Post-Keynesian Macroeconomic Foundations for Comparative Political Economy

Stockhammer, Engelbert

doi:10.1177/00323292211006562

Cited by 25 publications

(13 citation statements)

References 51 publications

(56 reference statements)

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“…As the restrictions are being lifted and trade and travel will be returning to normal, the supply chains will be "rebuilt". However, as shown by the secular stagnation that followed the global financial crisis, the effects of a demand shock are long-lasting, with fiscal policy being a very effective tool to tackle them (Stockhammer, 2021).…”

Section: Conclusion and Discussionmentioning

confidence: 99%

Social Protection after the Pandemic: Lessons Learned from the Eurozone Crisis

Emmanouil-Kalos

Prokakis

2021

HAPScPBS

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As vaccinations against Covid-19 move forward and the health crisis will eventually reside, focus will ultimately turn solely on the economic consequences of the pandemic. Having faced a serious economic turmoil during the past decade and with the perceptions about the role of the welfare state having changed drastically in the meantime, the European Union needs to learn from its mistakes in dealing with such crises and ensure sustainable recovery for its members. In this paper, the correlation between social protection expenditure, income inequality and poverty is examined, as well as the GDP and the employment rates, using the Eurostat database for the period 2007 -2017 (subject to data availability). By attempting to identify the mechanisms that could lead to such results, the aim of the policy brief is to paint a realistic picture of the role of social protection in the European economies. Among other things, the results show that social protection expenditure correlates positively with employment rates and the GDP per capita, and negatively with income inequality and poverty. We conclude that the welfare state retrenchment during the Eurozone crisis deepened the recession and probably led to long-term adverse effects, broadening the gap between the North and the South. Building on the measures taken during the pandemic to protect employment and the economy, post-pandemic recovery policies should focus on rebuilding strong welfare states, directly create jobs and aim at the convergence of the economies through expansionary policies and growth.

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Section: Conclusion and Discussionmentioning

confidence: 99%

Social Protection after the Pandemic: Lessons Learned from the Eurozone Crisis

Emmanouil-Kalos

Prokakis

2021

HAPScPBS

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“…Restrictive fiscal policy is reported and considered unhelpful, but plays no independent role in the escalation of the Euro crisis. Stockhammer (2022) provides a general discussion of CPE from a PK perspective. He identifies financialisation, financial cycles, the understanding of neoliberal growth models and the political economy of central banks as areas where PKE can provide specific insights for CPE.…”

Section: Comparative Political Economy and Varieties Of Capitalismmentioning

confidence: 99%

Learning from distant cousins? Post-Keynesian Economics, Comparative Political Economy, and the Growth Models approach

Stockhammer

Köhler

2022

Review of Keynesian Economics

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Since the global financial crisis there has been growing interest in Post-Keynesian macroeconomic theory by political economists. In particular, the recent Growth Models approach in Comparative Political Economy (CPE) draws heavily on Kaleckian macroeconomics of demand regimes. This paper, firstly, traces the disintegration of nineteenth-century political economy and highlights that many streams within heterodox economics are a continuation of the political economy project, as are the sub-fields of CPE and International Political Economy in the social sciences. Secondly, the paper gives an overview of the Growth Models approach and its relation to Post-Keynesian Economics (PKE). It clarifies different strategies of identifying growth models empirically, namely GDP growth decomposition versus analysing growth drivers, and it highlights changes in growth models since the global financial crisis. Finally, it identifies opportunities and challenges that emerge from a continued engagement of PKE with political economy and with CPE in particular.

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“…Par la suiteBaccaro et Pontusson (2019) ont réitéré leur préférence pour les modèles post-keynésiens, notamment leur modèle de croissance et répartition et leur analyse des relations conflictuelles de la répartition, au détriment des modèles plus orthodoxes des économistes nouveaux keynésiens comme Carlin et Soskice, lesquels revendiquent aussi leur capacité à expliquer les trajectoires des différents régimes d'économies capitalistes. Quelques post-keynésiens ont à leur tour participé au débat en cherchant à enrichir les classifications proposées par Baccaro et Pontusson, notamment en y ajoutant les enjeux associés à la mondialisation et aux problèmes de balance de paiements, ainsi que les enjeux liés à la financiarisation des économies contemporaines et à leur instabilité financière, sans oublier les relations de pouvoir et l'économie politique des banques centrales(Hein et al 2021 ;Stockhammer, 2021).L'économie post-keynésienne, une pensée hétérodoxe méconnue ? Revue Interventions économiques, 67 | 2022…”

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