The economic policies of the political economy of the Australian patriot and Cambridge economist

Philip Arestis and Malcolm Sawyer ()

European Journal of Economics and Economic Policies: Intervention, 2011, vol. 8, issue 1, 129-145

Abstract: Geoff Harcourt has been a thoroughgoing Keynesian committed to the achievement of sustainable (environmental and otherwise) and equitable (nationally and internationally) economic development and growth, and full employment of the available labour force. Achieving such an objective would require, inter alia, the maintenance of a high level of aggregate demand consistent with the full employment of labour, and the provision of sufficient productive capacity to enable that full employment, where sufficient is to be interpreted in terms of quantity, quality and geographical distribution. In this paper the ways in which fiscal policy should be used to sustain high levels of aggregate demand, necessary though not sufficient for full employment, are explored. Geoff has been a long-standing advocate of incomes policies to contain inflation without resorting to demand deflation. We argue that with the failures of inflation targeting, itself based on demand deflation, the need to develop incomes policies should again be on the policy agenda. This is an important ingredient in Geoff Harcourt’s economic policy toolkit.

Keywords: economic policies; political economy; Australian patriot; Cambridge economist (search for similar items in EconPapers)
JEL-codes: E12 E63 E64 (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.elgaronline.com/view/journals/ejeep/8-1/ejeep.2011.01.10.xml (application/pdf)

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:elg:ejeepi:v:8:y:2011:i:1:p129-145

Access Statistics for this article

European Journal of Economics and Economic Policies: Intervention is currently edited by Torsten Niechoj

More articles in European Journal of Economics and Economic Policies: Intervention from Edward Elgar Publishing
Bibliographic data for series maintained by Phillip Thompson ().