This chapter is a contribution to the intellectual history of the anxiety that full employment in the modern United States depended somehow on military spending. This…
This chapter is a contribution to the intellectual history of the anxiety that full employment in the modern United States depended somehow on military spending. This discourse (conveniently abbreviated as “military Keynesianism”) is vaguely familiar, but its contours and transit still await a full study. The chapter shows the origins of the idea in the left-Keynesian milieu centered around Harvard’s Alvin Hansen in the late 1930s, with a particular focus on the diverse group that cowrote the 1938 stagnationist manifesto An Economic Program for American Democracy. After a discussion of how these young economists participated in the World War II mobilization, the chapter considers how questions of stagnation and military stimulus were marginalized during the years of the high Cold War, only to be revived by younger radicals. At the same time, it demonstrates the existence of a community of discourse that directly links the Old Left of the 1930s and 1940s with the New Left of the 1960s and 1970s, and cuts across the division between left-wing social critique and liberal statecraft.
The author examines the argument elaborated by Pigou in his Employment and Equilibrium. A Theoretical Discussion which was the first comprehensive answer Pigou gave to the…
The author examines the argument elaborated by Pigou in his Employment and Equilibrium. A Theoretical Discussion which was the first comprehensive answer Pigou gave to the analysis put forward by Keynes in his General Theory. The chapter consists of seven sections. In the first, the motivation of the chapter is outlined. In the second, third, and fourth sections, the author will concentrate on how Pigou elucidates the conditions necessary for an economic system to attain a short period flow equilibrium. In this context, the author elaborates an “open” macro model which can be “closed” in two different ways. The chapter will also present a diagrammatic analysis of Pigou’s theory in the two cases elucidating the structure and the working of the model. Differences with the author’s previous book (TU) related to (real/monetary) wage inflexibility and the importance of monetary factors are also described and discussed. Pigou however does not limit himself to deal with the short period but engages in an interesting discussion of the long period centered on the notion of stationary state that is the object of section five. In this way, he admits that Keynes’s theory is not limited, to the short run. In arguing along these lines, he comes close to describe what will be recognized later as the Pigou effect. A short comparison with the renewed stagnationist theory is sketched. The sixth section includes a brief discussion of the comparative statics and dynamic analyzes elaborated by Pigou. A final section including a few conclusions completes the chapter.
Total factor productivity.
The article broaches the important topic of the relationships between governance operationalizations and productivity at the start-up level. It proposes a new approach to…
The article broaches the important topic of the relationships between governance operationalizations and productivity at the start-up level. It proposes a new approach to reconnect the contingency factors to the optimization of productivity. This helps us to identify the changing characteristics that influence the determinants of decisions, actions and management of the technological projects of the mainly innovative enterprises.
The study uses techniques that effectively solve unobserved endogeneity and heterogeneity problems in enterprises: an empirical–structural design. With this method, this study enables rich empirical conceptualization and helps with extending theory. However, there is a need to further the research by taking into account the system analysis and the complexity of the research object: one of the options might be to explore a possible follow-up of the research through drawing on ethnostatistics and qualimetrics.
The analysis reveals that the phenomenon of technological project productivity in operational governance context is thus manifested by the coexistence of the applied governance configuration variables, the contingency factors operationalization, the optimizing productivity mechanisms and this with the secular innovation and stagnation and stagnation. Ceteris paribus, the governance operationalizations have an important role in the productivity of technological projects of the innovative enterprises.
This research is the first to mobilize as major determinants of the operationalization of governance, the oversight of the capital, the dividend strategy and the system control, the managerial follow-up, the detection of opportunistic behaviours and the application of governing incentives (among others) as governance configuration variables in order to highlight their interactions with productivity in the innovative firm technological projects. For this reason alone, the paper will be referenced by other authors in the future.
OECD long-run growth projections are predicated on the 'secular stagnation' argument.
Contrasts the methodologies and policy implications of therespective theories of John Maynard Keynes and Alvin Hansen. Keynes useda rationalistic epistemology and…
Contrasts the methodologies and policy implications of the respective theories of John Maynard Keynes and Alvin Hansen. Keynes used a rationalistic epistemology and deductive logic to deduce a pure theory of employment which implied that monetary policy would be an appropriate remedy for unemployment. Hansen used an empirical epistemology and inductive logic to formulate an applied theory of employment which explained the causes of the Great Depression in the USA. Hansen′s theory of secular stagnation implied that a compensatory fiscal policy would be an effective remedy for unemployment. The respective theories of Keynes and Hansen are complementary, rather than contradictory; therefore, social economists should utilize both of these theories under appropriate circumstances.
A collection of essays by a social economist seeking to balanceeconomics as a science of means with the values deemed necessary toman′s finding the good life and society…
A collection of essays by a social economist seeking to balance economics as a science of means with the values deemed necessary to man′s finding the good life and society enduring as a civilized instrumentality. Looks for authority to great men of the past and to today′s moral philosopher: man is an ethical animal. The 13 essays are: 1. Evolutionary Economics: The End of It All? which challenges the view that Darwinism destroyed belief in a universe of purpose and design; 2. Schmoller′s Political Economy: Its Psychic, Moral and Legal Foundations, which centres on the belief that time‐honoured ethical values prevail in an economy formed by ties of common sentiment, ideas, customs and laws; 3. Adam Smith by Gustav von Schmoller – Schmoller rejects Smith′s natural law and sees him as simply spreading the message of Calvinism; 4. Pierre‐Joseph Proudhon, Socialist – Karl Marx, Communist: A Comparison; 5. Marxism and the Instauration of Man, which raises the question for Marx: is the flowering of the new man in Communist society the ultimate end to the dialectical movement of history?; 6. Ethical Progress and Economic Growth in Western Civilization; 7. Ethical Principles in American Society: An Appraisal; 8. The Ugent Need for a Consensus on Moral Values, which focuses on the real dangers inherent in there being no consensus on moral values; 9. Human Resources and the Good Society – man is not to be treated as an economic resource; man′s moral and material wellbeing is the goal; 10. The Social Economist on the Modern Dilemma: Ethical Dwarfs and Nuclear Giants, which argues that it is imperative to distinguish good from evil and to act accordingly: existentialism, situation ethics and evolutionary ethics savour of nihilism; 11. Ethical Principles: The Economist′s Quandary, which is the difficulty of balancing the claims of disinterested science and of the urge to better the human condition; 12. The Role of Government in the Advancement of Cultural Values, which discusses censorship and the funding of art against the background of the US Helms Amendment; 13. Man at the Crossroads draws earlier themes together; the author makes the case for rejecting determinism and the “operant conditioning” of the Skinner school in favour of the moral progress of autonomous man through adherence to traditional ethical values.