By Philip Arestis, Malcolm Sawyer (eds.)
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Extra info for 21st Century Keynesian Economics
Keynesians understand that the neoclassical predictors project is based on several misguided initial assumptions. First, that in the context of a neoliberal policy environment, financial markets will selfregulate in a stabilizing manner provided that agents have access to information that reveals the economy’s vulnerability to crisis and are free to take the defensive actions that they deem warranted. In this view, the neoliberal financial regime is entirely inculpable in the financial instability and recurrent crises that have proliferated during the era of neoliberal reform.
From a Keynesian perspective, of course, there is no set of static, knowable fundamentals in the domain of investment decisions. As Keynes’s (1964) beauty contest and musical chairs analogies make clear, investment decisions are made in an environment of fundamental uncertainty, are driven by expectations and conventional wisdom, and are characterized by herd effects. Hence, when agents believe they are making rational investment decisions based on objective fundamentals, they fail to recognize that the identification of fundamentals is itself largely an interpretative exercise.
Despite the claims of neoclassical economists, a market-based allocation of capital is not a magic cure for inefficiency, waste, and corruption. 20 Financial Systems and Economic Development in the 21st Century Liberalization frequently changes the form, but not the level, of corruption or inefficiency. The situation of Russia after financial liberalization exemplifies this point, but the country is by no means exceptional in this regard (Kotz, 1997). For instance, research on Nigeria, South Korea, and South America describes quite persuasively the corruption that so often flourishes following financial liberalization (Crotty and Lee, 2004; Lewis and Stein, 1997).
21st Century Keynesian Economics by Philip Arestis, Malcolm Sawyer (eds.)