Title:

Determinants of economic activity - the keynesian perspective

Group publication title:

Argumenta Oeconomica

Creator:

Bludnik, Izabela

Subject and Keywords:

Keynesianism ; economic growth ; demand side ; supply side

Description:

Argumenta Oeconomica, 2008, No 1 (20), s. 19-30

Abstrakt:

The lack of effective demand is commonly treated as a cornerstone of Keynesian attitude towards the deterioration of economic activity and a drop in growth indexes. However, the Keynesian paradigm has been evolving for seventy years. Hence, the opinions concerning the causes of downturn should expose the same tendency. Actually, John M. Keynes and post-war Keynesians ascribed the economic problems to the demand side of market. Together with the development of Keynesianism the demand started to lose its meaning. Step by step it became a second-order factor influencing the economy only temporarily. It is the supply side that plays a much more important role nowadays. New Keynesians claim that in order to attain suitable growth indexes (high employment above all) one must remove the barriers and imperfections typical of supply side. Thus, identifying the term “Keynesian policy” with “demand policy” became ungrounded and misleading

Publisher:

Uniwersytet Ekonomiczny we Wrocławiu

Place of publication:

Wrocław

Date:

2008

Resource Type:

artykuł

Format:

application/pdf

Language:

eng

Relation:

Argumenta Oeconomica, 2008, No 1 (20)

Rights:

Wszystkie prawa zastrzeżone (Copyright)

Access Rights:

Dla wszystkich w zakresie dozwolonego użytku

Location:

Uniwersytet Ekonomiczny we Wrocławiu