Keynes, Steindl, and the Critique of Austerity Economics
Bibliographic Data
| ID | 9199282 |
|---|---|
| Authors | Nina Shapiro (corresponding author) |
| Year | 2012 |
| Volume | 64 |
| Issue | 3 |
| Pages | 103 |
| Publication date | 2012-07-07 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Monthly Review (JOURNAL) |
| Journal identifiers | ISSN: 0027-0520 • E-ISSN: 0027-0520 |
| Publisher | Monthly Review Foundation (PUBLISHER) |
| DOI | 10.14452/mr-064-03-2012-07_7 |
| OpenAlex | W2064273062 |
| Language | EN |
| Citations received | 3 |
Austerity is now ’in fashion,” as governments respond to the revenue shortfalls of the crisis through deficit reduction plans and fiscal stability pacts, and economists blame it on the profligate spending of households and countries. Consumers, they say, bought houses they could not afford and countries consumed more than they produced, while loose monetary policies made this spending possible. Governments ’got prices wrong,” keeping interest rates too low for too long, and while increases in government spending might alleviate current employment problems, this deficit spending is inflationary, and in any case will not help in the long run as budget deficits raise interest rates, ’crowding out” business and household spending. It is as if we have stepped back in time, to the depression years of the 1930s, when monetary theories of the cycle were dominant, the ’overinvestment” of the boom blamed for the downturn, and effective fiscal actions proposed by Keynes and others blocked by preoccupation with the public debt and its burdens.... The analysis here is concerned with the systematic rejection of Keynes’s and Kalecki’s revolution in economics and the resurrection of Say’s Law (supply creates its own demand) of pre-Keynesian economics in all but name—a view that underlies today’s austerity economics. This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website
Austerity · Balanced budget · Blame · Debt · Deficit spending · Economics · Great Depression · Keynesian economics · Macroeconomics · Monetary economics · Recession · Revenue · Economic Theory and Institutions · Economic Theory and Policy · Finance · Political Economy and Marxism
| Unique citing works | 3 |
|---|---|
| Citations per year | 0,5 |
| Citation span | 2020 - 2021 (2) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 3 |