By P. Davidson
The 4th quantity of Davidson's significant contributions to the economics and coverage debates of our occasions, this booklet comprises articles, newspaper columns and papers that specify why Keynes's common conception , as built through put up Keynesian theorists, offers vital coverage implications for the industrial difficulties of the twenty first century worldwide financial system.
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Extra info for Interpreting Keynes for the 21st Century: Volume 4: The Collected Writings of Paul Davidson
Example text
The results are episodes of international liquidity crises. S. The Economist magazine (January 6, 1990) indicated that the decade of the 1980s will be noted as one in which lithe experiment with floating currencies failed". Almost two years earlier (February 17, 1987), the Financial Times admitted that "floating exchange rates, it is now clear, were sold on a false prospectus. .. they held out a quite illusory promise of greater national autonomy.... [but] when macro policies are inconsistent and when capital is globally mobile, floating rates cannot be relied upon to keep the current accounts roughly in balance".
These problems are particularly relevant for understanding the current international payments relations that involve liquidity, perSistent and growing debt obligations, and the importance of stable rather than flexible exchange rates. An example of the sanguine classical response to Post Keynesians raising these issues is Professor Milton Friedman's (1974, p. 151) response to me in our "debate" in the literature. Friedman stated: "A price may be flexible ... yet be relatively stable, because demand and supply are relatively stable over time ....
9 percent respectively. The higher population growth of the LDCs caused the lower per capita income growth. Since the abandonment of the fixed exchange rate system in 1973, there has been a steady deterioration in labor union power and legislation regulating safety in the workplace, and, in most OECD nations, the scope of the welfare state has been reduced substantially. Yet OECD growth since 1973 is approximately half of what it was during the pre1973 Bretton Woods period and not much better than the experience of the 19th and earlier 20th century.