Socialism after Hayek: A Post Keynesian Contribution to Burczak's Theory of Social Justice

Fadhel Kaboub

Review of Social Economy, 2009, vol. 67, issue 3, 375-381

Abstract: The paper presents a brief overview of the basic premise of the Burczak's Socialism after Hayek, and shows that Burczak's “applied epistemological postmodernism” presents a unique unifying ground for heterodox economics, breaking down traditional barriers between right and left. This new approach allows us to revisit the Marx-Keynes-Hayek debates in a more constructive way for a unified theory of social justice. However, we argue that Burczak's system does not automatically guarantee full employment, so it cannot be considered an ideal theory of social justice. A Post Keynesian contribution is presented in the form of the Employer of Last Resort (ELR) program which we argue is compatible and complementary to Burczak's theory of social justice. Finally, we argue that an adequate system design of the magnitude proposed here must be infomed by the principles of institutional adjustment as outlined by J. Fagg Foster.

Keywords: Post Keynesian economics; full employment; employer of last resort; institutional adjustment (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1080/00346760802014821

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