nep-pke New Economics Papers
on Post Keynesian Economics
Issue of 2007‒11‒17
six papers chosen by
Karl Petrick
University of the West Indies

  1. "The U.S. Economy: Is There a Way Out of the Woods?" By Wynne Godley; Dimitri B. Papadimitriou; Greg Hannsgen; Gennaro Zezza
  2. "Nurkse and the Role of Finance in Development Economics" By Jan Kregel
  3. Where Is Full Employment? By Ian McDonald
  4. Liquidity Risk Management By Charles Goodhart
  5. "Public Employment and Women: The Impact of Argentina’s Jefes Program on Female Heads of Poor Households" By Pavlina R. Tcherneva; L. Randall Wray
  6. On the Marxian law of the falling rate of profit and Marx-biased technical change By Capaldo Jeronim

  1. By: Wynne Godley; Dimitri B. Papadimitriou; Greg Hannsgen; Gennaro Zezza
    Abstract: This Strategic Analysis provides a retrospective view of U.S. growth in the last 10 years, showing that the authors’ previous work, grounded in the linkages between growth and the financial balances of the private, public, and foreign sectors of the economy, has proven a useful contribution to the public discussion. The analysis reviews recent events in the U.S. housing and financial markets to obtain a likely scenario for the evolution of household spending. It argues that a significant drop in borrowing is likely to take place in the coming quarters, with severe consequences for growth and unemployment, unless (1) the U.S. dollar is allowed to continue its fall and thus complete the recovery in the U.S. external imbalance, and (2) fiscal policy shifts its course—as it did in the 2001 recession.
    Date: 2007–11
  2. By: Jan Kregel
    Abstract: Ragnar Nurkse was one the pioneers in development economics. This paper celebrates the hundredth anniversary of his birth with a critical retrospective of his overall contribution to the field, in particular his views on the importance of employment policy in mobilizing domestic resources and the difficulties surrounding the use of external resources to finance development. It also demonstrates the affinity between Nurkse’s theory of mobilizing domestic resources and employer-of-last-resort proposals.
    Date: 2007–11
  3. By: Ian McDonald
    Abstract: There is no abstract.
    Date: 2007
  4. By: Charles Goodhart
    Date: 2007–10
  5. By: Pavlina R. Tcherneva; L. Randall Wray
    Abstract: In 2002, Argentina implemented a large-scale public employment program to deal with the latest economic crisis and the ensuing massive unemployment and poverty. The program, known as Plan Jefes, offered part-time work for unemployed heads of households, and yet more than 70 percent of the people who turned up for work were women. The present paper evaluates the operation of this program, its macroeconomic effects, and its impact on program participants. We report findings from our 2005 meetings with policymakers and visits to different project sites. We find that Jefes addresses many important community problems, is well received by participants, and serves the needs of women particularly well. Some of the benefits women report are working in mother-friendly jobs, getting needed training and education, helping the community, and finding dignity and empowerment through work.
    Date: 2007–11
  6. By: Capaldo Jeronim
    Abstract: Karl Marx was one of the first analysts of capitalism’s trends and problems. Here I offer a formal exposition of his thesis that the rate of profit tends to fall as a consequence of capital accumulation and analyze the most well-known counter-arguments. I then use the framework developed in the text to suggest a particular standpoint from which to look at development policy.
    Date: 2007–11

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