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Una riconsiderazione degli studi da Kalecki sull'economia statunitense

Author

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  • Julio Lòpez Gallardo

    (facoltà di economia, Universidad Nacional Autònoma de México)

Abstract

Kalecki devised a novel method of analysis, which was also used by some of his collaborators.Unfortunately however, that method has not had the impact it deserves on applied research, not even among his followers. The objective of the present paper is to revisit Kalecki’s applied studies. I will in the first place explain and discuss Kalecki’s outlook and methodology. In the second place, I will use it to see how much it can help to understand the recent evolution of the US economy. In the current US crisis, monetary policy, in the shape of quantitative easing and historically low rates of interest, has been hailed by publicists and pundits as the solution to confront the decline of private spending and the business downswing. The results of have been rather disappointing. Using Kalecki’s approach and methodology, I have verified that it has been public spending that has played the key role to avoid a deeper crisis than the one that actually took place.

Suggested Citation

  • Julio Lòpez Gallardo, 2012. "Una riconsiderazione degli studi da Kalecki sull'economia statunitense," Moneta e Credito, Economia civile, vol. 65(257), pages 59-81.
    • Handle: RePEc:psl:moneta:2012:14
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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9940/9823
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    References listed on IDEAS

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    1. Cynamon Barry Z. & Fazzari Steven M., 2008. "Household Debt in the Consumer Age: Source of Growth--Risk of Collapse," Capitalism and Society, De Gruyter, vol. 3(2), pages 1-32, October.
    2. Fitoussi Jean Paul & Saraceno Francesco, 2010. "Europe: How Deep Is a Crisis? Policy Responses and Structural Factors Behind Diverging Performances," Journal of Globalization and Development, De Gruyter, vol. 1(1), pages 1-19, January.
    3. Julio Lopez & Tracy Mott, 1999. "Kalecki Versus Keynes on the Determinants of Investment," Review of Political Economy, Taylor & Francis Journals, vol. 11(3), pages 291-301.
    4. Aldo Barba & Massimo Pivetti, 2009. "Rising household debt: Its causes and macroeconomic implications--a long-period analysis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(1), pages 113-137, January.
    5. Kazimierz Laski & Roman Römisch, 2001. "Growth and Savings in USA and Japan," wiiw Working Papers 16, The Vienna Institute for International Economic Studies, wiiw.
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    Cited by:

    1. Carlo D'Ippoliti, 2014. "Introduction: welcoming a new editorial board," PSL Quarterly Review, Economia civile, vol. 67(268), pages 3-8.

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    More about this item

    Keywords

    Kalecki; applied research; crisis; USA;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • B32 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Obituaries
    • G01 - Financial Economics - - General - - - Financial Crises
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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