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| Author: | Arestis, P. Sawyer, M. |
| Title: | Keynesian economic policies for the new millenium |
| Journal: | Economic Journal
1998 : JAN, VOL. 108:446, p. 181-195 |
| Index terms: | KEYNESIAN SCHOOL ECONOMIC POLICY FUTURE UNEMPLOYMENT MARKET ECONOMY |
| Language: | eng |
| Abstract: | This study sets out a policy framework designed to secure full employment, a framework which includes both demand and supply side policies. There are five potential constraints to the achievement of full employment in a market economy: aggregate demand, inflation, the balance of trade, high productivity, and lack of capacity. The authors see a positive role for demand management policies in relieving these constraints; limited scope is seen for active monetary policy given constraints on controlling the money stock on the one hand and small open economy constraints on interest rate manipulation on the other. By contrast, very considerable potential for active fiscal policy of "course tuning" variety is seen. |
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