Keynes, Piketty, and Basic Income

Crocker Geoff ()
Additional contact information
Crocker Geoff: Technology Market Strategies, 12 Hope Square, Bristol BS8 4LX, UK

Basic Income Studies, 2015, vol. 10, issue 1, 91-113

Abstract: Economic theory is traced through neo-classicism, Keynes, monetarism, and Thomas Piketty. I argue that Keynes achieved an established radical intellectual breakthrough, a consistent verifiable model, and successful policy implementation, whereas neo-classical economics and later monetarism offered only partial analyses. Thomas Piketty’s Capital in the Twenty First Century fails to match Keynes’s achievement on any of these criteria. Piketty’s thesis on inequality lacks an explanatory theory, a consistent model, and an implementable policy. The basic income proposal derives from and relies on the proven Keynesian diagnostic which retains relevance. Basic income is a form of Keynesian demand management, necessary in advanced technology high productivity economies in which the wage component of output declines. I supplement this with a virtual theory of money which renders deficit both inevitable and manageable.

Keywords: Keynes; Piketty; basic income (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1515/bis-2015-0015 (text/html)
For access to full text, subscription to the journal or payment for the individual article is required.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bpj:bistud:v:10:y:2015:i:1:p:91-113:n:7

Ordering information: This journal article can be ordered from
https://www.degruyter.com/journal/key/bis/html

DOI: 10.1515/bis-2015-0015

Access Statistics for this article

Basic Income Studies is currently edited by Anne-Louise Haagh and Michael W. Howard

More articles in Basic Income Studies from De Gruyter
Bibliographic data for series maintained by Peter Golla ().