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New Insights into Fiscal Policy: An Introductory Essay on Alternative Paths

Year 2021, Volume 28, Issue 2, 309 - 332, 28.06.2021

Abstract

This study assesses the crisis of 2008 as a fertile ground by positioning against the boundaries drawn by mainstream economics and suggests an introductory path for alternative future visions on the basis of fiscal policy. To that end, the study firstly criticizes the unremarkable role of fiscal policy within mainstream framework and addresses the problematic nature of traditional Keynesian approach. Based on a critical post-Keynesian perspective that finds most Keynesian studies conducted so far has fundamentally revealed a neoclassical Keynesian figure and therefore the necessity of uncovering the radical essence in Keynes’ writings, the study conceptually discusses possible new themes in fiscal policies and proposes policy proposal by going beyond the theory. Key Words: fiscal policy, Keynes, post-Keynesian theory, economic crisis. JEL Classification: B50, E62

References

  • Alesina, A. (2012), “Fiscal Policy after the Great Recession”, International Atlantic Economic Society, 40, 429-435.
  • Arestis, P. (2009), “New Consensus Macroeconomics: A Critical Appraisal”, The Levy Economics Institute Working Papers, 564.
  • Arestis, P. ve Sawyer, M. (2008), “New Consensus Macroeconomics and Inflation Targeting: Keynesian Critique”, Economia and Sociedade, Özel Sayı, 17, 631-656.
  • Auerbach, A.J. ve Hassett, K. (2015), “Capital Taxation in the Twenty-First Century”, American Economic Review: Papers & Proceedings, 105(5):38–42.
  • Aydınonat, E. ve Kara, M. (2010), Görünmez Adam Smith, İstanbul: İletişim Yayınları.
  • Ball, L. ve Mankiw, N. G. (2002), “The Nairu in Theory and Practice”, Journal of Economic Perspectives, 16 (4), 115–136.
  • Bernanke, B.S. (2000), “Japanese monetary policy: a case of self-induced paralysis?”, in Ryoichi Mikitani and Adam S Posen (der), Japan’s financial crisis and its parallels to US experience, Institute for International Economics.
  • Blecker, R.A. (2016), “The US Economy Since The Crisis: Slow Recovery and Secular Stagnation”, European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, 13(2), 203-214.
  • Caille, A. (2007), Faydacı Aklın Eleştirisi, İstanbul: İletişim.
  • Delong, J.B. ve Summers, L. H. (2012), “Fiscal Policy in a Depressed Economy”, Brookings Papers on Economic Activity.
  • Dumenil, G. ve Levy, D. (2015), Büyük Yol Ayrımı: Neoliberalizme Son Noktayı Koymak, İstanbul: İletişim.
  • Emirgil, B.F. (2010), “Yeni Kapitalizm’de Emeği Sorunsallaştırmak: Emeğin Maddi Olmayan Görünümleri”, Çalışma ve Toplum, 2010/1, 221-238.
  • Fontana, G. (2009), “Whither New Consensus Macroeconomics? The Role of Government and Fiscal Policy in Modern Macroeconomics”, The Levy Economics Institute Working Paper, 563.
  • Fontana, G. ve Gerrard, B. (2006), “The Future of Post Keynesian Economics”, PSL Quarterly Review, 59 (236), 49-80.
  • Forstater, M. (2006), “Green Jobs: Public Service Employment and Environmental Sustainability”, Challenge, 49, 58-72.
  • Gordon, W. (1997), “Job Assurance - The Job Guarantee Revisited”, Journal of Economic Issues, 21 (3), 817-825.
  • Gorz, A. (2007), İktisadi Aklın Eleştirisi, İstanbul: Ayrıntı.
  • Gürkan, C. (2016), “Maliye Teorisinde ve Politikasında Güncel Eleştirel Yaklaşımlar”, Electronic Journal of Vocational Colleges, 6(2) , 22-36.
  • Hahn, F.H. (1997), “Keynesian Economics and General Equilibrium Theory: Reflections on Current Debates”, The Microeconomic Foundations of Macroeconomics içinde, London, Macmillan.
  • Harvey, C.R. (2008), “The Financial Crisis Of 2008: What Needs To Happen After TARP” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1274327 (erişim tarihi: 03.04.2017)
  • Harvey, D. (2015), On Yedi Çelişki ve Kapitalizmin Sonu, İstanbul: Sel Yayıncılık.
  • Harvey, P. (2000), “Direct Job Creation”, içinde The Commitment to Full Employment, M.E. Sharpe.
  • Husson, M. (2013), On Derste Kapitalizm, İstanbul: Habitus Kitap.
  • Kaboub, F. (2007), “Employment Guarantee Programs: A Survey of Theories and Policy Experiences”, The Levy Economics Institute of Bard College Working Paper, 498.
  • Kent, R.J. (2006), “A 1929 Application of Multiplier Analysis by Keynes”, History of Political Economy, 39(3), 529-543.
  • Keynes, J.M. ve Skidelsky, R. (2015), The Essential Keynes, Penguin Classics.
  • Kostzer, D. (2008), “Argentina: A Case Study on the Plan Jefes y Jefas de Hogar Desocupados, or the Employment Road to Economic Recovery”, The Levy Economics Institute of Bard College Working Paper, 534.
  • Kotler, P. (2015), Kapitalizmle Yüzleşmek: Sorunlu Bir Ekonomik Sisteme Gerçekçi Öneriler, İstanbul: Mediacat.
  • Lebowitz, M.A. (2016), “Sosyalizmin Geleceği ve Devlet”, Panitch L., Albo, G. ve Chibber V. Socialist Register 2013 Strateji Sorunu içinde, Yordam Kitap: İstanbul, 231-254.
  • Lo, S. ve Rogoff, K. (2015), “Secular Stagnation, Debt Overhang and Other Rationales for Sluggish Growth, Six Years On”, BIS Working Papers, 482.
  • Mitchell, W.F. (1998), “The Buffer Stock Employment Model and the NAIRU - The Path to Full Employment”, Journal of Economic Issues, 32 (2), 547-555.
  • Mitchell, W.F. ve Mosler, W. B. (2001), “Fiscal Policy and Job Guarantee”, Australian National University Discussion Papers, 441.
  • Okun, A.M. (1962), “Potential GNP: Its Measurement and Significance”, Proceedings of the Business and Economic Statistics Section American Statistical Association, 98–104.
  • Piketty, T. (2014), Yirmi Birinci Yüzyılda Kapital, Ankara: İş Bankası Kültür Yayınları.
  • Piketty, T. (2020), Capital and Ideology, London: The Belknap Press of Harvard University Press.
  • Rauchway, E. (2015), Moneymakers: How Roosevelt and Keynes Ended the Depression, Defeated Fascism, and Secured a Prosperous Peace, Basic Books.
  • Ross, A. (2015), Krediokrasi, İstanbul: Ayrıntı Yayınları.
  • Şen, H. ve Kaya, A. (2015), “Ekonomik Krizlerin Değişmeyen İmdatçısı: Maliye Politikası”, Sosyoekonomi, 23(23), 55-86 .
  • Sennett, R. (2011), Yeni Kapitalizmin Kültürü, İstanbul: Ayrıntı Yayınları.
  • Skidelsky, R. (2008), “The Origin of Keynesian Economics and Some Applications to Restructuring and Globalization”, Forstater M., Wray L.R. (der) Keynes for the Twenty-First Century içinde, New York: Palgrave Macmillan, 81-87.
  • Tcherneva, P.R. (2008), “The Return of Fiscal Policy: Can The New Developments in the New Economic Consensus Be Reconciled with the Post-Keynesian View?”, The Levy Institute Working Paper, 539.
  • Tcherneva, P.R. (2011), “Fiscal Policy Effectiveness: Lessons from the Great Recession”, Levy Economics Institute of Bard College Working Paper, 649.
  • Tcherneva, P.R. (2012), “Permanent On-The-Spot Job Creation—The Missing Keynes Plan for Full Employment and Economic Transformation”, Review of Social Economy, 70(1), 57-80.
  • Tcherneva, P.R. (2013), “Reorienting Fiscal Policy: A Critical Assessment of Fiscal Fine-Tuning”, Levy Economics Institute of Bard College Working Paper, 772.
  • Tcherneva, P.R. (2014), “Reorienting Fiscal Policy: A Bottom-Up Approach”, Journal of Post Keynesian Economics, 37 (1), 43-66.
  • Woodford, M. (1995), “Price-level Determinacy without Control of a Monetary Aggregate,” Carnegie Rochester Conference Series on Public Policy, 43:1-46.
  • Wray, L.R. (2007), “Minsky’s Approach to Employment Policy and Poverty: Employer of Last Resort and the War on Poverty”, The Levy Economics Institute of Bard College Working Paper, 515.
  • Zucman, G. (2015), Vergi Cennetleri: Ulusların Gizli Zenginliği, İstanbul: Yordam Kitap.

Maliye Politikasında Yeni Arayışlar: Alternatif İzlekler Üzerine Bir Giriş Denemesi

Year 2021, Volume 28, Issue 2, 309 - 332, 28.06.2021

Abstract

Bu çalışma, anaakım iktisat anlayışının çizdiği sınırların karşısında konumlanarak 2008 krizini verimli bir tartışma alanı olarak ele almakta ve alternatif gelecek vizyonlarına ilişkin maliye politikası temelinde bir başlangıç izleği önermektedir. Bu doğrultuda çalışma ilk olarak hem anaakım yazının maliye politikası kavramsallaştırmasını eleştirmekte hem de geleneksel Keynesyen yaklaşımın sorunlu doğasına işaret etmektedir. Bu zamana kadar yapılan çoğu Keynesyen analizin temelde neoklasik bir Keynes figürü ortaya çıkardığını ve bu yüzden Keynes’teki radikal özün ortaya çıkarılması gerekliliğini post-Keynesyen bir düzlemde tespit eden çalışma, maliye politikasında olası yeni izlekleri kavramsal olarak tartışmaya açmakta ve teorinin ötesine geçerek uygulama önerilerini somutlaştırmaktadır. Anahtar Kelimeler: maliye politikası, Keynes, post-Keynesyen teori, ekonomik kriz. JEL Sınıflandırması: B50, E62

References

  • Alesina, A. (2012), “Fiscal Policy after the Great Recession”, International Atlantic Economic Society, 40, 429-435.
  • Arestis, P. (2009), “New Consensus Macroeconomics: A Critical Appraisal”, The Levy Economics Institute Working Papers, 564.
  • Arestis, P. ve Sawyer, M. (2008), “New Consensus Macroeconomics and Inflation Targeting: Keynesian Critique”, Economia and Sociedade, Özel Sayı, 17, 631-656.
  • Auerbach, A.J. ve Hassett, K. (2015), “Capital Taxation in the Twenty-First Century”, American Economic Review: Papers & Proceedings, 105(5):38–42.
  • Aydınonat, E. ve Kara, M. (2010), Görünmez Adam Smith, İstanbul: İletişim Yayınları.
  • Ball, L. ve Mankiw, N. G. (2002), “The Nairu in Theory and Practice”, Journal of Economic Perspectives, 16 (4), 115–136.
  • Bernanke, B.S. (2000), “Japanese monetary policy: a case of self-induced paralysis?”, in Ryoichi Mikitani and Adam S Posen (der), Japan’s financial crisis and its parallels to US experience, Institute for International Economics.
  • Blecker, R.A. (2016), “The US Economy Since The Crisis: Slow Recovery and Secular Stagnation”, European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, 13(2), 203-214.
  • Caille, A. (2007), Faydacı Aklın Eleştirisi, İstanbul: İletişim.
  • Delong, J.B. ve Summers, L. H. (2012), “Fiscal Policy in a Depressed Economy”, Brookings Papers on Economic Activity.
  • Dumenil, G. ve Levy, D. (2015), Büyük Yol Ayrımı: Neoliberalizme Son Noktayı Koymak, İstanbul: İletişim.
  • Emirgil, B.F. (2010), “Yeni Kapitalizm’de Emeği Sorunsallaştırmak: Emeğin Maddi Olmayan Görünümleri”, Çalışma ve Toplum, 2010/1, 221-238.
  • Fontana, G. (2009), “Whither New Consensus Macroeconomics? The Role of Government and Fiscal Policy in Modern Macroeconomics”, The Levy Economics Institute Working Paper, 563.
  • Fontana, G. ve Gerrard, B. (2006), “The Future of Post Keynesian Economics”, PSL Quarterly Review, 59 (236), 49-80.
  • Forstater, M. (2006), “Green Jobs: Public Service Employment and Environmental Sustainability”, Challenge, 49, 58-72.
  • Gordon, W. (1997), “Job Assurance - The Job Guarantee Revisited”, Journal of Economic Issues, 21 (3), 817-825.
  • Gorz, A. (2007), İktisadi Aklın Eleştirisi, İstanbul: Ayrıntı.
  • Gürkan, C. (2016), “Maliye Teorisinde ve Politikasında Güncel Eleştirel Yaklaşımlar”, Electronic Journal of Vocational Colleges, 6(2) , 22-36.
  • Hahn, F.H. (1997), “Keynesian Economics and General Equilibrium Theory: Reflections on Current Debates”, The Microeconomic Foundations of Macroeconomics içinde, London, Macmillan.
  • Harvey, C.R. (2008), “The Financial Crisis Of 2008: What Needs To Happen After TARP” https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1274327 (erişim tarihi: 03.04.2017)
  • Harvey, D. (2015), On Yedi Çelişki ve Kapitalizmin Sonu, İstanbul: Sel Yayıncılık.
  • Harvey, P. (2000), “Direct Job Creation”, içinde The Commitment to Full Employment, M.E. Sharpe.
  • Husson, M. (2013), On Derste Kapitalizm, İstanbul: Habitus Kitap.
  • Kaboub, F. (2007), “Employment Guarantee Programs: A Survey of Theories and Policy Experiences”, The Levy Economics Institute of Bard College Working Paper, 498.
  • Kent, R.J. (2006), “A 1929 Application of Multiplier Analysis by Keynes”, History of Political Economy, 39(3), 529-543.
  • Keynes, J.M. ve Skidelsky, R. (2015), The Essential Keynes, Penguin Classics.
  • Kostzer, D. (2008), “Argentina: A Case Study on the Plan Jefes y Jefas de Hogar Desocupados, or the Employment Road to Economic Recovery”, The Levy Economics Institute of Bard College Working Paper, 534.
  • Kotler, P. (2015), Kapitalizmle Yüzleşmek: Sorunlu Bir Ekonomik Sisteme Gerçekçi Öneriler, İstanbul: Mediacat.
  • Lebowitz, M.A. (2016), “Sosyalizmin Geleceği ve Devlet”, Panitch L., Albo, G. ve Chibber V. Socialist Register 2013 Strateji Sorunu içinde, Yordam Kitap: İstanbul, 231-254.
  • Lo, S. ve Rogoff, K. (2015), “Secular Stagnation, Debt Overhang and Other Rationales for Sluggish Growth, Six Years On”, BIS Working Papers, 482.
  • Mitchell, W.F. (1998), “The Buffer Stock Employment Model and the NAIRU - The Path to Full Employment”, Journal of Economic Issues, 32 (2), 547-555.
  • Mitchell, W.F. ve Mosler, W. B. (2001), “Fiscal Policy and Job Guarantee”, Australian National University Discussion Papers, 441.
  • Okun, A.M. (1962), “Potential GNP: Its Measurement and Significance”, Proceedings of the Business and Economic Statistics Section American Statistical Association, 98–104.
  • Piketty, T. (2014), Yirmi Birinci Yüzyılda Kapital, Ankara: İş Bankası Kültür Yayınları.
  • Piketty, T. (2020), Capital and Ideology, London: The Belknap Press of Harvard University Press.
  • Rauchway, E. (2015), Moneymakers: How Roosevelt and Keynes Ended the Depression, Defeated Fascism, and Secured a Prosperous Peace, Basic Books.
  • Ross, A. (2015), Krediokrasi, İstanbul: Ayrıntı Yayınları.
  • Şen, H. ve Kaya, A. (2015), “Ekonomik Krizlerin Değişmeyen İmdatçısı: Maliye Politikası”, Sosyoekonomi, 23(23), 55-86 .
  • Sennett, R. (2011), Yeni Kapitalizmin Kültürü, İstanbul: Ayrıntı Yayınları.
  • Skidelsky, R. (2008), “The Origin of Keynesian Economics and Some Applications to Restructuring and Globalization”, Forstater M., Wray L.R. (der) Keynes for the Twenty-First Century içinde, New York: Palgrave Macmillan, 81-87.
  • Tcherneva, P.R. (2008), “The Return of Fiscal Policy: Can The New Developments in the New Economic Consensus Be Reconciled with the Post-Keynesian View?”, The Levy Institute Working Paper, 539.
  • Tcherneva, P.R. (2011), “Fiscal Policy Effectiveness: Lessons from the Great Recession”, Levy Economics Institute of Bard College Working Paper, 649.
  • Tcherneva, P.R. (2012), “Permanent On-The-Spot Job Creation—The Missing Keynes Plan for Full Employment and Economic Transformation”, Review of Social Economy, 70(1), 57-80.
  • Tcherneva, P.R. (2013), “Reorienting Fiscal Policy: A Critical Assessment of Fiscal Fine-Tuning”, Levy Economics Institute of Bard College Working Paper, 772.
  • Tcherneva, P.R. (2014), “Reorienting Fiscal Policy: A Bottom-Up Approach”, Journal of Post Keynesian Economics, 37 (1), 43-66.
  • Woodford, M. (1995), “Price-level Determinacy without Control of a Monetary Aggregate,” Carnegie Rochester Conference Series on Public Policy, 43:1-46.
  • Wray, L.R. (2007), “Minsky’s Approach to Employment Policy and Poverty: Employer of Last Resort and the War on Poverty”, The Levy Economics Institute of Bard College Working Paper, 515.
  • Zucman, G. (2015), Vergi Cennetleri: Ulusların Gizli Zenginliği, İstanbul: Yordam Kitap.

Details

Primary Language Turkish
Subjects Social
Journal Section Articles
Authors

Metehan CÖMERT (Primary Author)
ANKARA YILDIRIM BEYAZIT UNIVERSITY
0000-0003-3906-7272
Türkiye

Publication Date June 28, 2021
Published in Issue Year 2021, Volume 28, Issue 2

Cite

APA Cömert, M. (2021). Maliye Politikasında Yeni Arayışlar: Alternatif İzlekler Üzerine Bir Giriş Denemesi . Yönetim ve Ekonomi Dergisi , 28 (2) , 309-332 . Retrieved from https://dergipark.org.tr/en/pub/yonveek/issue/63117/866245