Paths to Development: a critical analysis of different approaches and limits to stimulus policies
There are several theoretical issues at stake when discussing different paths to development outlined by Neoclassical and Post-Keynesian schools: First, the determinants of the balance of trade and of the real exchange rate. Second, the determinants of aggregate demand. Third, the determinants of the level of employment. Fourth, the determinants of inflation. Fifth, the implications for the possibilities and limits of stimulus policies.
I wish to argue in favour of a framework that offers a systematic alternative to both neoclassical and Post Keynesian approaches, provides different answers to these fundamental questions, is consistent with the empirical evidence, and yields distinct policy implications. All of this without any reliance on rational choice and perfect competition, or on the supposed imperfections which are their duals. The framework I propose derives from the works of four great economists: Smith, Ricardo, Marx, and Keynes, each of whom developed their ideas from a rigorous study of the history and operations of actual capitalism.
Prof. Anwar Shaikh is one of the world’s leading heterodox economists and is at The New School for Social Research for more than 30 years. He has authored several books and articles in leading journals. His latest book "CAPITALISM: COMPETITION, CONFLICT, CRISIS" is published by Oxford University Press. His contributions have been recognised by Cambridge University Press’s recently released second volume of Eminent Economists, a compendium of essays on the personal philosophies and theoretical approaches of influential living economists.
Dates & times
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|2 May 2019||3:30pm - 5:00pm|
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