Vickrey, Keynes and Kalecki. Three approaches for a Post-Keynesian Perspective on Crisis and Capitalism

Carime Ayati
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Carime Ayati: National Polytechnic Institute of Grenoble

European Journal of Economic and Social Systems, 2010, vol. 23, issue 1, 135-158

Abstract: The current crisis gives the opportunity to discover a little-known macroeconomist: W.S. Vickrey. A radical critique of standard macroeconomic theory, his work was clearly anchored in a post-Keynesian approach. His results are in full agreement with those of Keynes and Kalecki, particularly the positive role of budget deficits in a monetary economy of production. Vickrey's contribution was the focus on a financial dimension previously ignored. Thus, a synthesis of the approaches of these three theorists will provide the bases for a complete post-Keynesian model that integrates all the dimensions of a modern economy.

Keywords: Budget Deficit; Economic Crisis; Financial Markets; Monetary Economy; Post Keynesian Theory (search for similar items in EconPapers)
JEL-codes: B22 B31 E12 E44 G01 H62 P16 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ejessy:0047

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