Pub Date : 2023-10-02DOI: 10.1080/01603477.2023.2249431
Mark Setterfield
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.
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Pub Date : 2023-10-02DOI: 10.1080/01603477.2023.2242332
L. Randall Wray
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 (
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Pub Date : 2023-10-02DOI: 10.1080/01603477.2023.2242327
Jan Toporowski
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.
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Pub Date : 2023-10-02DOI: 10.1080/01603477.2023.2268616
Yavuz Yaşar, Mark B. Lautzenheiser
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Pub Date : 2023-10-02DOI: 10.1080/01603477.2023.2269058
Jan Kregel
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Pub Date : 2023-10-02DOI: 10.1080/01603477.2023.2268095
Nina Eichacker
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
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Pub Date : 2023-10-02DOI: 10.1080/01603477.2023.2270949
Malcolm Sawyer
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.
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Pub Date : 2023-09-28DOI: 10.1080/01603477.2023.2251963
Camilo Andrés Guevara Castañeda
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
摘要本文表明，后凯恩斯主义经济学与地位平等的主张联系更紧密，而不是机会平等的主张。更确切地说，它主张利用地位平等作为实现机会平等的手段。这是社会政策的两个概念。机会平等区分了穷人和非穷人，国家干预的重点是穷人。这种干预模式促进了个人在人力资本方面的改善，假设穷人可以通过竞争过程达到他们想要的地位。相比之下，地方平等的概念与去改造和供给侧补贴的概念交织在一起。它设想了一种情况，在这种情况下，市场可能无法确保人们能够获得基本权利。因此，它提出了国家干预的另一种作用。由于一些非正统和后凯恩斯主义的作者认同机会平等原则，因此澄清社会政策与后凯恩斯主义经济学之间关系的本质是很重要的。地位平等原则可以提供一个与后凯恩斯主义传统原则相一致的社会政策框架。关键词:后凯恩斯经济学社会政策社会公正机会质量场所质量披露声明作者未报告潜在利益冲突。注1:Becker (Citation2010)在他的文章“The economics of discrimination”中说，歧视应该消失，因为竞争性的市场力量与歧视是不相容的例如，后凯恩斯主义的理查德·霍尔特(Richard Holt)强调了森的工作对后凯恩斯主义经济学的重要性，他认为“森的著作超越了经济增长，并通过纳入人类能力扩展到发展目标。”Sen关于福利作为能力的研究已经在改善发展中国家生活的公共政策中带来了各种新的应用”(Holt Citation2016, 375)。我稍后将讨论一些在发展中国家实施的这些政策对于后凯恩斯主义的马克·拉沃伊来说，阿马蒂亚·森是一个正统的反对者(拉沃伊引文2022)。关于正统反对者的定义，见Rochon和Rossi (Citation2023)有必要澄清的是，森的福利理论是对新古典福利经济学的批判。例如，参见Sen (Citation1970)5 .八小时工作制、产假和陪产假的权利、休假的权利、领取养老金和失业保险的权利等例如，从2014年开始，哥伦比亚政府创建了“Ser Pilo Paga”项目，以促进穷人接受高等教育。如果贫穷的年轻人在标准化成绩测试中表现良好，他们就有资格进入自己选择的顶尖大学学习。后来，由于许多学生离开大学，该计划被修改。现在，这个项目被称为“E一代”，但它仍然使用代金券制度有条件现金援助的例子包括巴西的Bolsa Familia计划、哥伦比亚的Familias en Acción计划、秘鲁的Juntos计划、墨西哥的Prospera计划和厄瓜多尔的Bono de Desarrollo Humano计划等当签订合同的一方提供误导性信息或有动机改变自己的行为时，就会出现“道德风险”情况。另一方面，“逆向选择”问题是指市场卖家比买家拥有更多关于他们正在销售的产品的某些方面的信息的情况(斯蒂格利茨和罗森加德引文2015)退休基金管理人(AFP)是一家管理和投资雇员退休储蓄账户中的退休基金的公司由于衡量贫穷的方法发生了各种变化，一些拉丁美洲国家减少了被列为生活在贫穷中的人数。方法上的矛盾包括如何衡量收入或其他维度，多维贫困中变量的权重，以及奥尔尚斯基系数(与非食品商品和服务的成本有关)的衡量。
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Pub Date : 2023-09-07DOI: 10.1080/01603477.2023.2254504
Zdravka K. Todorova
,
，
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Pub Date : 2023-09-07DOI: 10.1080/01603477.2023.2251464
Thomas R. Michl
Abstract
摘要
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