Working Paper No. 207 | August 1997

Reasserting the Role of Keynesian Policies for the New Millennium

In this paper, Philip Arestis, of the University of East London, and Visiting Scholar Malcolm Sawyer, of the University of Leeds, assert the need for revived and revised Keynesian policies to secure full employment. They do not support "fine tuning," but argue for a medium-term approach that includes both demand-side and supply-side strategies. Their approach is Keynesian in two ways. First, they contend that a laissez-faire market economy does not ensure full employment. Second, they believe that a more equal distribution of market power, income, and wealth is both a desirable goal in itself and a vehicle for increasing prosperity. They discuss the constraints that prevent full employment and policies to deal with them.

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