What is New Since Keynes?

Steindl, Josef

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Document type:: Works

Collection:: Josef Steindl Collection

Title:: What is New Since Keynes?

Author:: Steindl, Josef

Scope:: Typoskript, 17 Seiten mit handschriftlichen Anmerkungen und Anstreichungen

Year of publication:: ohne Datum

Language:: English

Note:: Entstehungszeitraum vermutlich zwischen 1983 und 1990. Erstveröffentlichung des Bezugswerkes von Fausto Vicarelli auf Italienisch: L’Attualità di Keynes. Roma: Laterza, 1983.

Topic:: Firm and market structure

JEL Classification:: E12 [General Aggregative Models: Keynes, Keynesian, Post-Keynesian]

Shelfmark:: S/M.76.1

DOI:: https://doi.org/10.48671/nls.js.AC14446232

7 ■ vl>l ^wCl, As a mere side remark it may be observed that the welfare state has in a way by its automatic stabilisation contributed to a relatively high degree of tolerance against unemployment and restrictive ( monetatistic ) policy: By protecting the business from the worst effects of the recession which are instead taken by the budget the edge of the opposition against recession policies has been blunted. At the same time the better protection of at least some of the unemployed against great income loss has led to a weakening of the response also here. U Ki SUvwt- 4 j It should not be forgotten that hte budgetary situation at present ismade much worse by the interest policy (prbbably the most important effect of monetarism is on the budget). An OECD table recently showed that without interest on the public debt almost all countries in the last ten years or so (except one year) showed practically no deficits. fSut the full employment budget probably has been over extended and the complaints about taxation cannot be brushed aside from a long run policy point of view. . Wv-c- -iyt, > l ' e ; Feldstein notes tow reasons^: Financial implication of legislation was sometimes not suffiently calculated (entitlements) and spending was based on an expectation of growth which was subsequently not realised. 4^ The suspicion that public services lack sufficiet planning and efficiency cannot be easily dismissed. P” One of the aims of welfare policies, by and large, seems to have been missed: The aim of re-distribution of income In practice welfare services, it appears, are largely paid out of taxes on mass incomes and mass consumption. See Ljj .Nicholson, Redistribution of income in the United Kingdom in 1959,1957 and 1953. Londoh 1965

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