A Classical-Keynesian Approach to Macroeconomics Growth, Production, and the Environment

List of figures

About the editors

List of contributors

Introduction

Eladio Febrero, Maria-Angeles Cadarso, Ferran Portella-Carbó

PART ONE: Classical theory of production

1.     The aggregate production function: a consideration of some existential problems

Jesus Felipe, John S.L. McCombie

2.     On the meaning of sectoral real value added. A Sraffian view

Eladio Febrero

3.     Are output proportions close to the Perron-Frobenius eigenvector proportions? Evidence from the Spanish wage-goods baskets (2010–2023)

Jacobo Ferrer, Luis Daniel Torres González

PART TWO: The Keynesian principle of effective demand and the Supermultiplier

4.     Autonomous demand-led growth and the Supermultiplier: the theory, the model, and some clarification

Franklin Serrano, Ricardo Summa, Fabio Freitas

5.     Permanent demand, instability, and growth: Óscar Dejuán’s contribution to post-Keynesian economics

José A. Pérez-Montiel, Riccardo Pariboni

6.     European fiscal rules, demand-led growth, and the Supermultiplier

Jorge Uxó, Elena Segarra

7.     Financial constraints and the Supermultiplier: a Stock-Flow Consistent approach

Ramon Boixadera, Ferran Portella-Carbó

PART THREE: Monetary macroeconomics

8.     The ECB’s monetary policy from 2007 to 2018: a long and turbulent decade

Sergio Cesaratto

9.     Aggregate demand deficiencies, functional finance, and the neutral interest rate

Alfonso Palacio-Vera

10.  Bank accounting, transparency, and financial stability: lessons from the expected credit loss model

Daniel Dejuan-Bitria

11.  Financial accumulation in a financialised economy: lessons from Spain

Daniel Feliciano, Jesus Ferreiro, Carlos J. Rodriguez-Fuentes

PART FOUR: History of economic thought and methodological issues

12.  The legacy of Pierangelo Garegnani. A re-assessment of some debated issues

Maria Cristina Marcuzzo, Antonella Palumbo

13.  Adam Smith’s System of Natural Liberty: the gravitational force of the “morally restrained self-interest”

Fabio Monsalve

14.  Reflections on the Classical-Sraffian approach to surplus from an Ecological economics perspective

Jordi Roca Jusmet

PART FIVE: Environmental and structural input–output analysis

15.  How much would the Kyoto Protocol have cost households?

Erik Dietzenbacher, Mònica Serrano

16.  Choice of techniques for minimising greenhouse-gas emissions: an input–output  exercise for the 2020 Mexican economy

Eduardo Moreno-Reyes, Martín Puchet-Anyul, Pablo Ruiz-Nápoles

17.  Scenarios of carbon emissions savings potential from differences in emissions intensities

Maria-Angeles Cadarso, Luis A. López, Nuria Gómez, Carmen Córcoles, Cristian Soria, Daniel Molina

18.  Input–output techniques as a key methodology for firm-level carbon footprint calculation. The case of an academic event

Ángela García-Alaminos, Jorge Zafrilla, Marina Sánchez-Serrano, María-Ángeles Tobarra, Mateo Ortiz, Guadalupe Arce

19.  Understanding global income inequality (1995–2020) through input–output  analysis and vertical integration

Rosa Duarte, Adrián Espinosa-Gracia, Sofía Jiménez, Julio Sánchez-Chóliz

Index

Biography

Eladio Febrero is Associate Professor at the University of Castilla-La Mancha, Spain

Maria-Angeles Cadarso is Full Professor in the Department of Economics and Finance at the University of Castilla-La Mancha in Albacete, Spain

Ferran Portella-Carbó is Associate Professor of Economics at the University of the Balearic Islands, Spain

This volume on the Classical–Keynesian approach to macroeconomics is an impressive tribute to Óscar Dejuán, a fine scholar and friend, reflecting his intellectual orientation—especially his advocacy of the classical surplus approach and Keynes’s principle of effective demand—and the breadth of his interests in production theory, income distribution, economic development, the history of economic thought, and input–output analysis.

Heinz D. Kurz, University of Graz, Austria

A well-deserved book in honour of a great scholar, whose contributions have influenced and impacted a great many academics, including young scholars.  This book is an essential read, and is rich with contributions from both young and well established authors.  The editors have done Óscar Dejuán proud, with this collection of remarkable articles.  Well done.

Louis-Philippe Rochon, Laurentian University, Canada

This Festschrift is a very exciting book that reflects Dejuán’s interests in several fields, including the revival of the surplus approach, the role of aggregate demand, growth theory, input-output analysis, monetary policy, and the history of economic thought. On each of these topics, the book collects very appealing and innovative contributions. It will be a must for all students and scholars interested in a pluralistic approach to economic theory and policy

Antonella Stirati, Roma Tre University, Italy