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Karl Marx : an early post-Keynesian? : a comparison of Marx's economics with the contributions by Sraffa, Keynes, Kalecki and Minsky
Hein, Eckhard - 2019
This paper compares Marx's economics with those by Sraffa, Keynes, Kalecki and Minsky. The paper takes an "ex post … attempt is made at studying in a systematic way, if and to what extent Sraffa, Keynes, Kalecki and Minsky were individually … 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 …
Persistent link: https://www.econbiz.de/10011994938
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The European financial and economic crisis : alternative solutions from a (post-) Keynesian perspective
Hein, Eckhard; Truger, Achim; Treeck, Till van - 2011
The financial and economic crisis in the Euro area has revealed a number of important flaws in the economic policy framework in Europe. On the one hand, the imbalances, which have dominated European development since the introduction of the euro, are not sustainable; and this is more serious in a...
Persistent link: https://www.econbiz.de/10009530390
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Myths and maths: macroeconomic effects of fiscal adjustments in Hungary
Horváth, Ágnes; Jakab, M. Zoltán; Kiss, Gábor P.; … - 2006
In this paper we investigate the possible effects of fiscal tightening in Hungary from two perspectives. First, simulations in an estimated neo-Keynesian model are used to characterise the effects of different scenarios for fiscal consolidations. We show that the composition of fiscal shocks is...
Persistent link: https://www.econbiz.de/10003347824
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Post-Keynesian macroeconomics since the mid-1990s : main developments
Hein, Eckhard - 2016
In this paper the main developments in post-Keynesian macroeconomics since the mid- 1990s will be reviewed. For this purpose the main differences between heterodox economics in general, including post-Keynesian economics, and orthodox economics will be reiterated and an overview over the strands...
Persistent link: https://www.econbiz.de/10011560674
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Post-Keynesian macroeconomics since the mid-1990s : main developments
Hein, Eckhard - 2017
In this paper the main developments in post-Keynesian macroeconomics since the mid-1990s will be reviewed. For this purpose the main differences between heterodox economics in general, including post-Keynesian economics, and orthodox economics will be reiterated and an overview over the strands...
Persistent link: https://www.econbiz.de/10011918712
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The dismal state of macroeconomics and the opportunity for a new beginning
Wray, L. Randall - 2011
The Queen of England famously asked her economic advisers why none of them had seen it (the global financial crisis) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the postwar period - from the Age of Keynes through the...
Persistent link: https://www.econbiz.de/10010281727
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Theories of finance and financial crisis : lessons for the Great Recession
Dodig, Nina; Herr, Hansjörg - 2015
This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which...
Persistent link: https://www.econbiz.de/10010491508
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Income distribution and the multiplier : an exploration of nonlinear distribution effects in linear Kaleckian distribution and growth models
Prante, Franz J. - 2019
In this paper, I show that the income-autonomous demand multiplier of Keynesian-Kaleckian models is endogenous to changes in income distribution. This effect gives rise to non-linearity of distributional effects, even in basic models. Under certain conditions, an important consequence from the...
Persistent link: https://www.econbiz.de/10012060676
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Marx and Keynes : from exploitation to employment
Helmedag, Fritz - 2019
Marx's and Keynes's analyses of capitalism complement each other well. In a rather general model including the public sector and international trade it is shown that the labour theory of value provides a sound foundation to reveal the factors influencing employment. Workers buy "necessaries" out...
Persistent link: https://www.econbiz.de/10011954059
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Financial Keynesianism and market instability
Wray, L. Randall - 2011
In this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as "robust" to one that is "fragile". While many economists and policymakers have argued that "no one saw it coming", Minsky and...
Persistent link: https://www.econbiz.de/10008906576