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‘Free market’ Keynesian demand management: Oxymoron?

[Continuing to read Pasinetti‘s 1981 tour-de-force Structural Change and Economic Growth. This post inspired by page 90-91 (available at Google Books preview).] Following the advent in 2008 of the global financial crisis, government ‘demand management‘ again rose to prominence in mainstream economic debate and actual policy in many countries, under the label of ‘stimulus’, and indeed […]

Equality and innovation in symbiosis?

“Innovation will tend to be greater in a society where resources[1] are distributed more equally”. This hypothesis formed in my consciousness today while reading the great economist Sraffa’s 1960 book Production of Commodities by Means of Commodities[2] (more interesting than it sounds!) though don’t ask me how I got from there to here. First, when […]