Post-Keynesian economics is the basis of the current anti-cyclical, anti-crisis, pro-development socio-economic policies. I described these issues in my publications below.
In the context of the slowdown in global economic growth forecasted in 2019, the following key question appears:
What kind of instruments of interventionist, Keynesian, anti-crisis, pro-development socio-economic policy should be used in the period of slowdown in the country's economic growth?
More and more macroeconomic analyzes indicate that in 2019 a slowdown in economic growth will appear in many countries. In order to limit the scale of the decline in growth or absolute economic decline, the governments of individual countries try to activate economic processes and consumption using various instruments of socio-economic policy.
In my opinion, the improvement of pro-development instruments of socio-economic policy is particularly important in a situation of a downturn in the economy.
Currently, this issue is particularly important in connection with the forecasted decline in the rate of economic growth in 2019.
In my opinion, post-Keynesianism has been used in practice many times in countries when leaving deep economic crises. Until now, post-Keynesianism has been used to a large extent in many countries to restore the entire national financial systems and, indirectly, entire economies and to save the selected major manufacturing enterprises and financial institutions from the bankruptcy of the global financial crisis in autumn 2008.
The economy was restored to balance at the expense of increasing budget deficits in national public finances. New formulas of post-keyism were applied under state intervention. Paradoxically, the potential consequences of the potential deepening of the global financial and economic crisis in the event that this state intervention is not applied are unknown.
Probably the crisis would be much deeper, more socially costly and would last much longer. this type of assumption determines that post-Keynesian instruments of state intervention are used almost without restrictions, ie according to the proverb: "the end justifies the means". In this assumption, theoretical foundations become a secondary element, added according to anti-crisis, anti-cyclical interventionist, and active economic policy. I conducted research and wrote scientific publications on this topic.
Do you agree with my opinion on this matter?
In connection with the above, I am asking you:
- What anti-crisis instruments of Keynesian state intervention in the framework of an active socio-economic policy are applied in your country in order to limit the scale of the forecasted slowdown in economic growth in 2019?
- What kind of instruments of interventionist, Keynesian, anti-crisis, pro-development socio-economic policy should be used in the period of slowdown in the country's economic growth?
- Does government co-financed by the state budget, national housing development programs as part of housing policy, be an important element of anti-crisis, pro-development socio-economic policy as an effective instrument for reviving economic processes and improving the economic slowdown in the global economy?
- Do you know examples of countries where in recent years new concepts of pro-development, anti-crisis, Keynesian socio-economic policy have been implemented and developed, used to improve the country's economic growth, which have been developed and described in scientific publications in recent years?
- What kind of instruments of socio-economic policy have been applied with the positive effects of a significant improvement of the country's economic growth?
- What new concept of pro-development, anti-crisis, Keynesian socio-economic policy has been implemented and why?
- What positive effects on the functioning of the economy have been achieved by using a specific concept of socio-economic policy?
- Is the importance of improving the pro-development and anti-crisis concept, Keynesian socio-economic policy growing due to the predicted decline in the economic growth rate of the global economy in 2019?
In view of the above, I am asking you the following question:
Is the Keynesian and Post-Keynesian economics the basis of the current anti-crisis national socio-economic policies?
Please reply
I invite you to the discussion
Dear Friends and Colleagues of RG
The issues of specific programs to improve the economic, financial, material and housing situation of households as key instruments of pro-development keynesian anti-crisis state intervention and significant components of the socio-economic policy of the state I described in the publications:
Article The role and application of Keynesian macroeconomic anti-cri...
Article FAMILY 500 PLUS PROGRAMS AND FLAT PLUS WITH KEY INSTRUMENTS ...
Article Ability to Generate Financial Savings by Households in Poland
Article ECONOMIC AND FINANCIAL SITUATION OF HOUSEHOLDS IN POLAND – A...
Article Soft monetary central banking policy and Plan for Responsibl...
Article Importance and implementation of improvement process of prud...
I invite you to discussion and cooperation.
Best wishes
Not in the UK. Here it's fiscal control and austerity. The Conservative government still sees Keynesianism as the cause of UK economic problems. Lost control of spending, too much social spending, loose monetary policies and so on. No one has any real clue regarding Labour Party policy!
Christopher NOCK
Personally,
I believe it is an extension but put into the 21st context.
Of course. In the short run, the economic cycle should be mitigated with orthodox keynesian economic policy, a thing that never is recognized by neoclasical economics. Just remember the Obama ARRA, Trump tax cut and EU money-printing programs are all evidence of such interventions
In view of the above, it is also important to include in the above discussion also the following issue:
What is the significance of innovative technologies in shaping pro-development, anti-crisis, counter-cyclical, Keynesian, pro-ecological socio-economic policy?
What instruments of state intervention are applied in your country as part of pro-development, anti-crisis, counter-cyclical, Keynesian, pro-ecological socio-economic policy and pro-social housing policy?
In some developing countries, pro-development, anti-crisis, countercyclical, Keynesian socio-economic policies and pro-social housing policies are currently underway, which are a significant determinant of high economic growth and provide citizens with material and economic well-being. In individual countries, analogical instruments of state intervention are usually used as part of pro-development, anti-crisis, counter-cyclical, Keynesian socio-economic policy and pro-social housing policy.
The applied state intervention instruments also contribute to the activation of innovation and entrepreneurship, reduction of unemployment, investment growth, income and consumption. In individual countries, analogical instruments of state intervention are usually used, including selected instruments of fiscal, budgetary and monetary policy, however, in a different structure of the use of individual instruments and a different share of their financing from the public finances of the state.
In my opinion, the development of innovative technologies and their implementation into the production processes of both consumer and investment products, e.g. construction prefabricates and ecological materials, energy innovations is a growing factor of pro-development, anti-crisis, countercyclical, Keynesian socio-economic policy, including pro-social development. housing policy?
In a situation where pro-ecologic innovations are also developed, including the new ones, including new technologies of renewable energy sources, then pro-development anti-crisis, Keynesian socio-economic policy acquires additional attributes of modernity taking into account the protection of natural resources of the environment.
In this situation, the classic pro-development anti-crisis, Keynesian social and economic policy is transformed into an ecological socio-economic policy implemented into the economy as part of the promotion of sustainable pro-ecological socio-economic development taking into account the new green economy principles.
Do you agree with my opinion on this matter?
In view of the above, I am asking you the following question:
What is the importance of innovative technologies in shaping pro-development, anti-crisis, counter-cyclical, Keynesian, pro-ecological socio-economic policy?
Please reply
I invite you to discussion and scientific cooperation
Thank you very much for your response and participation in the discussion
Dear Friends and Colleagues of RG
The issues of specific programs to improve the economic, financial, material and housing situation of households as key instruments of pro-development state intervention and significant components of the socio-economic policy of the state I described in the publications:
Article FAMILY 500 PLUS PROGRAMS AND FLAT PLUS WITH KEY INSTRUMENTS ...
Article Ability to Generate Financial Savings by Households in Poland
Article ECONOMIC AND FINANCIAL SITUATION OF HOUSEHOLDS IN POLAND – A...
I invite you to discussion and cooperation.
Best wishes
Can we assign it for the fundamental roles of governments in economies?
In the context of the above considerations, the following question is also current:
How should the national, pro-development housing policy be shaped?
How should the national, pro-development housing policy be shaped as one of the key factors of the state's economic development?
In my opinion, construction is such a booming and developing sector of the economy. However, in the context of the current processes of long-term business cycles, the slowdown in economic growth recorded since the end of 2018 in many countries and in the context of the state finances, the following are the current questions.
In my opinion, construction is the key pro-development sector of the economy, which also significantly affects the material situation of citizens. Housing and social policy are usually important elements of socio-economic policy, which significantly affect the standard of living of citizens. However, in the context of the current processes of long-term business cycles, the slowdown in economic growth recorded since the end of 2018 in many countries and in the context of the state of state finances, the following question is up-to-date:
In a situation of a balanced state budget, a low level of indebtedness of the state finances and current economic realities, can a large-scale state-supported housing policy and social policy be promoted and promoted on a large scale?
In connection with the above, the key questions are as follows:
- Is the housing policy based on the state-supported construction of affordable housing for citizens and the system of family-related benefits paid to raise fertility in society as part of social policy are good instruments for pro-development socio-economic policy?
- In a situation of well-managed public finance, in a situation of a balanced state budget, a low level of national finance debt, can the above-mentioned housing policy and social policy be developed on a large scale?
- In a situation of well-governed state finances and current economic realities, can a large-scale state-supported housing policy and social policy be promoted on a large scale in order to improve housing and living conditions, raise the income and financial situation of citizens?
- Can this kind of pro-development socio-economic policy be a good solution to the situation of a decline in economic activity and a cyclically slowdown in the country's economic growth?
- How should the national, pro-development housing policy be shaped as one of the key factors of the state's economic development?
Please reply
I invite you to the discussion
Thank you very much
Dear Friends and Colleagues of RG,
The issues of specific programs to improve the economic, financial, material and housing situation of households as key instruments of pro-development keynesian anti-crisis state intervention and significant components of the socio-economic policy of the state I described in the publications:
Article FAMILY 500 PLUS PROGRAMS AND FLAT PLUS WITH KEY INSTRUMENTS ...
Article Ability to Generate Financial Savings by Households in Poland
Article ECONOMIC AND FINANCIAL SITUATION OF HOUSEHOLDS IN POLAND – A...
Article The role and application of Keynesian macroeconomic anti-cri...
Article Soft monetary central banking policy and Plan for Responsibl...
Article Importance and implementation of improvement process of prud...
I invite you to discussion and cooperation.
Best wishes
The above discussion inspired me to the following considerations:
Following the global financial crisis of 2008, interventionist anti-cyclical pro-development socio-economic policies were used in many countries, with the simultaneous use of active fiscal policy instruments to activate business entities and the monetary policy used by central banking to increase liquidity in the banking system. In this way, an active economic policy based on Keynesianism, known since the 1930s, has been enriched with new instruments or the same technically enriched instruments, systemically and with the involvement of much larger financial resources from the public finances of the state. For several decades this approach has become a standard in many developed and developing countries. However, in order to be able to pursue an active Keynesian or post-Keynesian social and economic policy, a good state of public finances is indispensable, i.e. low public debt and budget deficit if it is not possible to generate a budget surplus in a particular situation of the business cycle.
Do you agree with me on the above matter?
Please reply
Dear Colleagues and Friends from RG,
Continuing the above considerations, I also propose for discussion the following issue: Anti-crisis economic policy, the aim of which is to avoid a loss of liquidity in the state's public finance system.
In my country, for the first time, the central bank plans to buy Treasury bonds on a large scale so that their interest rate does not increase significantly, i.e. as an instrument of maintaining liquidity in the public financial system in a situation where there is a shortage of foreign investors to roll previously issued bonds series. In this way, Poland will avoid the risk of a crisis in public finances according to a model known from the countries of southern Europe, in which this type of crisis has occurred since autumn 2008, when the global financial crisis appeared. This potential interventionist monetary policy instrument, consisting in the purchase of Treasury bonds from the secondary market by the central bank in Poland, was introduced as an additional instrument of financial system security after the appearance of the global financial crisis in 2008. This interventionist instrument at the central bank's disposal has been functioning for several years in several other countries, including the largest economies of the Anglo-Saxon financial system, and was used extensively in those countries after the global financial crisis in autumn 2008. In Poland, however, so far the National Bank of Poland has not used this option as part of coordinated activities with budget policy managed by the government through central institutions of the state's public finance system. However, at present the situation is special, an extremely high risk of losing financial liquidity in the state's public finance system, because a significant part of globally operating foreign investors, including investment banks and investment funds, avoid securities issued in countries that are small economies, developing economies characterized by elevated credit and investment risk. It is now possible to apply this interventionist instrument on a large scale, because the decision-making bodies of the European Union in this particular situation have abolished the obligation for EU member states to apply the golden rule of state finances, i.e. maintaining a budget deficit of up to 3%. GDP. In connection with this special situation, the possibility of a liquidity crisis in the state finance system, the issue of central bank independence is losing significance, giving way to the issue of increased coordinated interventionist, anti-crisis activities of the government's socio-economic policy and a softened one, providing liquidity to the state's financial system and commercial banks for monetary policy of the bank central.
Do you agree with me on the above matter?
I conduct research in this area. The conclusions of the research I published in scientific publications that are available on the Research Gate portal.
In view of the above, I am asking you the following questions:
- Is the issue of the central bank's independence losing importance due to this particular situation of the possibility of a liquidity crisis in the state's financial system, giving way to the issue of increased coordinated interventionist, anti-crisis activities of the government's socio-economic policy and a mitigated, providing liquidity to the state's financial system and commercial banks policy monetary central bank?
- Do you think that anti-crisis economic policy conducted in such a way, whose strategic goal is to avoid a loss of liquidity in the state's public finance system, is a good solution?
- Are similar anti-crisis measures being undertaken in your countries?
- What do you think about this topic?
- What is your opinion on this topic?
Please reply.
I invite you to discussion and scientific cooperation.
Thank you very much.
Best wishes.
Dariusz Prokopowicz
No doubt about it. The responses to every crisis has been direct government action with orthodox tools well known.
Dear Pedro Nel Páez,
Thank you for your answer.
I fully agree with your opinion.
Best regards,
Have a nice day,
Dariusz Prokopowicz
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