Fiscal Remedies

E Ray Canterbery

Chapter 12 in The Rise and Fall of Global Austerity, 2015, pp 203-212 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The debate between the stimulus view and the austerity view becomes very clear when we turn to fiscal policy. John Maynard Keynes and his General Theory are the most famous proponents of the stimulus perspective. Keynes says that government must stimulate the whole economy by giving millions of public jobs to people in fields like teaching, nursing, engineering, and construction work. This can be done indirectly by government deficit spending or by tax reduction. Beyond the initial stimulus, each of those hired will spend new income and this leads to the hiring of many more. There is a Keynesian multiplier effect…

Keywords: Austerity; Expansionary Austerity; Housing Bubble; Global Great Recession; Austerity Lobby; Monetary Policy; Fiscal Policy; Incomes Policy; Full Employment; Public Debt; Austerity in Europe; Domestic Inequality; Global Inequality; Economic Growth; Post Keynsesians; John Maynard Keynes; Michal Kalecki; Piero Sraffa; Hyman Minsky; Vita Theory; Trickle-Down Economics; Keynesians; Trickle-Up Economics; Keynesian Economics; Trends in Suicide Rates; Health and The Economy; Alan Greenspan; Ben Benanke; Janet Yellen; Federal Reserve Board; European Central Bank; The Euro (search for similar items in EconPapers)
Date: 2015
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