Classical-Keynesian Approach to Macroeconomics

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.

• Introduction. PART ONE: Classical theory of production. The aggregate production function: a consideration of some existential problems. On the meaning of sectoral real value added. A Sraffian view. Are output proportions close to the Perron-Frobenius eigenvector proportions? Evidence from the Spanish wage-goods baskets (2010–2023). PART TWO: The Keynesian principle of effective demand and the Supermultiplier. Autonomous demand-led growth and the Supermultiplier: the theory, the model, and some clarification. Permanent demand, instability, and growth: Óscar Dejuán's contribution to post-Keynesian economics. European fiscal rules, demand-led growth, and the Supermultiplier. Financial constraints and the Supermultiplier: a Stock-Flow Consistent approach. PART THREE: Monetary macroeconomics. The ECB's monetary policy from 2007 to 2018: a long and turbulent decade. Aggregate demand deficiencies, functional finance, and the neutral interest rate. Bank accounting, transparency, and financial stability: lessons from the expected credit loss model. Financial accumulation in a financialised economy: lessons from Spain. PART FOUR: History of economic thought and methodological issues. The legacy of Pierangelo Garegnani. A re-assessment of some debated issues. Adam Smith's System of Natural Liberty: the gravitational force of the "morally restrained self-interest". Reflections on the Classical-Sraffian approach to surplus from an Ecological economics perspective. PART FIVE: Environmental and structural input–output analysis. How much would the Kyoto Protocol have cost households? Choice of techniques for minimising greenhouse-gas emissions: an input–output exercise for the 2020 Mexican economy. Scenarios of carbon emissions savings potential from differences in emissions intensities. Input–output techniques as a key methodology for firm-level carbon footprint calculation. The case of an academic event. Understanding global income inequality (1995–2020) through input–output analysis and vertical integration. Index.

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, AustriaA 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, CanadaThis 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 policyAntonella Stirati, Roma Tre University, Italy