IDEAS home Printed from https://ideas.repec.org/a/bla/ajecsc/v68y2009i4p889-982.html
   My bibliography  Save this article

2. A New Framework for Macroeconomics

Author

Listed:
  • Mason Gaffney

Abstract

Most forms of macroeconomics today, whether Keynesian or monetarist, presuppose that problems of economic instability can be treated as errors in financial management. Neither fiscal nor monetary policy recognizes the existence of systemic faults in the real economy that result in overinvestment in durable capital that turns over slowly, in contrast to forms of capital that interact more frequently with land and labor. Only by removing serious distortions in microeconomic relations can macroeconomic problems be resolved. The current global economic crisis exemplifies the limitations of policies that ignore distortions in the rate of turnover of investment capital.

Suggested Citation

  • Mason Gaffney, 2009. "2. A New Framework for Macroeconomics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 68(4), pages 889-982, October.
    • Handle: RePEc:bla:ajecsc:v:68:y:2009:i:4:p:889-982
    DOI: 10.1111/j.1536-7150.2009.00658.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1536-7150.2009.00658.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1536-7150.2009.00658.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Mill, John Stuart, 1848. "Principles of Political Economy (II): Distribution," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 2, number mill1848-2.
    2. Mason Gaffney, 2009. "The hidden taxable capacity of land: enough and to spare," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 36(4), pages 328-411, March.
    3. Mason Gaffney, 2006. "A Simple General Test for Tax Bias," American Journal of Economics and Sociology, Wiley Blackwell, vol. 65(3), pages 733-749, July.
    4. Hoover, Dale M., 1970. "An Economic Analysis of Farmland Development," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 22(2), pages 1-8, April.
    5. Mill, John Stuart, 1848. "Principles of Political Economy (III): Exchange," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 3, number mill1848-3.
    6. Mill, John Stuart, 1848. "Principles of Political Economy (V): On the Influence of Government," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 5, number mill1848-5.
    7. C. Harry Kahn, 1968. "Employee Compensation under the Income Tax," NBER Books, National Bureau of Economic Research, Inc, number kahn68-1, May.
    8. Chambers,Robert G., 1988. "Applied Production Analysis," Cambridge Books, Cambridge University Press, number 9780521314275.
    9. Thompson, Peter & Taylor, Timothy G, 1995. "The Capital-Energy Substitutability Debate: A New Look," The Review of Economics and Statistics, MIT Press, vol. 77(3), pages 565-569, August.
    10. Hendrik S. Houthakker, 1967. "The Great farm Tax Mystery," Challenge, Taylor & Francis Journals, vol. 15(3), pages 12-39, January.
    11. Mill, John Stuart, 1848. "Principles of Political Economy (I): Production," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 1, number mill1848-1.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Simone Pellegrino & Guido Perboli & Giovanni Squillero, 2019. "Balancing the equity-efficiency trade-off in personal income taxation: an evolutionary approach," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(1), pages 37-64, April.
    2. Ian Keay, 2019. "Protection for maturing industries: Evidence from Canadian trade patterns and trade policy, 1870–1913," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 52(4), pages 1464-1496, November.
    3. Prabirjit Sarkar, 2001. "The North-South terms of trade debate: a re-examination," Progress in Development Studies, , vol. 1(4), pages 309-327, October.
    4. Jacobsen, Catrine & Piovesan, Marco, 2016. "Tax me if you can: An artifactual field experiment on dishonesty," Journal of Economic Behavior & Organization, Elsevier, vol. 124(C), pages 7-14.
    5. Heindl, Peter & Löschel, Andreas, 2015. "Social implications of green growth policies from the perspective of energy sector reform and its impact on households," CAWM Discussion Papers 81, University of Münster, Münster Center for Economic Policy (MEP).
    6. Sergio Tezanos V�zquez, 2015. "Distributive Justice in Aid for Development," Oxford Development Studies, Taylor & Francis Journals, vol. 43(3), pages 310-329, September.
    7. James E. Foster, 2010. "Freedom, Opportunity and Wellbeing," Working Papers 2010-15, The George Washington University, Institute for International Economic Policy.
    8. Jon D. Wisman & Kevin W. Capehart, 2010. "Creative Destruction, Economic Insecurity, Stress, and Epidemic Obesity," American Journal of Economics and Sociology, Wiley Blackwell, vol. 69(3), pages 936-982, July.
    9. Paulo Nakatani & Rémy Herrera, 2013. "Notes sur Keynes et la crise," Post-Print halshs-00829891, HAL.
    10. Virginie Gouverneur, 2022. "Families and Women in Alfred Marshall’s Analysis of Well-being and Progress," Working Papers of BETA 2022-35, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    11. Wurm, Laura, 2021. "Strangling speculation: The effect of the 1903 Viennese futures trading ban," QUCEH Working Paper Series 21-09, Queen's University Belfast, Queen's University Centre for Economic History.
    12. Alan Piper, 2015. "Europe’s Capital Cities and the Happiness Penalty: An Investigation Using the European Social Survey," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 123(1), pages 103-126, August.
    13. Tsoulfidis, Lefteris & Alexiou, Constantinos & Parthenidis, Thanasis, 2015. "Revisiting profit persistence and the stock market in Japan," Structural Change and Economic Dynamics, Elsevier, vol. 33(C), pages 10-24.
    14. Ian Moffatt, 2013. "Measuring sustainable development," Chapters, in: M. A. Quaddus & M. A.B. Siddique (ed.), Handbook of Sustainable Development Planning, chapter 3, pages 39-60, Edward Elgar Publishing.
    15. Fabio Sabatini & Francesco Sarracino, 2019. "Online Social Networks and Trust," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 142(1), pages 229-260, February.
    16. Karbowski, Adam & Prokop, Jacek, 2012. "Kontrowersje związane z ekonomicznym uzasadnieniem ochrony patentowej [Controversies over the economic justifications for patent protection]," MPRA Paper 73619, University Library of Munich, Germany.
    17. Peter Lunn, 2015. "Are Consumer Decision-Making Phenomena a Fourth Market Failure?," Journal of Consumer Policy, Springer, vol. 38(3), pages 315-330, September.
    18. Damrich, Sebastian & Kealey, Terence & Ricketts, Martin, 2022. "Crowding in and crowding out within a contribution good model of research," Research Policy, Elsevier, vol. 51(1).
    19. Jerry Kirkpatrick, 2004. "Reisman's Net Consumption, Net Investment Theory of Aggregate Profit," American Journal of Economics and Sociology, Wiley Blackwell, vol. 63(3), pages 627-646, July.
    20. Geloso, Vincent J. & Salter, Alexander W., 2020. "State capacity and economic development: Causal mechanism or correlative filter?," Journal of Economic Behavior & Organization, Elsevier, vol. 170(C), pages 372-385.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ajecsc:v:68:y:2009:i:4:p:889-982. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0002-9246 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.