By L. Randall Wray, Mathew Forstater, INTERNATIONAL POST KEYNESIAN WORKSHOP 20
Unique articles via major students of put up Keynesian economics make up this authoritative assortment. present issues of the best curiosity are lined, equivalent to: views on present fiscal coverage; put up Keynesian ways to financial concept and coverage; fiscal improvement, progress and inflation; Kaleckian views on distribution; financial technique; and background of heterodox financial concept. The members discover various triumphing matters together with: salary bargaining and fiscal coverage within the EMU; the that means of cash within the web age; balance stipulations for small open economies; and monetary rules of sustainable improvement in international locations transitioning to a marketplace economic climate. different enduring concerns are tested during the lens of financial theorists - Kaleckian dynamics and evolutionary lifestyles cycles; a comparability among Keynes's and Hayek's fiscal theories; and an research of the ability of the company in line with the paintings of Joan Robinson, to call a number of. scholars and students of submit Keynesian economics and people with an curiosity in different heterodox faculties of proposal will locate this enlightening quantity a precious addition to their analyzing.
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Additional info for Contemporary Post Keynesian Analysis: Keyensian Analysis (Contemporary Post Keynesian Analysis)
Studies on gender and racial inequality, for instance, have shown that women and minorities seldom have the same access to government jobs or to benefits from publicly funded services (for example, higher education, subsidies and capital grants, and so on) (see, among others, Peterson, 2001). Therefore, in order to prevent wealth from becoming concentrated in the hands of a few (either because of their location, gender or race, and so on) and in order to make it truly ‘democratic’ in the sense invoked by Tocqueville (1835 ) and emphasized by Goodin (2001), governments must follow a policy based on public deficits and low interest rates while ensuring that their expenditures are spread evenly across the territory under their jurisdiction.
Others argue that the estate tax has redistributive effects in the sense that it encourages charitable donations (Soros, 2000) or that it constitutes a source of government revenue, which can be used to help the poor (Wolff, 1995; Galbraith, 2000). While I agree that the inheritance tax may encourage social and economic mobility and that it can be used to redistribute wealth, my analysis of the redistributive effects of taxation is fundamentally different from this widely held view. In my opinion, unless the inheritance tax involves dividing physical assets and giving parts thereof to the poor (such as in the case of an agrarian reform, estate and housing, and so on), it cannot have the ‘Robin Hood’ type of redistributive effects emphasized by others.
They are, in effect, underwriting the cost of bringing new products to market that ultimately become ubiquitous and available to everyone. Since it’s not much fun to be rich if everyone can enjoy the same products, the rich aid innovation by pushing the limit of what is possible, encouraging producers to meet their demand in return for large profits. But if the rich perform a valuable social function, must we conclude that they be allowed to pass on their wealth to their descendants and heirs? Does it necessarily follow that the inheritance and estate tax should be abolished?