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Institutionalism and the “Common Man” Through the Lens of Philip Klein: Business Cycles, the Public Sector, and Keynes’s Economics

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  • Charles J. Whalen

Abstract

This article reviews and assesses Philip Klein’s work on business cycles and macroeconomics, the public sector, and the economics of John Maynard Keynes. The article makes several findings. First, Klein built on the pioneering efforts of Wesley Mitchell to advance the development of cycle indicators and to outline an eclectic theory of cycles that remains useful for synthesizing a broad literature. Second, Klein’s essays on macroeconomics contain enduring discussions of the malleability of the “natural” rate of unemployment and the value of a behavioral approach to expectations. Third, he refocused the institutionalist attention on the public sector by introducing “higher efficiency” and other concepts to help explain how government policy plays a role in economic life. Fourth, Klein emphasized the role of fiscal policy in moderating business cycles. Fifth, his work points in the direction of today’s post-Keynesian institutionalism, both by stressing that Keynes was “profoundly institutionalist” in his approach and by arguing that conjoining Keynes and institutionalism would provide a stronger foundation for macroeconomic theory and policy.

Suggested Citation

  • Charles J. Whalen, 2017. "Institutionalism and the “Common Man” Through the Lens of Philip Klein: Business Cycles, the Public Sector, and Keynes’s Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 51(4), pages 1094-1113, October.
  • Handle: RePEc:mes:jeciss:v:51:y:2017:i:4:p:1094-1113
    DOI: 10.1080/00213624.2017.1391593
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