A small EU country attempting to exit the economic crisis: rediscovering the post Keynesian perspective on incomes and prices policy

Nina Ponikvar, Maks Tajnikar and Petra Bonča

Journal of Post Keynesian Economics, 2013, vol. 36, issue 1, 153-174

Abstract: The current economic crisis has become a global phenomenon. However, the path to the economic crisis, its materialization and persistence are also country-specific and can only be studied by considering a country's past economic development, existing institutional environment, and the economic policies it has implemented. This paper explores the case of Slovenia as a European Union (EU) and Economic and Monetary Union (EMU) member that has no influence on monetary and exchange rate policies and can therefore only use incomes and prices and partly fiscal policy tools to shape its economic policy. The authors' objective is to demonstrate that for a small economy, which is part of the EU and the EMU, incomes and prices policies are crucial for overcoming its economic crisis. The authors highlight the need to rediscover the role and importance of both incomes and prices policy as advocated by post Keynesian economics. They believe the case of Slovenia can be useful for several other economies with characteristics similar to those of Slovenia.

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:mes:postke:v:36:y:2013:i:1:p:153-174

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DOI: 10.2753/PKE0160-3477360108

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