Post-Keynesian economics
Mr Mike White and Mrs Judy Rich
Two 1.5 hour seminars per week * First semester * Clayton
Objectives On completion of this subject students should be familiar with the Post Keynesian framework of the economy, which draws on the work of J M Keynes and M Kalecki; have a clear understanding of how the framework can be used to analyse a number of policy issues in Australia, including monetary policy, the roles of investment and saving, government budgetary strategies and income policies; be able to critically analyse the framework through written work.
Synopsis Keynes' aggregate demand and supply analysis and critique of automatic adjustment in the economy; why central banks cannot directly control monetary aggregates; Minsky's analysis of credit, speculation and financial instability; consumption and saving; the national saving debate; investment and income distribution; labour markets, the Phillips Curve and hysteresis.
Assessment Written (5000-word essay): 40% * Examination (3 hours): 60%
Recommended texts
Reynolds P Political economy Wheatsheaf, 1987