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Il Fondo Monetario Internazionale (Fmi) ha rilasciato il rapporto sulla valutazione del programma di accesso eccezionale ai finanziamenti riservato alla Grecia (IMF, 2017a). Il rapporto riconosce apertamente un parziale insuccesso nell’attuazione di un’agenda di...
Most economists believe that the economic crisis is due to a structural excess of saving on investment. However, if we admit that production decisions follow the effective demand, it is easy to show that S and I are always equal. We suggest instead that crisis is due to the lack of demand that causes a high degree of unused capacity. The resulting sunk costs could be transferred to wages, further reducing demand. So, increasing investment, without raising wages, would worsen the effect of the crisis.
Austerity policies have been presented as the only paradigm able to solve the current economic crisis. This paper will try to show that neoclassical theories on unemployment are not supported by solid empirical evidence. The case study of Great Britain during the Great Depression to prove that (i) unemployment is not voluntary and (ii) public subsidies do not increase opportunistic behaviours.