Introduction to Post-Keynesian Economics Marc Lavoie
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The period before the War already illustrates perfectly the effect of Originally posted to leftreborn on Sun Aug 19, 2012 at 07:20 PM PDT. Also republished by Community Spotlight. And below is a graphic from an earlier post that describes private sector assessments of the impact on GDP relative to counterfactual. When Roosevelt implemented Keynesian economic policy the tax code was also adjusted to make it more progressive. Rogoff and Reinhardt are introducing the notion of threshold,a critical point of rupture. Within each school of economics there are often several subgroups. I don't introduce wartime numbers into the discussion about Keynes for a couple of reasons. As for the supposed objectivity of the private sector economic advisors quoted, aren't they all working with the same Keynesian assumptions, more or less, so that their projections simply embody their presuppositions? Economics as 'unfalsifiable' a strange one from an Austrian.I think Austrian economics has some interesting insights on money and am no big fan of Kaletsky, although personally would describe myself as a post-Keynesian. When spending resumed again in 1939 and 1940, the recovery resumed. An example is Ecological Economics.