IDEAS home Printed from
   My bibliography  Save this article

Keynes, Piketty, and Basic Income


  • Crocker Geoff

    () (Technology Market Strategies, 12 Hope Square, Bristol BS8 4LX, UK)


Economic theory is traced through neo-classicism, Keynes, monetarism, and Thomas Piketty. I argue that Keynes achieved an established radical intellectual breakthrough, a consistent verifiable model, and successful policy implementation, whereas neo-classical economics and later monetarism offered only partial analyses. Thomas Piketty’s Capital in the Twenty First Century fails to match Keynes’s achievement on any of these criteria. Piketty’s thesis on inequality lacks an explanatory theory, a consistent model, and an implementable policy. The basic income proposal derives from and relies on the proven Keynesian diagnostic which retains relevance. Basic income is a form of Keynesian demand management, necessary in advanced technology high productivity economies in which the wage component of output declines. I supplement this with a virtual theory of money which renders deficit both inevitable and manageable.

Suggested Citation

  • Crocker Geoff, 2015. "Keynes, Piketty, and Basic Income," Basic Income Studies, De Gruyter, vol. 10(1), pages 91-113, June.
  • Handle: RePEc:bpj:bistud:v:10:y:2015:i:1:p:91-113:n:7

    Download full text from publisher

    File URL:
    Download Restriction: For access to full text, subscription to the journal or payment for the individual article is required.

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    1. Blyth, Mark, 2013. "Austerity: The History of a Dangerous Idea," OUP Catalogue, Oxford University Press, number 9780199828302.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Access and download statistics


    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:bpj:bistud:v:10:y:2015:i:1:p:91-113:n:7. 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: (Peter Golla). General contact details of provider: .

    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 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.