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dc.contributor.authorTcherneva, Pavlina R.en
dc.date.accessioned2010-05-14T11:09:48Z-
dc.date.available2010-05-14T11:09:48Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/31663-
dc.description.abstractThis paper argues that John Maynard Keynes had a targeted (as contrasted with aggregate) demand approach to full employment. Modern policies, which aim to close the demand gap,” are inconsistent with the Keynesian approach on both theoretical and methodological grounds. Aggregate demand tends to increase inflation and erode income distribution near full employment, which is why true full employment is not possible via traditional pro-growth, pro-investment aggregate demand stimuli. This was well understood by Keynes, who preferred targeted job creation during expansions. But even in recessions, he did not campaign for wide-ranging aggregate demand stimuli; this is because different policies have different employment creation effects, which for Keynes was the primary measure of their effectiveness. There is considerable evidence to argue that Keynes had an on the spot” approach to full employment, where the problem of unemployment is solved via direct job creation, irrespective of the phase of the business cycle.en
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x542en
dc.subject.jelE01en
dc.subject.jelE12en
dc.subject.jelE62en
dc.subject.jelB31en
dc.subject.ddc330en
dc.subject.keywordJohn Maynard Keynesen
dc.subject.keywordpublic worksen
dc.subject.keywordfiscal policyen
dc.subject.keywordfull employmenten
dc.subject.keywordaggregate demanden
dc.subject.keywordtargeted demanden
dc.subject.keyworddemand gap analysisen
dc.titleKeynes's approach to full employment: aggregate or targeted demand?-
dc.typeWorking Paperen
dc.identifier.ppn585087695en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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