According to Karl Marx, work should satisfy people and encourage creativity. But the capitalist production, the separation of labour and the exploitation of workers alienates them from their products.
Since Daniel Kahneman won the Nobel Memorial Price in Economic Sciences in 2002, a new branch of economics gained academic and popular interest. That is, the so-called area of behavioural economics. However, some scholars claim that this new area of economics is not changing much of the mainstream paradigm. Why?
In this paper the main developments in post-Keynesian macroeconomics since the mid- 1990s will be reviewed. For this purpose the main differences between heterodox economics in general, including post-Keynesian economics, and orthodox economics will be reiterated and an overview over the strands of post-Keynesian economics, their commonalities and developments since the 1930s will be outlined. This will provide the grounds for touching upon three important areas of development and progress of post-Keynesian macroeconomics since the mid-1990s: first, the integration of distribution issues and distributional conflict into short- and long-run macroeconomics, both in theoretical and in empirical/applied works; second, the integrated analysis of money, finance and macroeconomics and its application to changing institutional and historical circumstances, like the process of financialisation; and third, the development of full-blown macroeconomic models, providing alternatives to the mainstream 'New Consensus Model' (NCM), and allowing to derive a full macroeconomic policy mix as a more convincing alternative to the one implied and proposed by the mainstream NCM, which has desperately failed in the face of the recent crises.
Why did inflation lift of in 2022? Are there differences between the US and the Eurozone and if so, what are they?
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Este proyecto es presentado por la Network for Pluralist Economics (Netzwerk Plurale Ökonomik e.V.) y socios internacionales. Está comprometida con la diversidad y la independencia y depende de las donaciones de personas como tú. Donaciones regulares o puntuales serán muy apreciadas!