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Gattopardo economics: the crisis and the mainstream response of change that keeps things the same

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  • Thomas I. Palley

    (Associate of the New America Foundation's economic growth program)

Abstract

Gattopardo constitutes change that keeps things the same. Gattopardo is relevant for understanding the economics profession's response to the financial crash of 2008. This paper explores gattopardo economics as it applies to the issues of the macroeconomics of income distribution; the global financial imbalances; and inflation policy. Gattopardo economics adopts ideas developed by critics of mainstream economics, but it does so in a way that ignores the thrust of the original critique and leaves mainstream analysis unchanged. Gattopardo economics makes change more difficult because it deceives people into thinking change has taken place. By masquerading as change, it crowds-out space for real change. That makes exposing gattopardo economics a matter of vital importance.

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Bibliographic Info

Article provided by Edward Elgar in its journal European Journal of Economics and Economic Policies: Intervention.

Volume (Year): 10 (2013)
Issue (Month): 2 ()
Pages: 193-206

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Handle: RePEc:elg:ejeepi:v:10:y:2013:i:2:p193-206

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Web page: http://www.elgaronline.com/ejeep

Related research

Keywords: gattopardo economics; income distribution; global financial imbalances; inflation policy;

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References

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  1. Thomas Palley, 2005. "The Questionable Legacy of Alan Greenspan," Challenge, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 48(6), pages 17-31, November.
  2. Harris, Donald J, 1974. "The Price Policy of Firms, the Level of Employment and Distribution of Income in the Short Run," Australian Economic Papers, Wiley Blackwell, Wiley Blackwell, vol. 13(22), pages 144-51, June.
  3. Till van Treeck, 2012. "Did inequality cause the U.S. financial crisis?," IMK Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute 91-2012, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  4. Aldo Barba & Massimo Pivetti, 2009. "Rising household debt: Its causes and macroeconomic implications--a long-period analysis," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 33(1), pages 113-137, January.
  5. Thomas I. Palley, 2002. "Economic contradictions coming home to roost? Does the U.S. economy face a long-term aggregate demand generation problem?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 25(1), pages 9-32, January.
  6. Palley, Thomas I., 2009. "America's exhausted paradigm: Macroeconomic causes of the financial crisis and great recession," IPE Working Papers, Berlin School of Economics and Law, Institute for International Political Economy (IPE) 02/2009, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  7. Thomas Palley, 1997. "Endogenous money and the business cycle," Journal of Economics, Springer, Springer, vol. 65(2), pages 133-149, June.
  8. Thomas I. Palley, 1993. "Under-Consumption and the Accumulation Motive," Review of Radical Political Economics, Union for Radical Political Economics, Union for Radical Political Economics, vol. 25(1), pages 71-86, March.
  9. Thomas I. Palley, 2013. "Gattopardo economics: The crisis and the mainstream response of change that keeps things the same," IMK Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute 112-2013, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  10. Palley,Thomas I., 2013. "From Financial Crisis to Stagnation," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9781107612464.
  11. Thomas I. Palley, 2011. "Explaining Global Financial Imbalances: A Critique of the Saving Glut and Reserve Currency Hypotheses," IMK Working Paper, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute 13-2011, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  12. Thomas Palley, 2010. "The Relative Permanent Income Theory of Consumption: A Synthetic Keynes-Duesenberry-Friedman Model," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 22(1), pages 41-56.
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Cited by:
  1. Thomas I. Palley, 2013. "Gattopardo economics: the crisis and the mainstream response of change that keeps things the same," European Journal of Economics and Economic Policies: Intervention, Edward Elgar, Edward Elgar, vol. 10(2), pages 193-206.

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