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Macroeconomic Policy for the Real World: A Post-Keynesian Perspective

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  • JW Nevile
  • GC Harcourt
  • Peter Kriesler

Abstract

type="main" xml:id="ecpa12107-abs-0001"> The current mainstream neoclassical economic analysis of growth in a “Western” economy holds that in anything but the relatively short run, defined as the length of a business cycle, the economy reaches an equilibrium growth rate determined entirely by supply side factors and unaffected by measures taken to increase aggregate demand during a slump. In addition, the process of transformation to this long-run equilibrium position is never explained. As a result of these views, the finance sector, both domestically and internationally, has obtained undue influence and behaved in a manner that caused the crisis which started in 2007. This paper considers these propositions, focussing on neoclassical growth theory. After establishing these claims, the policy implications are discussed.

Suggested Citation

  • JW Nevile & GC Harcourt & Peter Kriesler, 2015. "Macroeconomic Policy for the Real World: A Post-Keynesian Perspective," Economic Papers, The Economic Society of Australia, vol. 34(3), pages 108-117, September.
    • Handle: RePEc:bla:econpa:v:34:y:2015:i:3:p:108-117
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    File URL: http://hdl.handle.net/10.1111/ecpa.2015.34.issue-3
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