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A Post Keynesian theory of economic policy - filling a void

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  • Heise, Arne

Abstract

The traditional theory of economic policy of the Tinbergen-Theil-type has come under severe criticism: in the ontological setting of the New Classical Macroeconomics based on the Rational Expectations Hypothesis (REH), economic policy is ineffective or neutral with respect to real variables. In the ontological setting of Hayekian economics based on informational deficiencies, economic policy is without orientation and, therefore, more harm- than helpful. Therefore, both criticisms are united in their rejection of state interventions. In this paper, a Post Keynesian alternative will be presented which is situated between nomocratic abstinence and teleological controllability.

Suggested Citation

  • Heise, Arne, 2008. "A Post Keynesian theory of economic policy - filling a void," Working Papers on Economic Governance 28, University of Hamburg, Department of Socioeconomics.
  • Handle: RePEc:zbw:uhhafs:28
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    Cited by:

    1. Wieliczko, Barbara, 2012. "Future CAP - food security and safety are the key," 126th Seminar, June 27-29, 2012, Capri, Italy 126039, European Association of Agricultural Economists.
    2. Jens-Ole Koehrsen, 2011. "Paradigmenwechsel in der wirtschaftswissenschaftlichen Politikberatung?," IMK Studies 2-2011, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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