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On the Relevance of Keynesian Macroeconomics: A Reappraisal

In: Economic Theory and Social Justice

Author

Listed:
  • Ignazio Musu
  • Antonio Pedone

Abstract

Fausto Vicarelli’s interest in Keynes in the 1970s stemmed from his passion for economic policy, from his conviction that macroeconomic policy was important and had a lot more to accomplish than the minor role it was assigned by the emerging new classical macroeconomics, which he strongly opposed. In particularly he stressed the stabilizing function of macroeconomic policy, as he was convinced that Keynes was right in denouncing that the spontaneous dynamics of flexible prices had an inherently destabilizing nature in the capitalist system. Because of this conviction, Vicarelli was very reluctant toward the neoclassical synthesis, according to which unemployment was basically due to inadequate price flexibility.

Suggested Citation

  • Ignazio Musu & Antonio Pedone, 1999. "On the Relevance of Keynesian Macroeconomics: A Reappraisal," Palgrave Macmillan Books, in: Giancarlo Gandolfo & Ferruccio Marzano (ed.), Economic Theory and Social Justice, chapter 2, pages 63-86, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26981-5_5
    DOI: 10.1007/978-1-349-26981-5_5
    as

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