Making dollars and sense of the U.S. government debt
AbstractThis paper explain why, given Keynes's General Theory, worries over the size of the government's national debt per se are foolish. It is more important to educate politicians and the public that government fiscal policy should be designed to make sure that aggregate market demand will produce sufficient profits so that entrepreneurs will hire all domestic workers willing and able to work. Empirical evidence is provided to demonstrate the correctness of this concept of fiscal policy of the balancing wheel for full employment effective demand.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.
Volume (Year): 32 (2010)
Issue (Month): 4 (July)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348
deficits; national debt;
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- Soon Ryoo & Peter Skott, 2011.
"Public debt and full employment in a stock-flow consistent model of a corporate economy,"
UMASS Amherst Economics Working Papers
2011-26, University of Massachusetts Amherst, Department of Economics.
- Soon Ryoo & Peter Skott, 2013. "Public debt and full employment in a stock-flow consistent model of a corporate economy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 35(4), pages 511-528, July.
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