Spekulationsblasen einfach erklärt

The principle of effective demand, and the claim of its validity for a monetary production economy in the short and in the long run, is the core of heterodox macroeconomics, as currently found in all the different strands of post-Keynesian economics (Fundamentalists, Kaleckians, Sraffians, Kaldorians, Institutionalists) and also in some strands of neo-Marxian economics, particularly in the monopoly capitalism and underconsumptionist school In this contribution, we will therefore outline the foundations of the principle of effective demand and its relationship with the respective notion of a capitalist or a monetary production economy in the works of Marx, Kalecki and Keynes. Then we will deal with heterodox short-run macroeconomics and it will provide a simple short-run model which is built on the principle of effective demand, as well as on distribution conflict between different social groups (or classes): rentiers, managers and workers. Finally, we will move to the long run and we will review the integration of the principle of effective demand into heterodox/post-Keynesian approaches towards distribution and growth.

Keen first compares neoclassical approaches to modelling with heterodox ones. Then he discusses in length the required assumptions and the inconsistencies of the aggregate demand and supply model, which is extrapolated from a micro perspective. At the end some dynamic models with feedback mechanisms are shown.

In this Blog-Post on developmenteconomics.org, Christina C. Laskaridis, PhD candidate in Economics at SOAS, elaborates on the economic fallout of the corona pandemic and especially its impact on the Global South. The author focuses in particular on the issue of debt moratoria and debt restructuring and the measures by the G20 and the IMF.

The authors analyse the role and effects of the US dollar as factual global reserve currency. They demonstrate that a flight into the dollar creates adverse effects for the global economy as it represents a tightening of financial conditions.