Journal of Post Keynesian Economics最新文献

{"title":"Inflation and distribution during the post-COVID recovery: a Kaleckian approach","authors":"Mark Setterfield","doi":"10.1080/01603477.2023.2249431","DOIUrl":"https://doi.org/10.1080/01603477.2023.2249431","url":null,"abstract":"Abstract The early stages of recovery from the recession induced by the COVID-19 pandemic were accompanied by a marked increase in inflation in the US and elsewhere. Much has been made of this outcome, and the economic distress associated with it, in popular discussion of the economy. This paper provides a Kaleckian conflicting-claims analysis of inflation during the post-COVID recovery, that distinguishes between rising wages, pandemic-related supply shocks, and corporate price-setting behavior as sources of inflationary pressure. A key conclusion that arises from the co-determination of inflation and distributional outcomes in the Kaleckian framework is that distributional developments that have further disadvantaged working households, rather than inflation per se, are the chief source of recent economic distress – and should be the chief cause for concern among policy makers.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"57 1","pages":"587 - 611"},"PeriodicalIF":0.0,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135902170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Post-Keynesian liquidity preference theory four decades later: a reexamination","authors":"L. Randall Wray","doi":"10.1080/01603477.2023.2242332","DOIUrl":"https://doi.org/10.1080/01603477.2023.2242332","url":null,"abstract":"AbstractTracy Mott was best known as a scholar of the work of Michal Kalecki, but he also made an important contribution to Keynesian liquidity preference theory. In 1983 Tom Asimakopulos generated a firestorm in the Post Keynesian community with a series of articles claiming that while Keynes’s argument is that investment creates an equivalent amount of saving, this is true only ex post, after the multiplier has fully operated. Meantime, lack of savings could inhibit investment as the supply of bonds for long-term finance would exceed the supply of savings, driving up interest rates. Several Post Keynesians vociferously responded in defense of Keynes. Mott’s contribution to the debate approached the subject from a perspective that was more heavily influenced by Kalecki, Robinson, and Marx. Not only does the outcome of this debate impact our view of investment finance, but it also has implications for our view of financing government deficits. In this piece, I look back at Mott’s contribution to our understanding of liquidity preference, taking account of developments in Post Keynesian thought over the past four decades. The two most obvious and relevant are the endogenous money approach and Modern Money Theory.Keywords: Tracy Mottliquidity preferenceAsimakopulosMMTsaving and investment Notes1 Note that I will follow typical Post Keynesian practice in using the term “savings” to refer to a stock, and “saving” to refer to a flow.2 As it happened, Tom Asimakopulos had been one of my mentor’s (John Henry) professors and we met up at several of the Post Keynesian summer schools—first at Trieste and then in Knoxville. Tom was hurt by the reaction to his articles and believed that none of the critics really understood the point he was making. After many discussions, I was never clear on his interpretation of the critiques.3 See Snippe (Citation1985), Terzi (Citation1986), Davidson (Citation1986), Wray (Citation1988), and Kregel (Citation1984, Citation1986, Citation1988) for early critiques, Asimakopulos (Citation1985, Citation1986a, Citation1986b) for some of his responses, Sardoni (Citation2019 and Citation2020) for a recent defense, and Lavoie and Zezza (Citation2020) for a response to Sardoni. I will focus on Mott’s contributions.4 That is, “m” is the marginal propensity to buy bonds out of savings, presumed to be less than one. See Davidson (Citation1978).5 Note also that the investment project and sale of bonds can be completed before “equilibrium” as defined by Asimakopulos to mean full operation of the multiplier, if, for example, inventories have not been fully replaced in the consumption sector.6 Quoted in Kregel Citation2019; equating saving (ex ante or ex post) with finance is a category error. See his chapter for further discussion of this point.7 This follows from the Kalecki profit equation: a reduction of the budget deficit and an increase of a current account deficit reduce profit flows and make it difficult to service debt.8 See Wray (","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135902298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Tracy Mott’s understanding of Kalecki’s economics","authors":"Jan Toporowski","doi":"10.1080/01603477.2023.2242327","DOIUrl":"https://doi.org/10.1080/01603477.2023.2242327","url":null,"abstract":"Following his death in 1970, interest in Kalecki’s economics has come to be confined to Post-Keynesian circles and discussions of political economy. In general, these have provided partial accounts of Kalecki’s ideas, to supplement gaps in the theories of Keynes, Marx and their followers. Tracy Mott’s work departs from this by placing Kalecki’s economic theories around their foundation point in the financing of capitalist business. This provides a more systematic approach to Kalecki’s account of capitalism. It also points to a monetary interpretation of Kalecki’s Principle of Increasing Risk that was central to Mott’s understanding of Kalecki’s economics and an original interpretation of debt structures.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135902180","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Introduction for the special issue for Tracy Mott","authors":"Yavuz Yaşar, Mark B. Lautzenheiser","doi":"10.1080/01603477.2023.2268616","DOIUrl":"https://doi.org/10.1080/01603477.2023.2268616","url":null,"abstract":"","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135902182","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Editors’ Corner","authors":"Jan Kregel","doi":"10.1080/01603477.2023.2269058","DOIUrl":"https://doi.org/10.1080/01603477.2023.2269058","url":null,"abstract":"","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135902181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Government spending with increasing risk: sovereign debt, liquidity preference, and the fiscal-monetary nexus","authors":"Nina Eichacker","doi":"10.1080/01603477.2023.2268095","DOIUrl":"https://doi.org/10.1080/01603477.2023.2268095","url":null,"abstract":"AbstractDuring financial and economic crises, government expenditure is a potential source of liquidity and replacement for private demand; this expenditure, in turn, generates more deposits and spending in the economy at large, potentially increasing the endogenous supply of money and overall liquidity in a given economy. Governments may also require liquidity support during crises, if bond market activity constrains access to funding. This paper introduces government activity to Mott’s elaboration of Kalecki’s theory of increasing risk, and its implications for endogenous money creation, especially during periods of heightened liquidity preference. Some governments are likely to face greater obstacles in providing liquidity and accessing funding in times of economic uncertainty, whether due to their issuance of a non-sovereign currency, their position in the global currency hierarchy, or both, while others may find their ability to provide liquidity is bolstered by popular perceptions of their credit worthiness. Recent crises illustrate the importance of understanding the monetary and financial factors that may constrain governments’ abilities to fund deficits, especially given the importance of fiscal expenditure as a stabilizing economic force, or as a potential driver of development.Keywords: RiskliquidityPost Keynesianendogenous moneyfiscal policy AcknowledgementsI gratefully acknowledge feedback from two anonymous reviewers, participants in the Analytical Political Economy Workshop in May 2021, participants at the Inaugural Tracy Mott Workshop at the University of Denver, in September 2022, and panel participants at the Money as a Democratic Medium conference in June 2023. I accept all responsibility for any remaining errors in the text.Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 Examples include the central banks of Canada, the United States, the UK, Japan, the Eurozone, India, Korea, the Philippines, Thailand, Indonesia, Hungary, Israel, Poland, Romania, South Africa, Turkey, Mexico, Brazil, Chile, and Colombia (Cantú et al. Citation2021).2 Bell (Citation2000) notes that in the US, if the US government’s Treasury Department uses Treasury Deposit accounts for purchases and sale of bonds, total money in circulation may not be affected, because those institutions are not required to maintain proportional reserves. This example assumes a more general case in which the sale of a bond precedes expenditure.3 Neo-chartalists object to the notion that a government may require funding, arguing instead that tax revenues or revenue from selling bonds merely takes money out of circulation (Bell Citation2000). For the purposes of this paper, we assume that taking money out of circulation has the same effect as funding expenditure, insofar as it balances the government’s spending in the economy. At the same time, the government of a non-currency sovereign economy may require foreign exchange for expenditur","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135902297","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Secular stagnation and monopoly capitalism","authors":"Malcolm Sawyer","doi":"10.1080/01603477.2023.2270949","DOIUrl":"https://doi.org/10.1080/01603477.2023.2270949","url":null,"abstract":"The paper opens with a brief review of economic growth in industrialized economies over the past four decades, indicating a general slow-down in growth. This is followed by a brief review of the mainstream views on ‘secular stagnation’. The major section of the paper is based on outlining elements of approaches to secular stagnation within the monopoly capital literature associated with authors such as Steindl, Kalecki and Cowling, followed by consideration of evidence in broad support of those dimensions. This includes the recent, generally upward, trends in industrial concentration, profit margins, and relationship with investment and innovation. Brief remarks are made on the effects of financialization, globalization and climate change on economic growth.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135902175","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Post-Keynesian economics and social policy: equality of opportunity or equality of place?","authors":"Camilo Andrés Guevara Castañeda","doi":"10.1080/01603477.2023.2251963","DOIUrl":"https://doi.org/10.1080/01603477.2023.2251963","url":null,"abstract":"AbstractThis article shows that post-Keynesian economics is more closely tied to the proposal of equality of place rather than that of equality of opportunity. More precisely, it advocates for the approach of utilizing equality of place as a means to attain equality of opportunity. These are two conceptions of social policy. Equality of opportunity distinguishes between poor and non-poor, and state intervention is focused on poor people. This mode of intervention promotes individuals’ improvements in human capital, assuming that the poor can reach the position they want through a competitive process. In contrast, the idea of equality of place is intertwined with the concept of decommodification and supply-side subsidies. It envisions a scenario in which markets might not ensure that people can access fundamental rights. Consequently, it suggests an alternate role for state intervention. Because some heterodox and post-Keynesian authors have identified with the principle of equality of opportunity, it is important to clarify the nature of the relationship between social policy and post-Keynesian economics. The principle of equality of place can provide a framework of social policy that is consistent with the tenets of the post-Keynesian tradition.Keywords: Post-Keynesian economicssocial policysocial justiceequality of opportunityequality of place Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1 In his article, “The economics of discrimination,” Becker (Citation2010) said that discrimination should disappear because competitive market forces are incompatible with discrimination.2 For example, Post-Keynesian Richard Holt, highlighting the importance of Sen's work for Post-Keynesian economics, argues that “Sen's writings go beyond economic growth and extend to the goals of development by incorporating human capabilities. Sen's work on welfare as capabilities has led to a variety of new applications in public policy in improving lives in developing countries” (Holt Citation2016, 375). I will discuss some of these policies implemented in developing countries later.3 For Post-Keynesian Marc Lavoie, Amartya Sen is an orthodox dissenter (Lavoie Citation2022). For a definition of an orthodox dissenter, see Rochon and Rossi (Citation2023).4 It is important to clarify that Sen's welfare theory is critical of neoclassical welfare economics. See, for example, Sen (Citation1970).5 The 8-h working day, the right to maternity and paternity leave, the right to vacation, the right to pension, and unemployment insurance, among others.6 For example, starting in 2014, the Colombian government created the “Ser Pilo Paga” program to promote higher education for poor people. If poor young people do well on standardized achievement tests, they are eligible to study at the top universities of their choice. Later, the program was modified because many students were leaving universities. Now, the program is called “Generation E,” but","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135386047","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Social processes of oppression in the stratified economy and Veblenian feminist post Keynesian connections","authors":"Zdravka K. Todorova","doi":"10.1080/01603477.2023.2254504","DOIUrl":"https://doi.org/10.1080/01603477.2023.2254504","url":null,"abstract":",","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43562008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Inflation stabilization and normal utilization","authors":"Thomas R. Michl","doi":"10.1080/01603477.2023.2251464","DOIUrl":"https://doi.org/10.1080/01603477.2023.2251464","url":null,"abstract":"Abstract","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":" ","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42378980","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}