In this chapter I analyze and up-date the contributions by Keynes and Kalecki on the destabilizing role of wage and price flexibility and I try to emphasize the similarities between them as founding fathers of the post-keynesian’s critical appraisal of self-balancing mechanisms. To do so, I also outline the role of Fisher’s effect in contrast to Pigou’s effect on income and employment.
Two founding fathers of the post-keynesian's critical appraisal on self-balancing mechanisms?
SAU, Lino
2008-01-01
Abstract
In this chapter I analyze and up-date the contributions by Keynes and Kalecki on the destabilizing role of wage and price flexibility and I try to emphasize the similarities between them as founding fathers of the post-keynesian’s critical appraisal of self-balancing mechanisms. To do so, I also outline the role of Fisher’s effect in contrast to Pigou’s effect on income and employment.
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