Gattopardo economics: the crisis and the mainstream response of change that keeps things the same

Thomas Palley

European Journal of Economics and Economic Policies: Intervention, 2013, vol. 10, issue 2, 193-206

Abstract: Gattopardo constitutes change that keeps things the same. Gattopardo is relevant for understanding the economics profession's response to the financial crash of 2008. This paper explores gattopardo economics as it applies to the issues of the macroeconomics of income distribution; the global financial imbalances; and inflation policy. Gattopardo economics adopts ideas developed by critics of mainstream economics, but it does so in a way that ignores the thrust of the original critique and leaves mainstream analysis unchanged. Gattopardo economics makes change more difficult because it deceives people into thinking change has taken place. By masquerading as change, it crowds-out space for real change. That makes exposing gattopardo economics a matter of vital importance.

Keywords: gattopardo economics; income distribution; global financial imbalances; inflation policy (search for similar items in EconPapers)
JEL-codes: A11 A14 E00 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (13)

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Persistent link: https://EconPapers.repec.org/RePEc:elg:ejeepi:v:10:y:2013:i:2:p193-206

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