The Relevance of Keynesian Economic Policies Today PDF
Preview The Relevance of Keynesian Economic Policies Today
THE RELEVANCE OF KEYNESIAN ECONOMIC POLICIES TODAY Also by Philip Arestis MONEY AND BANKING: Issues for the 21st Century (editor) POST-KEYNESIAN ECONOMIC THEORY (editor with T. Skouras) ON MONEY, METHOD AND KEYNES (editor with Victoria Chick and Sheila Dow) MONEY, PRICING, DISTRIBUTION AND INVESTMENT THE BIOGRAPHICAL DICTIONARY OF DISSENTING ECONOMICS (co-edited with Malcolm Sawyer) Also by Malcolm Sawyer ECONOMICS OF INDUSTRIES AND FIRMS: Theories, Evidence and Policy THEORIES OF THE FIRM MACROECONOMICS IN QUESTION BUSINESS, PRICING AND INFLATION THE ECONOMICS OF MICHAL KALECKI THE CHALLENGES OF RADICAL POLITICAL ECONOMY UNEMPLOYMENT, IMPERFECT COMPETITION AND MACROECONOMICS THE BIOGRAPHICAL DICTIONARY OF DISSENTING ECONOMICS (co-edited with Philip Arestis) The Relevance of Keynesian Economic Policies Today Edited by Philip Arestis Professor of Economics University of East London and Malcolm Sawyer Professor of Economics University of Leeds First published in Great Britain 1997 by MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library. ISBN 978-1-349-25427-9 ISBN 978-1-349-25425-5 (eBook) DOI 10.1007/978-1-349-25425-5 First published in the United States of America 1997 by ST. MARTIN'S PRESS, INC., Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y. 10010 ISBN 978-0-312-16552-9 Library of Congress Cataloging-in-Publication Data The relevance of Keynesian economic policies today I edited by Philip Ares tis and Malcolm Sawyer. p. em. Includes bibliographical references and index. ISBN 978-0-312-16552-9 I. Keynesian economics. 2. Economic policy. I. Arestis, Philip, 1941- . II. Sawyer, Malcolm C. HB99.7.R454 1997 330.15'6-dc20 96-32987 CIP Selection and editorial matter © Philip Arestis and Malcolm Sawyer 1997 Text © Macmillan Press Ltd 1997 Softcover reprint of the hardcover 1st edition 1997 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London WI P 9HE. Any person who does any unauthorised act in relation to this publication may be . liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. 10 9 8 7 6 5 4 3 06 05 04 03 02 0 I 99 98 Contents Notes on the Contributors vii List of Abbreviations xiii Introduction xiv 1 The Macroeconomic Effects of Taxation in a Federal Europe 1 Douglas Mair and Anthony J. Laramie 2 New Scale and Scope for Industrial Policies in the 1990s 27 Bruno Amable and Pascal Petit 3 Industrial Policies and the Macroeconomic Effects of Taxation: Some Comments 52 Johan Deprez 4 'Socialization of Investment' and 'Euthanasia of the Rentier': The Relevance of Keynesian Policy Ideas for the Contemporary US Economy 57 Robert Pollin 5 Globalisation, Polarisation and US Policy Activism 78 Gary A. Dymski 6 Differences in Economic Performance: Some Comments on Pollin and Dymski 107 Harald Hagemann 7 The Viability of Keynesian Demand Management in an Open Economy Context 114 Paul Davidson 8 Uneven Development and the Destabilisation of the North: A Keynesian View 136 James K. Galbraith v vi Contents 9 Creative Destruction or Regressive Stagnation? Comments on Davidson and Galbraith 154 Jonathan Michie 10 The Relevance of Keynesian Policies in Semi-Industralised Countries: Theoretical Issues and an Empirical illustration 163 Amitava Krishna Dutt 11 International Markets and Open Economy Macroeconomics: A Keynesian View 186 E. V. K. FitzGerald 12 Keynesian Policy in Disarticulated Economies 207 lAurence Harris Index 213 Notes on the Contributors Bruno Amable is a Research Scholar at the Institute National de la Recherche Agronomique (INRA) and a Research Associate with CEPRE MAP. He also teaches at the University of Paris XIII. His research interests include growth, institutions and the macroeconomic implications of technological change. He has published in journals and books. Pbilip Arestis is Professor of Economics and the Head of Department of Economics, University of East London. He has also taught at the Universities of Surrey and Cambridge (Department of Extra-Mural Studies) and Greenwich University (where he was Head of Economics Division). He was editor of the British Review of Economic Issues and joint editor of the Thames Papers in Political Economy, and is joint editor of the recently launched International Papers in Political Economy. He has been on the editorial board of a number of journals and is a member of the Council of the Royal Economic Society. His publications include his edited Post Keynesian Monetary Economics: New Approaches to Financial Modelling (1988), his co-authored Introducing Macroeconomics Modelling: An Econometric Study of the United Kingdom (1982), his co-edited Post Keynesian Economic Theory: A Challenge to Neo-Classical Economics (1984), The Biographical Dictionary of Dissenting Economists (1992) and The Elgar Companion to Radical Political Economy (1993); also his recent book entitled The Post-Keynesian Approach to Economics: An Alternative Analysis of Economic Theory and Policy (1992) and his Money, Pricing, Distribution and Economic Integration (1997). He has published widely in journals and books in post Keynesian economics, macroeconomics, monetary economics and applied econometrics. Paul Davidson is currently the occupant of the Holly Chair of Excellence in Political Economy at the University of Tennessee. He is the Editor of the Journal ofP ost Keynesian Economics. He has also been a Visiting Professor at the University of Nice and Latapsis Research Institute, France; Professor of Economics and Associate Director of the Bureau of Economic Research, Rutgers University; Professor, International Summer School, Centro di Studi Economici Avanzati, Italy; Visiting Professor, University of Strasbourg, France; Visiting Professor, Institute for Advanced Studies, vii viii Notes on the Contributors Vienna; Senior Visitor, Cambridge University, UK; Associate Professor of Economics, University of Pennsylvania; Visiting Lecturer, University of Bristol, UK; Assistant Director, Economics Division, Continental Oil Company. Davidson has been consultant to Resources for the Future; Energy Policy Project (Ford Foundation); Canadian Department of Consumer and Corporate Affairs; a member of the Brookings Economic Panel; and Senior Visitor, Bank of England. Davidson has written, edited, or co-authored many books including: Theories of Aggregate Income Distribution (1960); Aggregate Supply and Demand Analysis (1964); The Demand And Supply of Outdoor Recreation (1969); Money and the Real World (1972, 1978); International Money and the Real World (1982); Economics for a Civilized Society (1988, 1996); Post Keynesian Macro economic Theory; A Foundation for Successful Economic Policy in the Twenty-first Century, (1994). He has authored over 120 professional articles appearing in journals such as American Economic Review, Economic Journal, Econometrica, Review of Economics and Statistics, Canadian Journal of Economics, Brookings Economics Papers, Economie Appliquee, Chemical Engineering Process, Economic Inquiry, lAnd Economics and Highly Research Record. Johan Deprez is Lecturer in Economics at the California State University. He has also taught at Alabama State University, Texas Tech University, the University of Manitoba, and the University of Tennessee-Knoxville. He has published on a variety of topics in the post Keynesian analysis of macroeconomics, monetary economics, and international economics. These include 'Rediscovering the Missing Visionary of the Middle Way: A Review of Skidelsky on Keynes', Journal of Post Keynesian Economics, Spring 1995; 'The Macrodynamics of Advanced Market Economies: The Post Keynesian Perspective of Alfred Eichner', Social Science Quarterly, September 1991; 'Vertical Integration and the Problem of Fixed Capital', Journal of Post Keynesian Economics, Fall, 1990; and 'The User Cost of Fixed Capital in Keynes' Theory of Investment', in Paul Davidson (ed.), Can the Free Market Pick Winners? What Determines Investment (1993). He is currently editing, with John T. Harvey, Foundations of International Economics: A Post Keynesian Analysis. Amitava Krishna Dutt is Professor and Chair of the Department of Economics, University of Notre Dame, USA. He is the author of Growth, Distribution and Uneven Development (1990), co-author of Keynes's Third Alternative? (1990), co-editor of New Directions in Development Economics (1992), co-editor of States, Markets and Development (1994), Notes on the Contributors ix and editor of New Directions in Analytical Political Economy (1994) and author of numerous papers on growth and distribution theory, post Keynesian economics, and development and international economics. Gary A. Dymski is Associate Professor of Economics at the University of California, Riverside. He has also taught at the University of Southern California and at the Bangladesh Institute for Development Studies. He has written numerous articles on banking and monetary theory, urban and financial policy, post Keynesian economics, racial inequality and dis crimination, and exploitation. He is a co-author of the study Taking it to the Bank: Poverty, Race, and Credit in Los Angeles. He also co-edited the book Transforming the U.S. Financial System: Equity and Efficiency for the 21st Century (1993), with Gerry Epstein and Robert Pollin, and co-edited the book New Directions in Monetary Macroeconomics: Essays in the Tradition of Hyman P. Minsky (1994) with Robert Pollin. Gary is a Research Associate of the Economic Policy Institute, and a member of the editorial boards of the International Review of Applied Economics and Geoforum. E. V. K. FitzGerald is Director of Financial Studies, Queen Elizabeth House, University of Oxford, and a Professorial Fellow of St Antony's College, Oxford. He has also taught at the Universities of Cambridge, Texas (Austin), the Institute of Social Studies (The Hague) and the Universidad Complutense (Madrid). He has been editor of the Journal of Development Studies, and is on the editorial board of the JDS, Oxford Development Studies, International Papers in Political Economy and Economia Critica. His recent books include The Macroeconomics of Development Finance: A Kaleckian Analysis oft he Semi-Industrialized Economy (1993). His research currently focuses on a Keynesian approach to the behaviour of international capital markets and their macroeconomic consequences for small open economies. James K. Galbraith is Professor at the Lyndon B. Johnson School of Public Affairs and at the Department of Government, University of Texas, at Austin, where he teaches economics and a variety of other subjects, and serves as Director of the PhD program in the public policy. He holds degrees from Harvard (AB magna cum laude, 1974) and Yale (PhD in Economics, 1981). He studied economics as a Marshall Scholar at King's College, Cambridge, in 1974-5, and then served in several positions on the staff of the US Congress, including Executive Director of the Joint Economic Committee in 1981-2. He was a guest scholar at the Brookings
The list of books you might like
