H.P. MINSKY AND POLICIES TO COUNTERVAIL CRISES

Giuseppe Mastromatteo

No ief0102, DISCE - Quaderni dell'Istituto di Economia e Finanza from Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE)

Abstract: The paper examines Minsky’s reflections on policies designed to act as a countervailing force against crises by fostering “responsible” Big Government, in which the role of the State is profoundly revised and directed towards full and stable non-inflationary employment, and also enabled to sustain consumption and economic growth over time. The aim of this study is to assess the effectiveness of State-established structural direct job creation programs, enacted during severe recessions as a means of achieving full employment without disruptive consequences such as price instability, inefficiency of the public apparatus, unsustainable public and foreign debts. In-depth investigation of Minsky’s perspective highlights that well-focused full employment programs are important to counter inadequacy of effective demand; but if they are to be feasible and financially sustainable they must also improve the productivity of individuals and economic systems in the medium term.

Keywords: crises; policies; Big Government; ELR programs. (search for similar items in EconPapers)
JEL-codes: B22 E62 J68 (search for similar items in EconPapers)
Pages: 33
Date: 2011-06
New Economics Papers: this item is included in nep-pke
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Citations: View citations in EconPapers (2)

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