TY - UNPB
T1 - H.P. Minsky and policies to countervail crises
AU - Mastromatteo, Giuseppe
PY - 2011
Y1 - 2011
N2 - The paper examines Minsky’s reflections on policies designed to act as a countervailing force
against crises by fostering “responsible” Big Government, in which the role of the State is
profoundly revised and directed towards full and stable non-inflationary employment, and also
enabled to sustain consumption and economic growth over time. The aim of this study is to assess
the effectiveness of State-established structural direct job creation programs, enacted during severe
recessions as a means of achieving full employment without disruptive consequences such as price
instability, inefficiency of the public apparatus, unsustainable public and foreign debts. In-depth
investigation of Minsky’s perspective highlights that well-focused full employment programs are
important to counter inadequacy of effective demand; but if they are to be feasible and financially
sustainable they must also improve the productivity of individuals and economic systems in the
medium term.
AB - The paper examines Minsky’s reflections on policies designed to act as a countervailing force
against crises by fostering “responsible” Big Government, in which the role of the State is
profoundly revised and directed towards full and stable non-inflationary employment, and also
enabled to sustain consumption and economic growth over time. The aim of this study is to assess
the effectiveness of State-established structural direct job creation programs, enacted during severe
recessions as a means of achieving full employment without disruptive consequences such as price
instability, inefficiency of the public apparatus, unsustainable public and foreign debts. In-depth
investigation of Minsky’s perspective highlights that well-focused full employment programs are
important to counter inadequacy of effective demand; but if they are to be feasible and financially
sustainable they must also improve the productivity of individuals and economic systems in the
medium term.
KW - crises, policies, Big Government, ELR programs
KW - crises, policies, Big Government, ELR programs
UR - http://hdl.handle.net/10807/8202
UR - http://www.unicatt.it/istituti/economiafinanza/quaderni/ief0102.pdf
M3 - Working paper
BT - H.P. Minsky and policies to countervail crises
ER -