Two unambiguous phenomena have characterized the environment in which the global crisis has spread: a thirty–year increase in the profit share and a significant increase in the ‘degree of financiarisation’. Dominant economic theory does not seem suitably equipped to provide solid benchmarks for orientating a normative analysis on these aspects. This paper will analyze the two mentioned phenomena in light of an alternative paradigm, based on Classical and Keynesian lines, with the purpose of not only highlighting the two specific issues but also outlining a normative framework based on the Classical–Keynesian approach to political economy.
Bellino, E., Employment and income distribution from a classical-Keynesian point of view -- Some tools to ground a normative analysis, in Brancaccio, E., Fontana, G. (ed.), The Global Economic Crisis - New persectives on the critique of economic theory and policy, Routledge, London 2011: 298- 315 [http://hdl.handle.net/10807/6864]
Employment and income distribution from a classical-Keynesian point of view -- Some tools to ground a normative analysis
Bellino, Enrico
2011
Abstract
Two unambiguous phenomena have characterized the environment in which the global crisis has spread: a thirty–year increase in the profit share and a significant increase in the ‘degree of financiarisation’. Dominant economic theory does not seem suitably equipped to provide solid benchmarks for orientating a normative analysis on these aspects. This paper will analyze the two mentioned phenomena in light of an alternative paradigm, based on Classical and Keynesian lines, with the purpose of not only highlighting the two specific issues but also outlining a normative framework based on the Classical–Keynesian approach to political economy.
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