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On the Relevance of Keynesian Macroeconomics: A Reappraisal

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Abstract

Fausto Vicarelli’s interest in Keynes in the 1970s stemmed from his passion for economic policy, from his conviction that macroeconomic policy was important and had a lot more to accomplish than the minor role it was assigned by the emerging new classical macroeconomics, which he strongly opposed. In particularly he stressed the stabilizing function of macroeconomic policy, as he was convinced that Keynes was right in denouncing that the spontaneous dynamics of flexible prices had an inherently destabilizing nature in the capitalist system. Because of this conviction, Vicarelli was very reluctant toward the neoclassical synthesis, according to which unemployment was basically due to inadequate price flexibility.

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Authors
  1. Ignazio Musu
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  2. Antonio Pedone
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Editor information

Editors and Affiliations

  1. University of Rome ‘La Sapienza’, Italy

    Giancarlo Gandolfo (Professor of International Economics) & Ferruccio Marzano (Professor of Development Economics) (Professor of International Economics) &  (Professor of Development Economics)

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© 1999 Palgrave Macmillan, a division of Macmillan Publishers Limited

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Musu, I., Pedone, A. (1999). On the Relevance of Keynesian Macroeconomics: A Reappraisal. In: Gandolfo, G., Marzano, F. (eds) Economic Theory and Social Justice. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-26981-5_5

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