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Synopsis
This book provides a novel statement of Post Keynesian macroeconomic theory that synthesizes three strains of such theory associated with Yale (Tobin) Keynesianism, Cambridge, UK (Kaldor) Keynesianism, and American (Davidson, Minsky) Post Keynesianism. The book focuses on the significance of privately created inside debt and income distribution for the determination of economic activity. The existence of inside debt means that "nominal" wage reductions cause redistributions of wealth that can reduce aggregate demand, while the effect of income distribution on aggregate demand means that "real" wage reductions also reduce aggregate demand. Consequently, neither nominal wage flexibility nor real wage flexibility can ensure full employment in a monetary economy. The book then explores how money and inside debt are created by the normal workings of the financial system. Fluctuations in the level of debt service burdens give rise to fluctuations in aggregate demand which can then cause business cycles.
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About the Author
Thomas I. Palley is Assistant Professor of Economics at the New School for Social Research, New York.
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- PublisherPalgrave Macmillan
- Publication date1996
- ISBN 10 031216064X
- ISBN 13 9780312160647
- BindingHardcover
- LanguageEnglish
- Number of pages239
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Post Keynesian Economics: Debt, Distribution And The Macro Economy
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Post Keynesian Economics: Debt, Distribution and the Macroeconomy
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Post Keynesian Economics: Debt, Distribution and the Macroeconomy
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