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Introduction Introduction
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1. Australia 1. Australia
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Theorizing about Post-Keynesian Policy in Australia before The General Theory Theorizing about Post-Keynesian Policy in Australia before The General Theory
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Fiscal Policy Fiscal Policy
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Monetary Policy Monetary Policy
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Inflation and Incomes Policies Inflation and Incomes Policies
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Economic Growth Economic Growth
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2. New Zealand 2. New Zealand
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Notes Notes
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References References
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19 Theorizing About Post-Keynesian Economics in Australasa: Aggregate Demand, Economic Growth, and Income Distribution Policy
Get accessPaul Dalziel is Professor of Economics in the AERU research centre of Lincoln University, New Zealand.
J.W. Nevile is Emeritus Professor in the School of Economics at the University of New South Wales.
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Published:16 December 2013
Cite
Abstract
There was much in common in the development of post-Keynesian economics in Australia and New Zealand, but there were also many differences. Both countries shared a common heritage in higher education. In the first twenty-five years after World War II, both countries adopted broadly Keynesian policies and experienced very low levels of unemployment. Increasingly over these years more theorizing about macroeconomic policy had what now would be called a post-Keynesian content, but this label was not used till after the event. In both countries, apart from one important factor, the experience of actual monetary policy and theorizing about it were similar. Keynesian ideas were more rapidly adopted in Australia than in many other countries. Not surprisingly for a couple of decades after 1936, analysis of policy and its application was Keynesian rather than post-Keynesian, with fiscal policy playing the major role. The conduct of both monetary and fiscal policy depends on the theory of inflation. This chapter examines post-Keynesian economics in Australasia, focusing on aggregate demand, economic growth, and income distribution policy.
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