Macroeconomics after Kalecki and Keynes: Post-Keynesian Foundations
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cheltenham, UK ; Northampton, MA, USA
Edward Elgar Publishing Ltd
[2023]
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| Subjects: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034051838&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Physical Description: | xviii, 363 Seiten |
| ISBN: | 9781803927275 |
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| adam_text | Contents Preface and acknowledgements List of variables ix xiii 1. Introduction 1 2. Introduction to post-Keynesian economics: methods, history and current state 2.1 Introduction 9 9 2.2 2.3 Heterodox economics vs. orthodox economics Strands of post-Keynesian economics and broad commonalities 9 11 2.4 Stages of development of post-Keynesian economics 2.4.1 The 1930s and 1940s 13 13 The 1950s and 1960s 15 2.4.3 The 1970s 16 2.4.4 The 1980s and 1990s 16 2.4.5 Since the early 2000s The current state of post-Keynesian economics 17 19 2.5.1 Macroeconomic policy relevance 19 2.5.2 On micro and macro 2.5.3 Post-Keynesian institutional academic infrastructure 22 23 The principle of effective demand, money, credit and finance: Marx, Kalecki, Keynes and the monetary circuit school 28 2.5 3. 2.4.2 3.1 Introduction 28 3.2 3.3 Karl Marx’s theory of money and effective demand Michal Kalecki’s theory of money, distribution and effective demand 29 32 3.4 3.5 John Maynard Keynes’s theory of money and effective demand Endogenous credit, finance, investment and saving in the monetary circuit school 3.5.1 The basics of the monetary circuit theory 41 51 3.5.2 A monetary circuit without interest on short-term credit and without rentiers holding deposits 53 3.5.3 A monetary circuit with interest on short-term credit and with rentiers holding deposits 3.5.4 A monetary circuit including a government - but without interest on initial finance and without rentiers holding deposits 58 v 51 56
Macroeconomics after Kalecki and Keynes vi 4. Post-Keynesian constant price macroeconomic models 4.1 4.2 Introduction 63 The model economy 63 4.2.1 4.3 A constant price closed economy model without a government 76 5. 76 79 The government in the constant price closed economy model: taxes and government expenditures 85 The basic model 85 4.4.2 The goods market equilibrium and the effects of changes in model parameters 91 4.4.3 Equilibrium with a balanced government budget 94 4.4.4 Going beyond the short run: government debt dynamics 96 An open economy model with constant prices 98 The basic model 98 4.5.2 Prices, distribution and international competitiveness 101 4.5.3 The goods market equilibrium and the effects of changes in model parameters 104 Macroeconomic effects of wage inequality 112 4.6.1 4.7 The basic model 4.3.2 The goods market equilibrium and the effects of changes in model parameters 4.5.1 4.6 63 67 4.4.1 4.5 Production, finance, income and expenditures 4.2.2 Endogenous money and exogenous interest rates with a central bank 4.3.1 4.4 63 Kaleckian/post-Keynesian macroeconomic models with different types of workers 113 4.6.2 A simple macroeconomic model with wage inequality and potential relative income effect on consumption 115 Macroeconomic effects of gender wage gaps 119 4.7.1 Gender and macroeconomics 119 4.7.2 The closed economy model 120 4.7.3 The open economy model 126 Post-Keynesian macroeconomic models with conflict inflation 136 5.1 Introduction 136 5.2 Modelling conflict inflation and income distribution between capital and labour in a closed economy
without a government 139 5.2.1 The Blecker, Setterfield and Lavoie approach 141 5.2.2 The Hein and Stockhammer approach 147 5.2.3 Pro-cyclical wage share and the SIRE in the medium to long run: some notes on empirical relevance 152
Contents vii 5.3 Unexpected inflation and distribution between rentiers and firms 5.4 The goods market equilibrium with distribution conflict and unexpected inflation in a closed economy without a government 155 An inflation-targeting central bank as a stabiliser? Short- and medium run effects 160 5.5 153 5.6 Fiscal policies as a stabiliser: taxes and government expenditures in the closed economy model with conflict inflation 166 5.7 Conflict inflation in the open economy macroeconomic model 5.7.1 Inflation and distribution 5.7.2 The goods market equilibrium with distribution conflict and the effects of unexpected inflation in an open economy 179 Further medium- to long-run endogeneity channels for the SIRE and the NAIRU 5.8.1 Persistence mechanisms in the labour market 185 185 5.8.2 Wage aspirations based on conventional behaviour 187 5.8 5.8.3 The effect of investment in the capital stock Appendix 5.1: a pro-cyclical profit share in the Hein and Stockhammer model Appendix 5.II: the dynamics of the closed economy model in a wage share employment rate space 6. 7. 175 175 188 190 192 A post-Keynesian co-ordinated macroeconomic policy mix 197 6.1 Introduction 6.2 Monetary policy 197 198 6.3 Incomes and wage policy 201 6.4 Fiscal policy 206 6.5 The international dimension 6.6 Summing up: a post-Keynesian co-ordinated macroeconomic policy mix 209 212 From short-run macroeconomics to long-run distribution and growth: a systematic comparison of different paradigms and approaches 216 7.1 Introduction 7.2 The distinguishing features of orthodox and heterodox theories of
distribution and growth 217 The basic model for a systematic comparison of distribution and growth theories by means of model closures 221 7.3 216 7.4 The old neoclassical growth model 222 7.5 The new neoclassical growth models 7.6 The classical and orthodox Marxian distribution and growth models 224 225 7.7 The post-Keynesian Kaldor-Robinson model 7.8 The post-Keynesian Kalecki-Steindl distribution and growth models 227 229
Macroeconomics after Kalecki and Keynes viii 7.9 8. The Sraffian supermultiplier growth model 234 7.10 Endogenising productivity growth: a Kalecki-Steindl-Kaldor-Marx model 239 Macroeconomic demand and growth regimes in finance-dominated capitalism, stagnation tendencies and the macroeconomic policy regimes 242 8.1 8.2 Introduction 242 The main macroeconomic features of finance-dominated capitalism and the concept of demand and growth regimes 242 8.3 Demand and growth regimes before the 2007-09 crises, the change in regimes in the course of and after these crises and the tendency towards stagnation 248 Regimes, regime changes and stagnation tendencies in a stylised Kaleckian distribution and growth model 254 8.4 8.5 Growth drivers, regime shifts, macroeconomic policy regimes and stagnation policy 265 8.5.1 Comparative and international political economy, post-Keynesian macroeconomics and demand and growth regimes 265 8.5.2 Causes for for regime shifts and growth drivers 268 8.5.3 Demand and growth regimes, macroeconomic policy regimes and stagnation policy 269 9. Facing ecological constraints: implications and challenges for short- and long-run macroeconomic stability and macroeconomic policies 280 9.1 Introduction 280 9.2 9.3 Post-Keynesian economics and ecological economics Green growth, zero growth or de-growth to fight climate change? 280 282 9.4 Can zero growth be stable in a monetary production economy? 286 9.4.1 Some views on the feasibility of zero growth 286 9.4.2 An accounting perspective on zero growth 288 9.4.3 9.4.4 Zero growth in a monetary circuit model An
autonomous demand-led growth model with zero growth 290 292 9.4.5 Some thoughts on stable employmentand zero growth 302 10. Perspectives for post-Keynesian economics 305 Appendix References Index 309 313 353
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| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:51:48Z |
| institution | BVB |
| isbn | 9781803927275 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034051838 |
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| publishDate | 2023 |
| publishDateSearch | 2023 |
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| spellingShingle | Hein, Eckhard 1963- Macroeconomics after Kalecki and Keynes Post-Keynesian Foundations Vollbeschäftigung (DE-588)4063898-4 gnd Makroökonomisches Modell (DE-588)4074486-3 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd Neokeynesianismus (DE-588)4138182-8 gnd |
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| title | Macroeconomics after Kalecki and Keynes Post-Keynesian Foundations |
| title_auth | Macroeconomics after Kalecki and Keynes Post-Keynesian Foundations |
| title_exact_search | Macroeconomics after Kalecki and Keynes Post-Keynesian Foundations |
| title_full | Macroeconomics after Kalecki and Keynes Post-Keynesian Foundations Eckhard Hein |
| title_fullStr | Macroeconomics after Kalecki and Keynes Post-Keynesian Foundations Eckhard Hein |
| title_full_unstemmed | Macroeconomics after Kalecki and Keynes Post-Keynesian Foundations Eckhard Hein |
| title_short | Macroeconomics after Kalecki and Keynes |
| title_sort | macroeconomics after kalecki and keynes post keynesian foundations |
| title_sub | Post-Keynesian Foundations |
| topic | Vollbeschäftigung (DE-588)4063898-4 gnd Makroökonomisches Modell (DE-588)4074486-3 gnd Wirtschaftspolitik (DE-588)4066493-4 gnd Neokeynesianismus (DE-588)4138182-8 gnd |
| topic_facet | Vollbeschäftigung Makroökonomisches Modell Wirtschaftspolitik Neokeynesianismus |
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