Template-Type: ReDIF-Paper 1.0
Author-Name: Giuseppe Mastromatteo
Author-X-Name-First: Giuseppe
Author-X-Name-Last: Mastromatteo
Author-Email: giuseppe.mastromatteo@unicatt.it
Author-Workplace-Name: DISCE, Università Cattolica
Title: H.P. MINSKY AND POLICIES TO COUNTERVAIL CRISES
Abstract: 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.
Length: 33
Creation-Date: 2011-06
File-URL: http://www.unicatt.it/Istituti/EconomiaFinanza/Quaderni/ief0102.pdf
File-Format: Application/pdf
File-Function: First version, 2011
Number: ief0102
Classification-JEL: B22; E62; J68.
Keywords: crises, policies, Big Government, ELR programs.
Handle: RePEc:ctc:serie3:ief0102