Post-Keynesian Essays from Down Under Volume II: Essays on Policy and Applied Economics

1. Front Matter

   Pages i-xiv

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2. Introduction

   1. Introduction

      • Joseph Halevi, Geoff Harcourt, Peter Kriesler, John Nevile

      Pages 1-12

3. Policy

   1. Front Matter

      Pages 13-13

      PDF

   2. Tools of Choice for Fighting Recessions

      • J. W. Nevile, Peter Kriesler

      Pages 15-31

   3. Macroeconomic Impacts of Globalization

      • Peter Kriesler, J. W. Nevile

      Pages 32-47

   4. Exchange Rates and the Macroeconomy in an Era of Global Financial Crises, with Special Reference to Australia

      • Peter Kriesler, J. W. Nevile, G. C. Harcourt

      Pages 48-60

   5. A Critique of the New Consensus View of Monetary Policy

      • Peter Kriesler, Marc Lavoie

      Pages 61-68

   6. The Current Financial Crisis: Causes and Policy

      • Peter Kriesler

      Pages 69-78

   7. The Current Crisis Has a Silver Lining

      • J. W. Nevile

      Pages 79-91

   8. The ABC of G and T

      • G. C. Harcourt

      Pages 92-94

   9. The Systemic Downside of Flexible Labour Market Regimes: Salter Revisited

      • G. C. Harcourt

      Pages 95-99

   10. Political Aspects of “Buffer Stock” Employment

       • Peter Kriesler, Joseph Halevi

       Pages 100-109

   11. How Voluntary Is Unemployment? Two Views of the Phillips Curve

       • J. W. Nevile

       Pages 110-118

4. Australia

   1. Front Matter

      Pages 119-119

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   2. A Simple Econometric Model of the Australian Economy

      • J. W. Nevile

      Pages 121-137

   3. Can Keynesian Policies Stimulate Growth in Output and Employment?

      • J. W. Nevile

      Pages 138-163

   4. Australian Economic Growth: A Structural Perspective (A Preliminary Report)

      • Joseph Halevi, Peter Kriesler

      Pages 164-173

   5. Corporatism in Australia

      • Peter Kriesler, Joseph Halevi

      Pages 174-196

   6. Structural Change and Economic Growth

      • Joseph Halevi, Peter Kriesler

      Pages 197-208

   7. Why Keynesian Policy was More Successful in the Fifties and Sixties than in the Last Twenty Years

      • J. W. Nevile, Peter Kriesler

      Pages 209-225

Joseph Halevi, G. C. Harcourt, Peter Kriesler and J. W. Nevile bring together a collection of their most influential papers on post-Keynesian thought. Their work stresses the importance of the underlying institutional framework, of the economy as a historical process and, therefore, of path determinacy. In addition, their essays suggest the ultimate goal of economics is as a tool to inform policy and make the world a better place, with better being defined by an overriding concern with social justice. Volume II assess application and policies.

• Keynes
• post-Keynesian
• policy
• applied
• applications
• tools
• economics
• econometrics
• economic growth
• employment
• exchange rates
• globalization
• growth
• Inflation
• John Maynard Keynes
• labor market
• macroeconomics
• monetary policy
• Stagnation
• unemployment

'The 29 incisive essays in this book will be of great interest not only to Australians but to everyone concerned with the constraints on progressive economic policy in a small open economy. The four distinguished authors cover a wide range of topics, from unemployment and inflation to financial crises and the economics of imperialism. In an age when old truths have been forgotten, and ancient fallacies revived, the lucid Post Keynesian arguments of Halevi, Harcourt, Kriesler and Nevile deserve to reach a very wide audience.'

J.E. King, La Trobe University and Federation University Australia, Australia

'With this second volume of Post-Keynesian Essays from Down Under Halevi, Harcourt, Kriesler and Nevile have provided us with yet another marvel of collective brilliance 'made in Australia': Spanning core policy debates across several decades and four continents, these influential papers are a tour de force in what sets apart Post-Keynesianism, at its best, from presently dominant economic paradigms: Policy analysis properly grounded in theory, theory properly grounded in history and both, applied and theoretical analyses, stringently focused on how best to improve the lives of ordinary people. A wonderful and inspiring read all around, full of small gems of historical detail and as utterly relevant now as at the various times of writing the individual contributions.'

Stephanie Blankenburg, Department of Economics, School of Oriental and African Studies (SOAS), UK

• Center CRIISEA of the Universit é de Picardie, Amiens, France

  Joseph Halevi

• University of Sydney, Australia

  Joseph Halevi

• International University College, Turin, Italy

  Joseph Halevi

• The School of Economics, University of New South Wales, Australia

  G. C. Harcourt

• University of New South Wales, Australia

  Peter Kriesler, J. W. Nevile

Joseph Halevi was born 1946 in Haifa, then British Palestine. An Alama Mater University of Rome La Sapienza, he began teaching economics at the New School of Social Research in New York and later at Rutgers University. He has a permanent appointment at the University of Sydney. He was Visiting Professor at the University of Connecticut and regularly in France at the Universities of Grenoble, Nice and Amiens. He has authored many books and contributed to the first edition of The New Palgrave Dictionary of Economics in 1987 and co-edited Beyond the Steady State with Macmillan in 1992, among others.

G. C. Harcourt was born in Melbourne, Australia in 1931. He was a graduate of the Universities of Melbourne and Cambridge. He has worked mainly at Adelaide (1958 to 1985) and Cambridge (1964 to 1966; 1972 to 1973; 1980; 1982-2010). He is now Visiting Professorial Fellow at UNSW Australia. He has authored or edited 29 books and over 360 articles, notes, chapters in books and reviews. His books include Some Cambridge Controversies in the Theory of Capital (1972), The Structure of Post-Keynesian Economics (2006), (with Prue Kerr) Joan Robinson (2009) and (jointly edited with Peter Kriesler) The Oxford Handbook of Post-Keynesian Economics (2013).

Peter Kriesler currently teaches in the School of Economics at the University of New South Wales. He also organizes the Annual Australian Society of Heterodox Economists Conference, which is now in its fourteenth year. Peter's main publications are in the areas of history of economic thought, heterodox economics, the Australian economy, labour economics, and economic perspectives on human rights.

J. W. Neville is Emeritus Professor at the University of New South Wales in Sydney, Australia. He has published extensively on fiscal policy, macroeconomic policy in general, economics and ethics, and the history of economic thought. He has served on a number of statutory authorities and government enquiries.

Policies and ethics