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Title:A Post Keynesian theory of economic policy - filling a void PDF Logo
Authors:Heise, Arne
Issue Date:2008
Series/Report no.:Arbeitspapiere für Staatswissenschaft 28
Abstract:The traditional theory of economic policy of the Tinbergen-Theil-type has come under severe criticism: in the ontological setting of the New Classical Macroeconomics based on the Rational Expectations Hypothesis (REH), economic policy is ineffective or neutral with respect to real variables. In the ontological setting of Hayekian economics based on informational deficiencies, economic policy is without orientation and, therefore, more harm- than helpful. Therefore, both criticisms are united in their rejection of state interventions. In this paper, a Post Keynesian alternative will be presented which is situated between nomocratic abstinence and teleological controllability.
Subjects:economic policy
Post Keynesianism
policy coordination
Document Type:Working Paper
Appears in Collections:Arbeitspapiere für Staatswissenschaften - Working Papers on Economic Governance, FB Sozialökonomie der Universität Hamburg

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