ABSTRACT OF PAPER
Title: The determinants of economic growth - Keynesian perspective
Author:
The lack of effective demand is commonly treated as a cornerstone of Keynesian attitude towards the deterioration of economic activity and a drop in the growth indexes. However, the Keynesian paradigm has been evolving for seventy years. Hence, the opinions concerning the causes of the downturn should expose the same tendency. Actually, John M. Keynes and most of post-war Keynesians ascribed the economic problems to the demand side of the market. Together with the development of Keynesianism the demand started to loose its meaning gradually. Step by step it became a second-order factor influencing the economy only temporary. It is the supply side that plays much more important role, nowadays. In the result New Keynesians claim that in order to attain suitable growth indexes (high employment above all) one must remove the barriers and imperfections typical of the supply side. Thus, identifying the term “Keynesian policy” with “demand policy” became inappropriate.
Registred web users only can download this paper - Go back
Please note that files available for download have not been checked for viruses. These files have been submitted by authors of the conference to this web site. Conference organisers can't accept any responsibility for damages caused to users by downloading such files.