Government Debts and Inflation: Stumbling-Blocks in the Way of Keynesian Full Employment Policy

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: Government Debts and Inflation: Stumbling-Blocks in the Way of Keynesian Full Employment Policy

Author:: Steindl, Josef

Scope:: Typoskript, 10 Blätter, handschriftliche Anmerkung auf Seite 1, nummeriert

Year of publication:: 1976

Source material date:: [vermutlich um 1976]

Note:: Unveröffentlichtes Typoskript.

Topic:: Economic history,economic theory,current developments

JEL Classification:: E12 [General Aggregative Models: Keynes, Keynesian, Post-Keynesian]; H68 [Forecasts of Budgets, Deficits, and Debt]

Shelfmark:: S/M.59.5

Use and reproduction license:: In Copyright

Access:: Free access

DOI:: https://doi.org/10.48671/nls.js.AC14446133

Government Debts and Inflation: Stumbling-Blocks in the Way of Keynesian Full Employment Policy It has been maintained, or pretended, that Keynesian policies have failed because of obstacles which made them unworkable. Among these are most prominent foreign balance deficits, accumulating government debt and inflation. I do not really believe that these have been sufficient to cause the great change in economic trends and in people's outlook since 1974 (or earlier), but they are serious problems, and, apart from the foreign balance problems which all Keynesians have been fully aware of, and which depends entirely on international cooperation, they have not always been taken seriously enough. I. Let me begin with budget deficits. Kalecki used to argue that the burden of public debt, internally financed, was a problem of taxation only. The interest on it could be financed by a tax on wealth (or by an equivalent form of income tax - Kalecki's "modified income tax") and would therefore only involve a transfer of income between capitalists This is in principle, as true as it was then. But even if we suppose that the tax problem would be solved in Kalecki's spirit, the transfer would be from entrepreneur to rentier, thus from a functional to a non-functional group of capitalists

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