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Clower On Effective Demand, Peter Skott, Amitava Krishna Dutt
Clower On Effective Demand, Peter Skott, Amitava Krishna Dutt
Peter Skott
This note examine's Clower's recent criticisms of Keynes' theory of effective demand and argues that Keynes added much to Marshallian theory when he extended to the aggregate level, that his theory does have implications for unemployment without requiring wage rigidity, that his theory does not depend on the non-clearance of the good market, and the main difference between Keynes and the Keynesians concerns the consequences of wage-price flexibility.
The Crisis Of Egalitarian Policy And The Promises Of Asset-Based Redistribution, Peter Skott
The Crisis Of Egalitarian Policy And The Promises Of Asset-Based Redistribution, Peter Skott
Peter Skott
This paper analyses the links between egalitarian policy and unemployment and the possible use of asset-based redistribution to overcome the crisis of egalitarian policy. Contrary to left- Keynesian belief, egalitarian policies in the postwar period were not the means to ensure high aggregate demand and full employment. The main direction of causation went the other way: full employment generated increasing egalitarian demands while high unemployment after the golden age paved the way for increasing inequality. The breakdown of the golden ages is itself explained by a gradual deterioration of the business climate which undermined the full employment policy. In addition, …
Keynesian Theory And The Aggregate-Supply/Aggregate-Demand Framework: A Defense, Peter Skott, Amitava Krishna Dutt
Keynesian Theory And The Aggregate-Supply/Aggregate-Demand Framework: A Defense, Peter Skott, Amitava Krishna Dutt
Peter Skott
This paper defends the Aggregate-Supply/Aggregate-Demand framework against recent criticisms by Barro and others. Using four models - a neoclassical-synthesis Keynesian, a monetarists mark 1, a rational expectation/new classical, and a Kaleckian/post-Keynesian - based on this framework, it is shown that it provides an internally-consistent and potentially useful teaching tool, that Keynesian versions of it do follow some of Keynes's ideas, that a Kaleckian/post-Keynesian version is consistent with empirical data, and that the criticisms by Barro and others are unwarranted.