The traditional theory of economic policy of the Tinbergen-Theil-type has come under severe criticism: in the ontological setting of the "new classical macroeconomics" based on the rational expectations hypothesis, economic policy is ineffective or neutral with respect to real variables. In the ontological setting of Hayekian economics based on informational deficiencies, economic policy is without orientation and, therefore, more harmful than helpful. Therefore, both criticisms are united in their rejection of state interventions. In this paper, a Post Keynesian alternative is presented which is situated between nomocratic abstinence and teleological controllability.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 31 (2009) Issue (Month): 3 (April) Pages: 383-401 Download reference. The following formats are available: HTML
(with abstract),
plain text
(with abstract),
BibTeX,
RIS (EndNote, RefMan, ProCite),
ReDIF