Toward a New Economics: Essays in Post-Keynesian and Institutionalist Theory

By Alfred S. Eichner | Go to book overview
of incomes policy relied upon by the U.S. government since 1940. The types shown are only the first two listed: the mandatory controls and the voluntary guidelines. In addition, the period between the end of the Korean War's mandatory controls and the Kennedy-Johnson administrations' voluntary guidelines, the period just before and the period just after the Nixon administration's mandatory controls, and the period from the end of the Carter administration down through the present have each involved the third of the three types of incomes policy identified above. Excluding the last, it can be said that twenty out of the last forty years have seen one type of incomes policy or another adopted by the government while, if the "free market" type of incomes policy is taken into account, the proportion is even higher (the exceptions being confined largely to the years before 1950).Two observations are warranted by the above.
1. It is possible to recognize the need for an incomes policy, and indeed even to put one into effect, without being forced to opt for mandatory controls.
2. Two types of incomes policies have yet to be tried in the United States. In the case of other countries which have had more success with an incomes policy, it is the planning-subordinated type of policy they have adopted. The examples are the Scandinavian countries, France, West Germany, Austria, and Japan. A tax-based incomes policy, though increasingly advocated in the Anglo-Saxon countries, has yet to be adopted, and thereby tested, in any country.2 Rakowski ( 1983) is correct in identifying as the key problem of any incomes policy the obtaining of agreement, among the affected parties, as to what is a fair rate of increase in money rates of compensation. This may be why the planning-subordinated type of incomes policy, since it provides both a broader context within which to consider this question and a mechanism for bringing together the parties who must come to agreement, is the one that has been adopted by countries that have so far had the most success with an incomes policy of any sort--although it should be noted that the guideposts under Kennedy and Johnson were, for a time, quite successful until they were undermined by the Vietnam War ( Eichner, 1976, pp. 263-270).

Afterword

A slightly longer version of this essay was originally published by the Joint Economic Committee of Congress in 1980 as part of the volume

-148-

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Toward a New Economics: Essays in Post-Keynesian and Institutionalist Theory
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Preface viii
  • 1 - Introduction 3
  • 2 - The Megacorp as a Social Innovation 10
  • Afterword 27
  • 3 - Micro Foundations of the Corporate Economy 28
  • Afterword 73
  • 4 - An Anthropogenic Approach to Labor Economics 75
  • Afterword 96
  • 5 - The Demand Curve for Money Further Considered (Written With, and Based on the Econometric Work of, Leonard Forman and Miles Groves) 98
  • Afterword 109
  • 6 - Stagflation: Explaining the Inexplicable 113
  • Addendum 145
  • Afterword 148
  • Notes to the Addendum 149
  • 7 - The New Paradigm and Macrodynamic Modeling 151
  • Introduction 151
  • Conclusions 173
  • 8 - Post-Keynesian Theory and Empirical Research 176
  • Afterword 199
  • 9 - Reflections on Social Democracy 200
  • Afterword 218
  • References 219
  • Index 231
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