IDEAS home Printed from https://ideas.repec.org/b/elg/eebook/13837.html
   My bibliography  Save this book

Unemployment, Recession and Effective Demand

Author

Listed:
  • Claudio Sardoni

Abstract

In the midst of the current world economic crisis, many claim there is a necessity to return to the Marxian and Keynesian traditions in order to better understand the dynamics of market economies. This book is an important step in that direction. It presents a critical examination of the foundations of macroeconomics as developed in the traditions of Marx, Keynes and Kalecki, which are contrasted with the current mainstream. Particular attention is given to the problem of market forms and their relevance for macroeconomics.

Individual chapters are listed in the "Chapters" tab

Suggested Citation

  • Claudio Sardoni, 2011. "Unemployment, Recession and Effective Demand," Books, Edward Elgar Publishing, number 13837.
    • Handle: RePEc:elg:eebook:13837
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/9781848449695.xml
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. N. Gregory Mankiw, 1985. "Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 100(2), pages 529-538.
    2. Schmalensee, Richard, 1981. "Economies of Scale and Barriers to Entry," Journal of Political Economy, University of Chicago Press, vol. 89(6), pages 1228-1238, December.
    3. A. Michael Spence, 1979. "Investment Strategy and Growth in a New Market," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 1-19, Spring.
    4. Steedman, Ian, 1980. "A Note on the 'Choice of Technique' under Capitalism," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 4(1), pages 61-64, March.
    5. Paul Davidson, 1994. "Post Keynesian Macroeconomic Theory," Books, Edward Elgar Publishing, number 124.
    6. G. C. Harcourt, 2008. "The Structure of Post-Keynesian Economics," Palgrave Macmillan Books, in: Mathew Forstater & L. Randall Wray (ed.), Keynes for the Twenty-First Century, chapter 0, pages 185-197, Palgrave Macmillan.
    7. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    8. repec:bla:econom:v:44:y:1977:i:174:p:145-61 is not listed on IDEAS
    9. Claudio Sardoni, 2010. "The New Consensus in macroeconomics and non-mainstream approaches," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 7(2), pages 255-255.
    10. Dixit, Avinash, 1980. "The Role of Investment in Entry-Deterrence," Economic Journal, Royal Economic Society, vol. 90(357), pages 95-106, March.
    11. Nakatani, Takeshi, 1980. "The Law of Falling Rate of Profit and the Competitive Battle: Comment on Shaikh," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 4(1), pages 65-68, March.
    12. G. C. Harcourt, 1981. "Marshall, Sraffa and Keynes: Incompatible Bedfellows," Eastern Economic Journal, Eastern Economic Association, vol. 7(1), pages 39-50, Jan-Mar.
    13. Marc Lavoie, 2006. "Do Heterodox Theories Have Anything in Common? A Post-Keynesian Point of View," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 3(1), pages 1-87–112.
    14. Shackle,G. L. S., 1983. "The Years of High Theory," Cambridge Books, Cambridge University Press, number 9780521274784, January.
    15. Richard Kahn, 1989. "The Economics of the Short Period," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-09817-0.
    16. Sergio Parrinello, 1980. "The Price Level Implicit in Keynes' Effective Demand," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 3(1), pages 63-78, October.
    17. Bharadwaj, Krishna, 1978. "The Subversion of Classical Analysis: Alfred Marshall's Early Writing on Value," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 2(3), pages 253-271, September.
    18. Jordi Galí & Mark Gertler, 2007. "Macroeconomic Modeling for Monetary Policy Evaluation," Journal of Economic Perspectives, American Economic Association, vol. 21(4), pages 25-46, Fall.
    19. repec:bla:kyklos:v:29:y:1976:i:3:p:449-77 is not listed on IDEAS
    20. Engelbert Stockhammer, 2008. "Is The Nairu Theory A Monetarist, New Keynesian, Post Keynesian Or A Marxist Theory?," Metroeconomica, Wiley Blackwell, vol. 59(3), pages 479-510, July.
    21. Victoria Chick, 1992. "The Nature of the Keynesian Revolution: A Reassessment," Palgrave Macmillan Books, in: Philip Arestis & Sheila C. Dow (ed.), On Money, Method and Keynes, chapter 3, pages 55-79, Palgrave Macmillan.
    22. Shaikh, Anwar, 1980. "Marxian Competition versus Perfect Competition: Further Comments on the So-Called Choice of Technique," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 4(1), pages 75-83, March.
    23. Asimakopulos, A, 1982. "Keynes' Theory of Effective Demand Revisited," Australian Economic Papers, Wiley Blackwell, vol. 21(38), pages 18-36, June.
    24. Olivier Blanchard, 2000. "What Do We Know about Macroeconomics that Fisher and Wicksell Did Not?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(4), pages 1375-1409.
    25. Schefold, Bertram, 1976. "Different Forms of Technical Progress," Economic Journal, Royal Economic Society, vol. 86(344), pages 806-819, December.
    26. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    27. Roemer, John E, 1979. "Continuing Controversy on the Falling Rate of Profit: Fixed Capital and Other Issues," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 3(4), pages 379-398, December.
    28. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2.
    29. Paul J. McNulty, 1968. "Economic Theory and the Meaning of Competition," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 82(4), pages 639-656.
    30. Armstrong, Philip & Glyn, Andrew, 1980. "The Law of the Falling Rate of Profit and Oligopoly: A Comment on Shaikh," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 4(1), pages 69-70, March.
    31. Casarosa, Carlo, 1981. "The Microfoundations of Keynes's Aggregate Supply and Expected Demand Analysis," Economic Journal, Royal Economic Society, vol. 91(361), pages 188-194, March.
    32. Solow,Robert M., 1998. "Monopolistic Competition and Macroeconomic Theory," Cambridge Books, Cambridge University Press, number 9780521623384, January.
    33. Robinson, Joan, 1977. "Michal Kalecki on the Economics of Capitalism," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 39(1), pages 7-17, February.
    34. Dudley Dillard, 1984. "Keynes and Marx: A Centennial Appraisal," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 6(3), pages 421-432, April.
    35. A. Asimakopulos, 1983. "Anticipations of Keynes's General Theory?," Canadian Journal of Economics, Canadian Economics Association, vol. 16(3), pages 517-530, August.
    36. Shaikh, Anwar, 1978. "Political Economy and Capitalism: Notes on Dobb's Theory of Crisis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 2(2), pages 233-251, June.
    37. Eckhard Hein, 2006. "Money, interest and capital accumulationin Karl Marx's economics: a monetary interpretation and some similaritiesto post-Keynesian approaches," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(1), pages 113-140.
    38. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
    39. Michal Kalecki, 1937. "A Theory of the Business Cycle," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 4(2), pages 77-97.
    40. Paul Davidson, 2007. "There Are Major Differences between Kalecki’s Theory of Employment and Keynes’s General Theory of Employment, Interest, and Money," Palgrave Macmillan Books, in: Interpreting Keynes for the 21st Century, chapter 16, pages 169-189, Palgrave Macmillan.
    41. Rowthorn, R E, 1977. "Conflict, Inflation and Money," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 1(3), pages 215-239, September.
    42. Paul Davidson, 1983. "The Marginal Product Curve Is Not the Demand Curve for Labor and Lucas’s Labor Supply Function Is Not the Supply Curve for Labor in the Real World," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(1), pages 105-117, September.
    43. Dennis H. Robertson, 1936. "Some Notes on Mr. Keynes' General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(1), pages 168-191.
    44. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 14(4), pages 375-393, December.
    45. Paul Davidson, 2002. "Keynes versus Kalecki: Responses to Lopez and Kriesler," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 24(4), pages 631-641, July.
    46. Sardoni, Claudio, 1981. "Multi-Sectoral Models of Balanced Growth and the Marxian Schemes of Expanded Reproduction," Australian Economic Papers, Wiley Blackwell, vol. 20(37), pages 383-397, December.
    47. Claudio Sardoni, 1984. "Some Ties of Kalecki to the 1926 “Sraffian Manifesto”," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(3), pages 458-466, March.
    48. A. Michael Spence, 1977. "Entry, Capacity, Investment and Oligopolistic Pricing," Bell Journal of Economics, The RAND Corporation, vol. 8(2), pages 534-544, Autumn.
    49. Kregel, J A, 1976. "Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians," Economic Journal, Royal Economic Society, vol. 86(342), pages 209-225, June.
    50. Hamouda, Omar F & Harcourt, G C, 1988. "Post Keynesianism: From Criticism to Coherence?," Bulletin of Economic Research, Wiley Blackwell, vol. 40(1), pages 1-33, January.
    51. Robin Marris, 1991. "Reconstructing Keynesian Economics With Imperfect Competition," Books, Edward Elgar Publishing, number 300.
    52. G. C. Harcourt, 2001. "Selected Essays on Economic Policy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-51056-2.
    53. Bleaney, Michael, 1980. "Maurice Dobb's Theory of Crisis: A Comment," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 4(1), pages 71-73, March.
    54. Joan Robinson, 1969. "The Economics of Imperfect Competition," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15320-6.
    55. Sardoni, Claudio, 1994. "The General Theory and the Critique of Decreasing Returns," Journal of the History of Economic Thought, Cambridge University Press, vol. 16(1), pages 61-85, April.
    56. Asimakopulos,A., 1991. "Keynes's General Theory and Accumulation," Cambridge Books, Cambridge University Press, number 9780521368155, January.
    57. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, December.
    58. Giuseppe Fontana & Mark Setterfield (ed.), 2009. "Macroeconomic Theory and Macroeconomic Pedagogy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-29166-9.
    59. Joan Robinson, 1934. "What is Perfect Competition?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 49(1), pages 104-120.
    60. Claudio Sardoni, 2009. "The Marxian schemes of reproduction and the theory of effective demand," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(1), pages 161-173, January.
    61. Panico, Carlo, 1980. "Marx's Analysis of the Relationship between the Rate of Interest and the Rate of Profits," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 4(4), pages 363-378, December.
    62. Dixon,Huw David & Rankin,Neil, 1995. "The New Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521479479, January.
    63. Claudio Sardoni, 2008. "Some Notes on the Nature of Money and the Future of Monetary Policy," Review of Social Economy, Taylor & Francis Journals, vol. 66(4), pages 523-537.
    64. Milgate, Murray, 1983. "Capital and Employment," Elsevier Monographs, Elsevier, edition 1, number 9780124962507 edited by Eatwell, John.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Eckhard Hein, 2019. "Karl Marx: an early post-Keynesian? A comparison of Marx's economics with the contributions by Sraffa, Keynes, Kalecki and Minsky," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 16(2), pages 238-259, September.
    2. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.
    3. Hein, Eckhard, 2015. "The principle of effective demand: Marx, Kalecki, Keynes and beyond," IPE Working Papers 60/2015, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    4. Claudio Sardoni, 2015. "Is a Marxist explanation of the current crisis possible?," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(2), pages 143-157, April.
    5. Philip Arestis & Stephen P. Dunn & Malcolm Sawyer, 1999. "Post Keynesian Economics and Its Critics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 21(4), pages 527-549, July.
    6. Geoffrey C. Harcourt, 2015. "“Heinz” Harcourt’s collaborations: Over 57 varieties," Discussion Papers 2015-11, School of Economics, The University of New South Wales.
    7. Fabrizio Patriarca & Claudio Sardoni, 2014. "Growth with Unused Capacity and Endogenous Capital Depreciation," Metroeconomica, Wiley Blackwell, vol. 65(4), pages 646-670, November.
    8. Massimo Cingolani, 2015. "Sylos Labini su Marx: implicazioni per la politica economica (Sylos Labini on Marx: economic policy implications)," Moneta e Credito, Economia civile, vol. 68(269), pages 81-147.
    9. Geoffrey Harcourt & Peter Kriesler, 2012. "Introduction [to Handbook of Post-Keynesian Economics: Oxford University Press: USA]," Discussion Papers 2012-33, School of Economics, The University of New South Wales.
    10. Janina Kotlinska & Helena Zukowska & Zdzislaw A. Błasiak & Pawel Marzec & Marian Zukowski, 2021. "Methodology of Obtaining Information about Societal Needs: The Foundations and their Empirical Verification," European Research Studies Journal, European Research Studies Journal, vol. 0(3B), pages 497-514.
    11. Maziarz Mariusz, 2019. "A disequilibrium mechanism: When managerial decisions cause macroeconomic instability," Economics and Business Review, Sciendo, vol. 5(1), pages 79-92, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.
    2. Jochen Hartwig, 2006. "Explaining the aggregate price level with Keynes's principle of effective demand," Review of Social Economy, Taylor & Francis Journals, vol. 64(4), pages 469-492.
    3. Antonio Carlos Macedo e Silva & Cláudio Hamílton dos Santos, 2008. "Peering over the edge of the short period? The Keynesian Roots of Stock-Flow Consistent Macroeconomic Models," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807151456380, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    4. Jochen Hartwig, 2004. "Keynes versus the Post Keynesians on the Principle of Effective Demand," KOF Working papers 04-88, KOF Swiss Economic Institute, ETH Zurich.
    5. Hein, Eckhard, 2004. "Money, credit and the interest rate in Marx's economic. On the similarities of Marx's monetary analysis to Post-Keynesian economics," MPRA Paper 18608, University Library of Munich, Germany.
    6. Eckhard Hein, 2005. "Money, Interest, and Capital Accumulation in Karl Marx’s," Method and Hist of Econ Thought 0501002, University Library of Munich, Germany.
    7. Mariolis, Theodore, 2010. "Κριτική Έκθεση του "Νόμου της Πτωτικής Τάσης του Ποσοστού Κέρδους" του K. Marx: Κατανομή Εισοδήματος, Επισώρευση Κεφαλαίου και Τεχνολογική Μεταβολή στη Μακρά Περίοδο [Critical Exposition ," MPRA Paper 22461, University Library of Munich, Germany.
    8. Pedro Garcia Duarte, 2012. "Not Going Away? Microfoundations in the Making of a New Consensus in Macroeconomics," Chapters, in: Microfoundations Reconsidered, chapter 6, Edward Elgar Publishing.
    9. Alfonso Palacio Vera, 2008. "Money wage rigidity, monopoly power and hysteresis," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 08-02, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
    10. Ronny Mazzocchi, 2013. "Investment-Saving Imbalances with Endogenous Capital Stock," DEM Discussion Papers 2013/14, Department of Economics and Management.
    11. Eckhard Hein, 2006. "Money, interest and capital accumulationin Karl Marx's economics: a monetary interpretation and some similaritiesto post-Keynesian approaches," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(1), pages 113-140.
    12. Eckhard Hein & Marc Lavoie & Till van Treeck, 2011. "Some instability puzzles in Kaleckian models of growth and distribution: a critical survey," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 35(3), pages 587-612.
    13. Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Society (PKES), number nggt.
    14. Pedro Garcia Duarte & Gilberto Tadeu Lima, 2012. "Microfoundations Reconsidered," Books, Edward Elgar Publishing, number 14869.
    15. Adnan Haider Bukhari & Safdar Ullah Khan, 2008. "A Small Open Economy DSGE Model for Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 47(4), pages 963-1008.
    16. Eckhard Hein & Christian Schoder, 2011. "Interest rates, distribution and capital accumulation -- A post-Kaleckian perspective on the US and Germany," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(6), pages 693-723, November.
    17. Adnan Haider & Musleh ud Din & Ejaz Ghani, 2012. "Monetary Policy, Informality and Business Cycle Fluctuations in a Developing Economy Vulnerable to External Shocks," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 51(4), pages 609-681.
    18. Hein, Eckhard, 2011. "Distribution, ‘Financialisation’ and the Financial and Economic Crisis – Implications for Post-crisis Economic Policies," MPRA Paper 31180, University Library of Munich, Germany.
    19. G J Bratsiotis & C Martin, 2002. "Monetary Policy Rules, Real Rigidity and Endogenous Persistence," Economics Discussion Paper Series 0221, Economics, The University of Manchester.
    20. Eckhard Hein, 2019. "Karl Marx: an early post-Keynesian? A comparison of Marx's economics with the contributions by Sraffa, Keynes, Kalecki and Minsky," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 16(2), pages 238-259, September.

    Book Chapters

    The following chapters of this book are listed in IDEAS

    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • D7 - Microeconomics - - Analysis of Collective Decision-Making

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elg:eebook:13837. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.