IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

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

Listed author(s):
  • JW Nevile
  • GC Harcourt
  • Peter Kriesler

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.

If you experience problems downloading a file, check if you have the proper application to view it first. 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.

File URL:
Download Restriction: Access to full text is restricted to subscribers.

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.

Article provided by The Economic Society of Australia in its journal Economic Papers.

Volume (Year): 34 (2015)
Issue (Month): 3 (09)
Pages: 108-117

in new window

Handle: RePEc:bla:econpa:v:34:y:2015:i:3:p:108-117
Contact details of provider: Postal:
Central Council Administration, L.P.O. Box 2161, Hawthorn VIC 3122

Phone: 61 3 9497 4140
Fax: 61 3 9497 4140
Web page:

More information through EDIRC

Order Information: Web:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:bla:econpa:v:34:y:2015:i:3:p:108-117. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)

or (Christopher F. Baum)

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.

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

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.