Money, state and growth of welfare: fighting the dangerous transformation of capitalism

Alain Parguez and Slim Thabet ()
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Slim Thabet: CRIISEA - Centre de Recherche sur les Institutions, l'Industrie et les Systèmes Économiques d'Amiens - UR UPJV 3908 - UPJV - Université de Picardie Jules Verne

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Abstract: Going always further than the Master (Keynes indeed!), herein is the ultimate lesson taught by the life-long work of Marc Lavoie and Mario Seccareccia. Contrary to the Master, they were absolutely free from the language of the neoclassical economics. They strove always to find the way to a long-run stable growth, starting ab initio contrary to the Neo- Ricardians, from the essentiality of money. They founded what must be deemed the supreme Post-Keynesian synthesis by proving that money, being the existence condition of the monetary capitalist economy, was always perfectly endogenous as a pure credit, denying the scarcity principle. Contrary to many Post-Keynesians of the new generation, they never ignored that the ultimate truth of Post-Keynesianism was to emphasize the principles of economic policy leading to full employment. Such a policy, for them, was mainly fiscal policy relying on State deficits of which the sole limit was true full employment without rationing.

Date: 2020-07-31
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Published in Louis-Philippe Rochon and Hassan Bougrine (dir.). Credit, Money and Crises in Post-Keynesian Economics, Edward Elgar Publishing, pp.41-55, 2020, Economics 2020, ⟨10.4337/9781786439550.00012⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04090890

DOI: 10.4337/9781786439550.00012

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