Bulletin n. 1/2013 | ||
June 2013 | ||
Schiaffino, Pablo |
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A comment on the European Central Bank solution vs. the Keynes solution | ||
in Journal of Post Keynesian Economics , volume 35 n.3 , 2013 , 457-62 | ||
In this paper, I discuss something obvious, and to show something obvious—at least in this case—there is no need to apply sophisticated theoretical models or fancy empirical techniques. I argue that the actual European Central Bank solution for the European countries in crisis is very far from what I call—paraphrasing Davidson—the Keynes solution. This crucial difference between the two solutions does not imply opposite ideological policies, but a severe problem that leads to a more profound crisis based on a deflation-debt problem and long-term unemployment. | ||