On the Limitations of Fiscal Policy: a Radical Kalechian View
AbstractKalecki was one of the co-developers of the principle of effective demand. This was used by many economists, in the post war period, to argue that government fiscal policy could be used to stimulate effective demand and fine tune the economy to reduce cyclical unemployment. Kalecki, however, was always dubioud of this proposition. Initially, he argued that expansionary fiscal policy, in the form of budget deficits, could reduced unemployment, but that to sustain this lower level of unemployment would require ever increasing deficits. Later, in his famous "Political aspects of full employment" Kalecki was much more skeptical of even this positions.
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Bibliographic InfoPaper provided by New South Wales - School of Economics in its series Papers with number 99/14.
Length: 18 pages
Date of creation: 1999
Date of revision:
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FISCAL POLICY ; MACROECONOMICS;
Find related papers by JEL classification:
- E00 - Macroeconomics and Monetary Economics - - General - - - General
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
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- Greg Hannsgen, 2012. "Fiscal Policy, Unemployment Insurance, and Financial Crises in a Model of Growth and Distribution," Economics Working Paper Archive wp_723, Levy Economics Institute.
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