Description
Book SynopsisThis timely book provides 15 chapters of cutting edge academic work related to Post-Keynesian economics for the future: This includes stock-flow consistent modelling and analyses of the key challenges associated with the economic policies of sustainability.
Trade Review‘This book is unique in the sense that it reflects the nascent broadening and transformation of Post Keynesian economics into questions about the contemporary consequences of economic activity and economic policy for the economy as a whole. More now than ever do the insights offered by Keynes as he portended the end of laissez-faire and the possibilities for our grandchildren come to the forefront in this collection of chapters by Jespersen, et al. The traditional divide between micro- and macroeconomics becomes blurred in favor of the distributional and environmental consequences of economic activity in the 21st century; as it should.’ -- Roy Rotheim, Skidmore College, US
‘Society urgently needs effective macroeconomic theory and policy addressed to environmental sustainability and social justice, given the limitations of the mainstream macroeconomic approach. This welcome book edited by Jespersen, Olesen and Byrialsen addresses this need. It brings together an innovative and important collection of realist Post-Keynesian research which sets out an alternative approach at the levels of methodology, theory and policy.’ -- Sheila Dow, University of Stirling, UK
‘‘This fascinating book by authorities in the field demonstrates the power of Post-Keynesian economic theory to shed light on some very important questions of macroeconomic policy and methodology. The 15 chapters deal convincingly with the Post-Keynesian approach to global warming, to monetary and fiscal policy, and to demand management more generally. Strongly recommended.’ -- John King, La Trobe University, Australia
Table of ContentsContents: Preface and acknowledgements ix 1 Progressive post-Keynesian economics for the future: an introduction 1 Jesper Jespersen, Finn Olesen and Mikael Randrup Byrialsen PART I SUSTAINABLE DEVELOPMENT AND SFC MODELLING 2 Modelling transition-related shocks in the green economy 9 Andrew Jackson 3 Economic impacts of climate change: an empirical stock-flow consistent model for Viet Nam 25 Etienne Espagne and Thi Thu Ha Nguyen 4 The tensions of the “green transition” for South American economies 49 Sebastian Valdecantos 5 Conventional and unconventional economic policies in an econometric SFC model of the French economy 62 Jacques Mazier and Luis Reyes-Ortiz 6 A quarterly empirical model for the Danish economy: a stock-flow consistent approach 85 Mikael Randrup Byrialsen, Hamid Raza and Sebastian Valdecantos PART II ECONOMIC THEORY AND POLICY IMPLICATION 7 Demand-led growth and macroeconomic policy regimes in the Eurozone: implications for post-pandemic economic policies 108 Eckhard Hein 8 Phillips curves, behavioral economics and post-Keynesian macroeconomics 124 Peter Skott 9 How not to do monetary policy 140 Louis-Philippe Rochon 10 Inflation, monetary policy and the hierarchy of consumer goods 152 Thibault Laurentjoye PART III METHODOLOGY AND THEORY 11 On Keynes’s uncertainty: a tragic rational dilemma 170 Anna Maria Carabelli 12 The Principle of Effective Demand – reconsidered: ‘Anything we can actually do, we can afford’ 185 Jesper Jespersen 13 Lucas, modern macroeconomics and the post Keynesians 198 Finn Olesen 14 The General Theory as a macroeconomics of power 210 Geoff Tily 15 Economics for the future: inspiration from the writings of Karl Polanyi 228 Mogens Ove Madsen Index 242
