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Vickrey, Keynes and Kalecki. Three approaches for a Post-Keynesian Perspective on Crisis and Capitalism

Author

Listed:
  • Ayati, Carime

    (National Polytechnic Institute of Grenoble)

Abstract

The current crisis gives the opportunity to discover a little-known macroeconomist: W.S. Vickrey. A radical critique of standard macroeconomic theory, his work was clearly anchored in a post-Keynesian approach. His results are in full agreement with those of Keynes and Kalecki, particularly the positive role of budget deficits in a monetary economy of production. Vickrey's contribution was the focus on a financial dimension previously ignored. Thus, a synthesis of the approaches of these three theorists will provide the bases for a complete post-Keynesian model that integrates all the dimensions of a modern economy.

Suggested Citation

  • Ayati, Carime, 2010. "Vickrey, Keynes and Kalecki. Three approaches for a Post-Keynesian Perspective on Crisis and Capitalism," European Journal of Economic and Social Systems, Lavoisier, vol. 23(1), pages 135-158.
    • Handle: RePEc:ris:ejessy:0047
    as

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    More about this item

    Keywords

    Budget Deficit; Economic Crisis; Financial Markets; Monetary Economy; Post Keynesian Theory;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G01 - Financial Economics - - General - - - Financial Crises
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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