XX century); 3) keynesian economics → neoliberal and new classical economic theory → behavioral (experimental) economics (from the mid-1970 s.).Discussion. The analysis concluded that instead of the initial antagonism of economic ideologies of etatism and liberalism, since the second cycle, there has been a trend towards convergence and mutual enrichment. In the near term, the growth of etatistic ideology in the development of economic science is forecast, as evidenced by interest in the «experimental economy» The main explanation of the cyclicality of the main paradigms of the development of the theoretical economy the author sees in the change of generations of outstanding scientists-economists, change of «intellectual fashion».

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Colombatto, Enrico. "Teoria neo-keynesiana e aspettative razionali in economia aperta*." Journal of Public Finance and Public Choice 3, no. 2 (October 1, 1985): 109–23. http://dx.doi.org/10.1332/251569298x15668907117110.

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Abstract The introductory paragraph is devoted to the outline of the role of the rational expectations (r.e.) element within the Keynesian, the Monetarist and the New-Classical-Economics framework; in all such cases the closed-economy version only is taken into account.The second part of the article, on the other hand, is devoted to the analysis of an open-economy framework, where the consequences of the r.e. hypothesis are analysed in greater depth. In short, two groups of aspects are stressed: on the one hand, considerable attention is given to the importance and the analysis of the velocity of anticipation and of adjustment, both on the goods market and on the capital market; on the other, the dimensions and the frequence of the eventual distortions which arise in the neo-Keynesian and in the Monetarist cases are examined. The results yielded by the analysis carried out within both groups of aspects are then compared with the results obtained from a New-Classical viewpoint. The role of the alternative classes of expectations - apart from the r. e. case - is taken into account as well.

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Noviar, Helmi. "EKSPEKTASI RASIONAL: PAST, PRESENT AND FUTURE." JURNAL PERSPEKTIF EKONOMI DARUSSALAM 2, no. 1 (March 17, 2017): 80–90. http://dx.doi.org/10.24815/jped.v2i1.6649.

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This article discusses the rational expectations theory in the perspective of the appearance process and its contribution to economic thought in terms of the science and its application on the economy. The methodology in writing this paper is through literature review, generally taken from journal articles which examine from two viewpoints: from economists who initiated and supported the concept of this theory and those who opposed it. Furthermore, it also discuss about its application, particularly in terms of future economic studies. As part of the New Classical Economics, the theory pioneered by Robert E. Lucas, Jr. along with Thomas J. Sargent has provided a great contribution of empirical and multifaceted approaches, which provides a compilation of the results of the study and generalization theory by numerous macroeconomist and econometrician in Rational Expectations and Econometric Practice (1981), it quite influential on level of academic and applied economics. In other words, the rational expectation revolution is one of the important components in modern economic theory, the New Classical Economics and New Keynesian Economics.Artikel ini membahas teori ekspektasi rasional dalam perspektif proses munculnya teori ini dan kontribusinya terhadap paham pemikiran ekonomi baik dari sisi ilmu pengetahuan maupun aplikasinya dalam suatu perekonomian. Metodologi penulisan artikel ini melalui review literatur dari sumber jurnal dengan memisahkan dua sudut pandang terhadap teori rasional ekspektasi: dari sisi ekonom yang menggagas dan mendukung konsep teori ini dan yang bertentangan. Selanjutnya, dalam artikel ini juga membahas aplikasi teori ini dalam studi-studi ekonomi di masa mendatang. Sebagai bagian dari paham ekonomi klasik baru, teori yang diinisiasi oleh Robert E. Lucas, Jr. bersamaThomas J. Sargent melahirkan karya kumpulan artikel dari beberapa ahli ekonomi makro dan ekonometrika dalam Rational Expectations and Econometric Practice (1981) yang cukup berpengaruh pada tataran akademis dan aplikasi ilmu ekonomi. Dengan perkataan lain, revolusi ekspektasi rasional, merupakan salah satu komponen penting dalam teori ekonomi modern seperti halnya paham Ekonomi Keynesian baru dan Ekonomi klasik baru.

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Di Bucchianico, Stefano. "The role of commodity speculation and household debt accumulation during financialization: a Classical-Keynesian analysis." Cambridge Journal of Economics 46, no. 2 (March 1, 2022): 317–40. http://dx.doi.org/10.1093/cje/beac005.

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Abstract In this paper, we present a Classical-Keynesian viewpoint on financialisation grounded on the ‘integrated wage-commodity sector’ model. We focus on two aspects. First, with reference to the case of commodities, we argue that financial speculation in these markets did not affect normal prices but only caused market price short-run deviations. In addition, such speculation is unnecessary and even detrimental to the direct and indirect production of the wage-basket. Thus, financial regulation can restrain it without impairing the capability of the economic system to reproduce itself. Second, we show that the accumulation of household debt can enhance absolute and relative surplus value extraction from workers. This, in turn, positively impacts profitability. But, while absolute surplus value extraction boosts the amount of profit, only relative surplus value extraction increases the normal rate of profit.

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Béresné Mártha, Bernadett. "Theoretical schools on employment and workforce." Acta Agraria Debreceniensis, no. 33 (June 5, 2009): 25–33. http://dx.doi.org/10.34101/actaagrar/33/2848.

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In the civil economics, like in the case of any other socialeconomic issues, there are two coexistent theories concerning employment. On one hand we have the classical-neo-classicalschool based on Adam Smith’s works. On the other hand we have the teachings based on John Maynard Keynes’ views. All the later hypotheses are based on these two trends.Monetarism, which was invented at the beginning of the 20th century, mixes certain elements of both basic theories. Those who represent monetarism agree on rejecting the economy policymeans which affect the processes of the workforce market, while they consider these above mentioned means applicable to regulate certain processes. By the end of the 1970s the neo-classical macro-economics had developed, which completely refuses these approaches. A decade later the neo-Keynesian macro-economics developed. Its hypotheses regarding especially employment and unemployment lead to some of the employment issues of globalism, which is one of the most influential phenomena of present time.

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Madsen, Jakob B. "New Keynesian Versus New Classical Theories of Aggregate Supply: Evidence from the Oecd Countries." Scottish Journal of Political Economy 45, no. 3 (August 1998): 273–93. http://dx.doi.org/10.1111/1467-9485.00096.

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Posada Posada, Carlos Esteban. "Expectativas de inflación y tasa de interés: aspectos teóricos." Lecturas de Economía, no. 20 (March 10, 2011): 37–65. http://dx.doi.org/10.17533/udea.le.n20a7997.

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• Resumen: ¿Qué efectos tienen los cambios en las expectativas de inflación sobre las tasas de interés, nominales y reales? ¿Cómo se producen esos efectos? Existen dos grandes respuestas teóricas antagónicas a las preguntas anteriores: la clásica y la keynesiana. En este artículo se resumen dichas respuestas y se exponen sus alcances y limitaciones. A partir de este resumen se construye un modelo "cuasi-keynesiano", pero que arroja una conclusión que coincide con la respuesta clásica al respecto: las expectativas de inflación tienden a quedar incorporadas en la tasa nominal de interés sin modificar de manera permanente la tasa real de interés. En países o épocas con alteraciones significativas de las expectativas de inflación esta conclusión puede ser la correcta, no así la keynesiana. • Abstract: This question of just how expectations of inflation influence the real and the nominal rate of interest have been addressed from both a Keynesian and a classical perspective. This paper presents a critical summary of these arguments in the context of a quasi-keynesian model. Its finding is however is essentially classical – that inflationary expectations will be incorporated into the nominal rate of interest without having any permanent effect on the real rate.

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