nep-pke New Economics Papers
on Post Keynesian Economics
Issue of 2022‒05‒09
five papers chosen by
Karl Petrick
Western New England University

  1. Joan Robinson in 1942, an encounter between Marxian Economics and Macroeconomics By Alves, C.
  2. "A Race to the Bottom: Measuring Income Loss and Poverty in Greece" By Vlassis Missos; Nikolaos Rodousakis; George Soklis
  3. Les enseignements de quelques modèles macroéconomiques écologiques des économistes keynésiens By Nicolas Piluso
  4. Worlds beyond capitalism: images of uneven and combined development in Kim Stanley Robinson’s Mars trilogy By Cooper, Luke
  5. Alternative theories on economic growth and the co-evolution of macro-dynamics and technological change : a survey By Patrick Llerena; Andre Lorentz

  1. By: Alves, C.
    Abstract: This paper revisits why Joan Robinson turned to Karl Marx in 1942 and which insights from Marxian economics she sought to incorporate into her later works, while commenting on the legacies of this encounter and how was received by some her of contemporaries. By the end of the 1930s, Robinson wanted to bring academic and Marxian economics together in a search for a more realist theory of the rate of profit and income distribution, and clarifications on Keynes’s concept of full employment, the nature of technical progress and a long-period theory within the Keynesian framework. The result, An Essay on Marxian Economics (1942), was her most important work in terms of laying the foundations of her enduring challenge to the orthodox economics. Here she relied on Marxian insights to escape Marshallian orthodoxy. It is the story of how the originator of imperfect competition pushed further into a theory of exploitation.
    Keywords: Joan Robinson, Marxian Economics, Rate of Profit, Exploitation
    JEL: B2 B22 B24 B31 B40
    Date: 2022–04–11
  2. By: Vlassis Missos; Nikolaos Rodousakis; George Soklis
    Abstract: More than a decade after the 2009 crisis, the standards of living of the Greek population are still contracting and the prospects are gloomy. In this policy note, Vlassis Missos, Research Associate Nikolaos Rodousakis, and George Soklis deal with how to approach the measurement of income loss and poverty in Greece and argue for the use of household disposable income (HDI) in estimating adjustments, which offers a more accurate appreciation of the burden falling on the Greek population. They underline the significance of replacing a "southern-European model" of social protection with a passive safety net model--and the centrality to the latter model of embracing ideas of internal devaluation and fiscal consolidation--and suggest a better measure of poverty, for the case of Greece specifically and in general for developed economies in which front-loaded neoliberal policies are imposed. Finally, they comment on the sacrifice that would be required if fiscal discipline were to return in the aftermath of the COVID-19 pandemic lockdowns.
    Date: 2022–04
  3. By: Nicolas Piluso (CERTOP - Centre d'Etude et de Recherche Travail Organisation Pouvoir - UT3 - Université Toulouse III - Paul Sabatier - Université Fédérale Toulouse Midi-Pyrénées - CNRS - Centre National de la Recherche Scientifique - UT2J - Université Toulouse - Jean Jaurès)
    Abstract: Keynesian macroeconomics has known since the 2000s important developments on the theme of global warming and more broadly environmental constraints weighing on the economy. The purpose of this article is to synthesize the lessons learned from these main models which mostly start from a radical critique of the neoclassical approach on the ecological question. Post-Keynesians highlight the need for strong public intervention to modify our current growth model. The other Keynesians underline the modification of the effects of economic policies when they are coupled with a climate policy.
    Abstract: La macroéconomie keynésienne a connu depuis les années 2000 des développements importants sur la thématique du réchauffement climatique et des contraintes environnementales pesant sur l'économie. L'objet de cet article est de réaliser une synthèse des enseignements de ces principaux modèles qui partent pour la plupart d'une critique radicale de l'approche néoclassique sur la question écologique. Les post-keynésiens mettent en évidence la nécessité d'une intervention publique forte pour modifier notre modèle de croissance actuel. Les autres keynésiens soulignent la modification des effets des politiques économiques lorsqu'elles sont couplées à une politique climatique.
    Keywords: growth,keynesian modeling,global warming,economic policy,carbon tax,taxe carbone,modèle keynésien,réchauffement climatique,politique économique,croissance
    Date: 2022–02–02
  4. By: Cooper, Luke
    Abstract: This article explores the implications of uneven and combined development for how system-change is conceptualised. The current moment has featured extensive discussions of how technological transformation is altering the nature of our economy, labour force and environment. Postcapitalists argue that zero cost production undermines the price mechanism in capitalism and opens up new emancipatory possibilities for the construction of the commons. This powerful critique and political vision is let down, however, by a failure to incorporate ‘the international’ dimension into the theory of change. U&CD provides a vitally needed correction to this unilinear thinking. To recover an understanding of how societal multiplicity affects the nature of system-change, this article makes the until-recently unusual step of turning to fictional literature. Specifically, it investigates the dynamics of uneven and combined development within the imagined universe brought to life by Kim Stanley Robinson’s science fiction odyssey the Marstrilogy. Despite the events Robinson describes existing wholly in the realm of imagined fantasy, I argue the three books contain five images of uneven and combined development relevant to real world social struggles. Drawing these out can start to develop a normative, political conception of uneven and combined development for the twenty-first century.
    Keywords: uneven and combined development; historical sociology; postcapitalism Marxism; science fiction
    JEL: J1
    Date: 2020–10–07
  5. By: Patrick Llerena (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique); Andre Lorentz (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique, Institute of Economics of Sant'Anna [Pisa] - SSSUP - Scuola Universitaria Superiore Sant'Anna [Pisa])
    Abstract: This paper aims to propose an approach to endogeneous growth considering the relationship between macro-dynamics and technical change. We draw upon two stream of literature: Cumulative causation and its macroscopic view of economic dynamics, and Evo-lutionary economics and its focus on micro-determinants of technical change. This paper presents a survey of the formal representation of the growth process and identifies the possible bridges between these two approaches. Our claim is that merging these two distinct theories might offer a framework to consider the co-evolution of macro-dynamics and technical change.
    Keywords: Economic Growth,Technical Change,Cumulative Causation,Evolutionary Theory
    Date: 2022–02–22

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