Keynes today. The reasons and wrongs of a difficult heritage in the crisis of globalized economy

Author/s Domenico Preti
Publishing Year 2013 Issue 2012/268-269
Language Italian Pages 35 P. 437-471 File size 365 KB
DOI 10.3280/IC2012-268004
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The reasons calling for a reflection on Keynes’s lesson come from the ascertained incapacity of the dominant economic theory - mainstream economics - to explain the causes of the increasingly severe cyclic instability which has characterized capitalism since the Seventies until nowadays great recession. After condemning Keynesian theory as heretical and consequently cancelling it out of economic debate and manuals, today’s orthodox economists, like their colleagues during the Great Depression, cannot explain the crisis nor can they suggest credible remedies against the resurgent plague of mass unemployment. Such is the premise of the profile the A. sketches of Keynes’s "unaccomplished revolution", with the purpose of pointing out both the intellectual limits of his reformative project and his absolutely original and innovative view of how to govern business cycles, wholly based on control of aggregate demand as a means to reach full employment.

Keywords: Dominant economic theory, cyclic instability, recession, mass unemployment, John Maynard Keynes, economic cycle control

Domenico Preti, Keynes oggi Le ragioni e i torti di una difficile eredità nella crisi dell’economia globalizzata in "ITALIA CONTEMPORANEA" 268-269/2012, pp 437-471, DOI: 10.3280/IC2012-268004