Post-Keynesian Essays from Down Under Volume II: Essays on Policy and Applied Economics

'The 29 incisive essays in this book will be of great interest not only to Australians but to everyone concerned with the constraints on progressive economic policy in a small open economy. The four distinguished authors cover a wide range of topics, from unemployment and inflation to financial crises and the economics of imperialism. In an age when old truths have been forgotten, and ancient fallacies revived, the lucid Post Keynesian arguments of Halevi, Harcourt, Kriesler and Nevile deserve to reach a very wide audience.' J.E. King, La Trobe University and Federation University Australia, Australia 'With this second volume of Post-Keynesian Essays from Down Under Halevi, Harcourt, Kriesler and Nevile have provided us with yet another marvel of collective brilliance 'made in Australia': Spanning core policy debates across several decades and four continents, these influential papers are a tour de force in what sets apart Post-Keynesianism, at its best, from presently dominant economic paradigms: Policy analysis properly grounded in theory, theory properly grounded in history and both, applied and theoretical analyses, stringently focused on how best to improve the lives of ordinary people. A wonderful and inspiring read all around, full of small gems of historical detail and as utterly relevant now as at the various times of writing the individual contributions.' Stephanie Blankenburg, Department of Economics, School of Oriental and African Studies (SOAS), UK

Joseph Halevi was born 1946 in Haifa, then British Palestine. An Alama Mater University of Rome La Sapienza, he began teaching economics at the New School of Social Research in New York and later at Rutgers University. He has a permanent appointment at the University of Sydney. He was Visiting Professor at the University of Connecticut and regularly in France at the Universities of Grenoble, Nice and Amiens. He has authored many books and contributed to the first edition of The New Palgrave Dictionary of Economics in 1987 and co-edited Beyond the Steady State with Macmillan in 1992, among others. G. C. Harcourt was born in Melbourne, Australia in 1931. He was a graduate of the Universities of Melbourne and Cambridge. He has worked mainly at Adelaide (1958 to 1985) and Cambridge (1964 to 1966; 1972 to 1973; 1980; 1982-2010). He is now Visiting Professorial Fellow at UNSW Australia. He has authored or edited 29 books and over 360 articles, notes, chapters in books and reviews. His books include Some Cambridge Controversies in the Theory of Capital (1972), The Structure of Post-Keynesian Economics (2006), (with Prue Kerr) Joan Robinson (2009) and (jointly edited with Peter Kriesler) The Oxford Handbook of Post-Keynesian Economics (2013). Peter Kriesler currently teaches in the School of Economics at the University of New South Wales. He also organizes the Annual Australian Society of Heterodox Economists Conference, which is now in its fourteenth year. Peter's main publications are in the areas of history of economic thought, heterodox economics, the Australian economy, labour economics, and economic perspectives on human rights. J. W. Neville is Emeritus Professor at the University of New South Wales in Sydney, Australia. He has published extensively on fiscal policy, macroeconomic policy in general, economics and ethics, and the history of economic thought. He has served on a number of statutory authorities and government enquiries.

List of Figures List of Tables Preface 1. Tools of choice for fighting recessions Nevile and Kriesler 2. Macroeconomic impacts of globalization Kriesler and Nevile 3. Exchange rates and the macroeconomy in an era of global financial crises, with special reference to Australia Kriesler, Nevile and Harcourt 4. A critique of the New Consensus View of monetary policy Kriesler and Marc Lavoie 5. The current financial crisis: causes and policy Kriesler 6. The current crisis has a silver lining Nevile 7. The ABC of G and T Harcourt 8. The systemic downside of flexible labour market regimes: Salter revisited Harcourt 9. Political aspects of buffer stock employment Kriesler and Halevi 10. How voluntary is unemployment? Two views of the Phillips curve Nevile Australia 11. A simple econometric model of the Australian economy Nevile 12. Can Keynesian policies stimulate growth in output and employment? Nevile 13. Australian economic growth: a structural perspective (a preliminary report) Halevi and Kriesler 14. Corporatism in Australia Kriesler and Halevi 15. Structural change and economic growth Halevi and Kriesler 16. Why Keynesian policy was more successful in the fifties and sixties than in the last twenty years Nevile and Kriesler 17. The share of wages in income in Australia Nevile 18. Inflation in Australia: causes and cures Nevile 19. The effects of immigration on unemployment Nevile 20. The effects of the immigration of low-skilled workers on unemployment Nevile and Kriesler 21. Why privatize airports? Kriesler World Economy 22. Asia, Japan and the internationalization of effective demand Kriesler and Halevi 23. History, politics, and effective demand in Asia Halevi and Kriesler 24. Stagnation and economic conflict in Europe Halevi and Kriesler 25. The changing patterns of accumulation and realization in East Asia since the 1990s Halevi and Kriesler 26. The accumulation process in Japan and East Asia as compared with the role of Germany in European post-war growth Halevi 27. The EMS and the Bundesbank in Europe Halevi 28. The Argentine crisis Halevi 29. Imperialism today Halevi