Fiscal Discipline: A Critical Approach and The Post-Keynesian Alternative

Abstract

This study examines the fiscal discipline issue, one of neoliberalism's core principles that says that the public budget should always be balanced. The orthodox approach, within the framework of the New Macroeconomic Consensus, takes a passive stance towards fiscal policies and focuses only on price stability. However, it resorts to budget deficits during crisis periods, assuming a stabilizing function. In the wake of crises such as the 2008 global financial crisis and the Covid-19 pandemic, economies have relied on budget deficits for recovery. Once the recovery was achieved, fiscal discipline was restored, and the burden of the crisis was shifted to wage earners and low-income segments through austerity policies, meaning orthodox fiscal policies do not directly target employment and fair income distribution. On the other hand, post-Keynesians offer alternative approaches, arguing that full employment and fair income distribution can be achieved through fiscal policies. This study discusses alternative policy proposals against fiscal orthodoxy from the post-Keynesian perspective, considering existing and potential constraints.

Keywords

• Fiscal Policy
• Budget Deficit
• Functional Finance
• Modern Monetary Theory
• Full Employment

Mali Disiplin: Eleştirel Bir Yaklaşım ve Post-Keynesyen Alternatif

Abstract

Bu çalışma, neoliberalizmin temel ilkelerinden birisi olan ve kamu bütçesinin sürekli denk olması gerektiğini ifade eden mali disiplin konusunu ele almaktadır. Yeni Makroekonomik Uzlaşı çerçevesinde ortodoks yaklaşım, maliye politikalarını pasif bir konuma çekerek, sadece fiyat istikrarına odaklanmaktadır. Diğer yandan kriz dönemlerinde, bir stabilizatör işlevi yüklediği bütçe açıklarına başvurmaktadır. 2008 küresel finansal krizi ve Covid-19 pandemisinde olduğu gibi, ekonomiler krizden çıkış için bütçe açıklarına sarılmıştır. Fakat biraz toparlandıktan sonra, yeniden mali disipline dönülmüş, krizlerin faturası ise kemer sıkma politikalarıyla, ücretli ve düşük gelirli kesimlerin üzerine bırakılmıştır; nitekim ortodoks maliye politikaları, doğrudan istihdam artışlarını ve gelir dağılımı adaletini hedeflememektedir. Öte yandan post-Keynesyenler, tam istihdam ve adil gelir dağılımının maliye politikalarıyla başarılabilir hedefler olduğunu ileri süren alternatif yaklaşımlar sunmaktadırlar. Çalışma, mali ortodoksiye karşı alternatif politika önermelerini, mevcut ve potansiyel kısıtları dikkate alarak, post-Keynesyen bakış açısıyla tartışmaktadır.

Keywords

• Maliye Politikası
• Bütçe Açığı
• Fonksiyonel Maliye
• Modern Para Teorisi
• Tam İstihdam

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