Biblioteca Digital de VanguardiaAre keynesian ideas applicable to the long run? Some theoretical reflections and an illustrative model
This paper presents a model intended to show that the most important Keynesian idea, the principle of effective demand, cannot be only applied to short terms, in which some prices are fixed or sticky; but also to long terms where prices are perfectly flexible and empty the market, firms increase the...
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| Formato: | Revistas |
| Lenguaje: | Español |
| Publicado: |
Universidad de Cartagena
2015
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| Acceso en línea: | https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/1380 |
| _version_ | 1782340305538777088 |
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| author | Missaglia, Marco |
| author_facet | Missaglia, Marco |
| author_sort | Missaglia, Marco |
| collection | Revista |
| description | This paper presents a model intended to show that the most important Keynesian idea, the principle of effective demand, cannot be only applied to short terms, in which some prices are fixed or sticky; but also to long terms where prices are perfectly flexible and empty the market, firms increase their profits, and where the functional income distribution depends on marginal productivities. Moreover, we will show that the Keynesian nature of a model does not depend on its results, in some cases lowering wages is a good policy and in others it is not. In some cases, the paradox of thrift stands out in the long run and in some others it does not; instead, this nature depends on incorporating (or not) the notion of autonomous demand. To conclude, we will support the idea stating that the way in which monetary wages (and flexibility) are addressed in the General Theory is not applicable to the financialized world, where we live |
| format | Revistas |
| id | oai:revistas.unicartagena.edu.co:article-1380 |
| institution | Revista Panorama Económico |
| language | Español |
| publishDate | 2015 |
| publisher | Universidad de Cartagena |
| record_format | ojs |
| spelling | oai:revistas.unicartagena.edu.co:article-13802020-04-17T08:45:26Z Are keynesian ideas applicable to the long run? Some theoretical reflections and an illustrative model ¿Se pueden aplicar las ideas Keynesianas al largo plazo? Unas reflexiones teóricas y un modelo ilustrativo Missaglia, Marco Keynesian economics Teaching of Economics Wage flexibility Economía keynesiana enseñanza de la economía flexibilidad salarial This paper presents a model intended to show that the most important Keynesian idea, the principle of effective demand, cannot be only applied to short terms, in which some prices are fixed or sticky; but also to long terms where prices are perfectly flexible and empty the market, firms increase their profits, and where the functional income distribution depends on marginal productivities. Moreover, we will show that the Keynesian nature of a model does not depend on its results, in some cases lowering wages is a good policy and in others it is not. In some cases, the paradox of thrift stands out in the long run and in some others it does not; instead, this nature depends on incorporating (or not) the notion of autonomous demand. To conclude, we will support the idea stating that the way in which monetary wages (and flexibility) are addressed in the General Theory is not applicable to the financialized world, where we live El modelo que se construye en este artículo quiere mostrar que la más importante idea Keynesiana, el principio de la demanda efectiva, no se aplica solamente a un corto plazo en el que unos precios son fijos o rígidos. También se aplica a un largo plazo en el que los precios son perfectamente flexibles y vacían el mercado, las firmas maximizan sus ganancias y la distribución funcional del ingreso depende de las productividades marginales. También se muestra que la naturaleza Keynesiana de un modelo no depende de sus resultados – en unos casos bajar los salarios es una buena idea y en otros no lo es; en unos casos la paradoja del ahorro vale en el largo plazo y en otros no vale – sino del hecho de incorporar (o no incorporar) la noción de demanda autónoma. Para terminar, se le da un sustento a la idea de que la forma en la que se trata el asunto de los salarios monetarios (y su flexibilidad) en la Teoría General no se puede aplicar al mundo "financiarizado" en el que estamos. Universidad de Cartagena 2015-09-01 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/1380 10.32997/2463-0470-vol.23-num.1-2015-1380 Panorama Económico Journal; Vol. 23 (2015); 17-30 Panorama Económico; Vol. 23 (2015); 17-30 Panorama Económico; v. 23 (2015); 17-30 2463-0470 0122-8900 10.32997/2463-0470-vol.23-num.1-2015 spa https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/1380/1274 /*ref*/Hein, E. (2014), Distribution and Growth After Keynes: A Post-Keynesian Guide, Cheltenham, UK and Northampton, MA, USA: Edward Elgar /*ref*/Kalecki, M. (1937), "The principle of increasing risk", Economica, 4 (76), November, 441-7 /*ref*/Keynes, J. M. (1936). The general theory of employment, interest and money. London: Macmillan /*ref*/Kregel, J. A., (1986). "Shylock and Hamlet ore are there bulls and bears in the circuit?". Economies et Sociétés, 20 (8), 11-22. /*ref*/Lavoie, M. (2014), Post-Keynesian Economics. New Foundations, Cheltenham, UK and Northampton, MA, USA: Edward Elgar /*ref*/Robinson, J. (1962), Essays in the Theory of Economic Growth, London: Macmillan Derechos de autor 2015 Panorama Económico |
| spellingShingle | Missaglia, Marco Are keynesian ideas applicable to the long run? Some theoretical reflections and an illustrative model |
| title | Are keynesian ideas applicable to the long run? Some theoretical reflections and an illustrative model |
| title_full | Are keynesian ideas applicable to the long run? Some theoretical reflections and an illustrative model |
| title_fullStr | Are keynesian ideas applicable to the long run? Some theoretical reflections and an illustrative model |
| title_full_unstemmed | Are keynesian ideas applicable to the long run? Some theoretical reflections and an illustrative model |
| title_short | Are keynesian ideas applicable to the long run? Some theoretical reflections and an illustrative model |
| title_sort | are keynesian ideas applicable to the long run? some theoretical reflections and an illustrative model |
| url | https://revistas.unicartagena.edu.co/index.php/panoramaeconomico/article/view/1380 |