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Articles on Keynesianism

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Women wait in line to fill buckets from a communal clean tap in Masiphumelele, Cape Town, South Africa. The country has extremely high levels of inequality. Nic Bothma/Reuters

Why inequality will not be fixed with Pikettian posturing and distorted data

Thomas Piketty’s visit reminds us of the need to reconsider South African inequality-fibbery. His inequality critique is vital, but only if it can withstand the neoliberal embrace.
The Global South is engineering new anti-poverty strategies, leaving traditional left analysts in a quandry. Reuters/Nacho Doce

The study of inequality has been mainstreamed – what now for the left?

Could the surge of worker and popular resistance worldwide provide the global trade union movement with an opportunity to take the lead in developing a broad coalition of social forces?
We need entrepreneurs with vision beyond the current reporting period.

Long-term growth is the victim of short-term buyback schemes

When Lord John Maynard Keynes wrote “In the long run we are all dead”, he was not just expressing his frustration at mainstream economists who blindly believed in self-adjusting markets. I am convinced…
Every treasurer should be aware of the ultimate cost of government spending to taxpayers. Alan Porritt/AAP

In defence of fiscally conservative treasurers

Many highly distinguished economists such as my friend Geoff Harcourt come from what is commonly known as the Post-Keynesian school. This means they believe the theory of economics and fiscal policy applied…
How well-placed is Tony Abbott’s new government to tackle the economic issues facing Australia, both domestically and internationally? AAP/Rob Griffith

Tony Abbott: the situational Keynesian

Tony Abbott became prime minister on Saturday by promising to lead an adult government of competence and stability after years of Labor infighting and backflips. Policy details and bankable pledges were…
George Soros says it is necessary to redefine the assumptions and axioms on which economic theory is based. AAP

The end of economics as we know it? Don’t bet on it

According to billionaire George Soros, co-founder of the Institute for New Economic Thinking, proving the bankruptcy of traditional economic theory is “mission accomplished” and it is now time to determine…
In aiming for a deficit in 2013-14, Treasurer Wayne Swan has made a future surplus more likely. AAP

Deficit hysteria debunked: in the long run, Keynes was right

Recent years have demonstrated the enduring strength of a core Keynesian insight: deficit spending may result in higher growth and enable states to move more quickly into surplus. In this light, Australian…

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