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Economic Policies for Exit from Crisis, in a Post-Kaleckian Model

In: Michał Kalecki in the 21st Century

Author

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  • Edwin Heron

Abstract

The 2008 economic crisis is the most serious crisis that Western countries have faced since 1929. Many parallels can be drawn and similarities found between these two crises. However, the fall in GDP after 2008 does not reach the level of the 1929 crisis, particularly in the United States. Lessons were learned from the 1929 crisis, and economic policies served to reduce the impact of the recent crisis on GDP. It seems obvious for the monetary policy of central banks. But some proposals, such as the return to a ‘constitutional’ balanced budget in the European Union remind us of the Treasury view denounced by Keynes at the time.

Suggested Citation

  • Edwin Heron, 2015. "Economic Policies for Exit from Crisis, in a Post-Kaleckian Model," Palgrave Studies in the History of Economic Thought, in: Jan Toporowski & Łukasz Mamica (ed.), Michał Kalecki in the 21st Century, chapter 13, pages 212-238, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-1-137-42828-8_14
    DOI: 10.1057/9781137428288_14
    as

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