T. W. Swan Longer Run Problems of the Balance of Payments

Trevor Winchester Swan ()
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Trevor Winchester Swan: UNSW Australia

Chapter Chapter 7 in Trevor Winchester Swan, Volume II, 2023, pp 75-86 from Palgrave Macmillan

Abstract: Abstract Since KeynesKeynes, J.M. published The General Theory in 1936Keynes, John Maynard, 1936, it has been widely accepted that the two fundamental propositions of a full employmentfull employment policy are (a) that incomes and employment depend on the level of spending; and (b) that there is no automatic mechanism to keep spending near its full employmentfull employment level, without conscious action by economic and financial authorities. But the balance of paymentsBalance of payments equally depends on the level of spending. Must it be only a happy chance if the “internal balanceinternal balance” and “external balanceexternal balance” levels of spending coincide? Is there an automatic mechanism to ensure this, or what kind of conscious action by the authorities is required?

Date: 2023
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DOI: 10.1007/978-3-031-23807-9_7

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