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Escaping stagnation and restoring shared prosperity : a macroeconomic policy framework for job-rich growth

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  • Palley, Thomas.

Abstract

In this succinct piece, the author makes a compelling case for ‘structural Keynesianism’ as a way of responding to the current mix of unsatisfactory growth and uneven progress in reducing unemployment at the global level. Traditional or ‘cyclical’ Keynesianism is, according to the author, good at dealing with short-run shortfalls in aggregate demand, but less able to cope with the structural dimensions of slow growth and slack labour market conditions.

Suggested Citation

  • Palley, Thomas., 2015. "Escaping stagnation and restoring shared prosperity : a macroeconomic policy framework for job-rich growth," ILO Working Papers 994874713402676, International Labour Organization.
    • Handle: RePEc:ilo:ilowps:994874713402676
    as

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    File URL: http://www.ilo.org/public/libdoc/ilo/2015/115B09_38_engl.pdf
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    References listed on IDEAS

    as
    1. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 177-200, March.
    2. Dean Baker & Robert Pollin & Travis McArthur & Matt Sherman, 2009. "The Potential Revenue from Financial Transactions Taxes," CEPR Reports and Issue Briefs 2009-50, Center for Economic and Policy Research (CEPR).
    3. John Williamson, 2009. "Exchange Rate Economics," Open Economies Review, Springer, vol. 20(1), pages 123-146, February.
    4. Jeannette Wicks-Lim, 2006. "Mandated Wage Floors and the Wage Structure: New Estimates of the Ripple Effects of Minimum Wage Laws," Working Papers wp116, Political Economy Research Institute, University of Massachusetts at Amherst.
    5. Robert Pollin & Heidi Garrett-Peltier & James Heintz & Helen Scharber, 2008. "Green Recovery: A Program to Create Good Jobs & Start Building a Low-Carbon Economy," Published Studies peri_report, Political Economy Research Institute, University of Massachusetts at Amherst.
    6. Stockhammer, Engelbert, 2011. "Wage-led growth: An introduction," Economics Discussion Papers 2011-1, School of Economics, Kingston University London.
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    Cited by:

    1. Silvano Cincotti & Wolfram Elsner & Nathalie Lazaric & Anastasia Nesvetailova & Engelbert Stockhammer, 2020. "Towards an evolutionary political economy. Editorial to the inaugural issue of the Review of Evolutionary Political Economy REPE," Review of Evolutionary Political Economy, Springer, vol. 1(1), pages 1-12, May.

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