On the Relevance of Keynesian Macroeconomics: A Reappraisal

Ignazio Musu and Antonio Pedone

Chapter 2 in Economic Theory and Social Justice, 1999, pp 63-86 from Palgrave Macmillan

Abstract: Abstract Fausto Vicarelli’s interest in Keynes in the 1970s stemmed from his passion for economic policy, from his conviction that macroeconomic policy was important and had a lot more to accomplish than the minor role it was assigned by the emerging new classical macroeconomics, which he strongly opposed. In particularly he stressed the stabilizing function of macroeconomic policy, as he was convinced that Keynes was right in denouncing that the spontaneous dynamics of flexible prices had an inherently destabilizing nature in the capitalist system. Because of this conviction, Vicarelli was very reluctant toward the neoclassical synthesis, according to which unemployment was basically due to inadequate price flexibility.

Keywords: Monetary Policy; Fiscal Policy; Real Wage; Aggregate Demand; Demand Shock (search for similar items in EconPapers)
Date: 1999
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

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:pal:palchp:978-1-349-26981-5_5

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349269815

DOI: 10.1007/978-1-349-26981-5_5

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().