Karl Polanyi's influence on Arthur Okun and other keynesian economists

This article examines the influence of the author of The Great Transformation (1944) on Arthur Okun. Polanyi's explicit influence on Okun is reflected in his discussion on the desirability of limiting the role of the market in a democratic society and guaranteeing a minimum level of welfare for...

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Autor principal: Keifman, Saúl
Formato: Artículo publishedVersion
Lenguaje:Español
Publicado: FACULTAD DE CIENCIAS ECONÓMICAS - UNIVERSIDAD DE BUENOS AIRES 2021
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Acceso en línea:https://ojs.economicas.uba.ar/REPBA/article/view/2164
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=ecopol&d=2164_oai
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spelling I28-R145-2164_oai2025-02-11 Keifman, Saúl 2021-12-01 This article examines the influence of the author of The Great Transformation (1944) on Arthur Okun. Polanyi's explicit influence on Okun is reflected in his discussion on the desirability of limiting the role of the market in a democratic society and guaranteeing a minimum level of welfare for the entire population in Equality and Efficiency: the Big Tradeoff. It is also argued that Okun’s distinction in Prices and Quantities: A Macroeconomic Analysis, between auction markets and customer markets, is strongly reminiscent of Polanyi's similar classification in Trade and Market, and The Livelihood of Man, because of the importance Okun assigns to fairness as an explanatory factor of price rigidity, which refers to the embedded character of exchanges as proposed by Polanyi. The importance of fairness in the explanation of price (and wage) rigidity is later taken up by other Keynesian and behavioral economists such as George Akerlof, and Daniel Kahneman, Jack Knetsch and Richard Thaler, largely under the influence of Okun. Palabras clave: Historia del pensamiento económico, keynesianismo, fundamentos microeconómicos de la macroeconomía, economía conductual text/html application/pdf https://ojs.economicas.uba.ar/REPBA/article/view/2164 10.56503/repba.Nro.23(15)pp9-29 spa FACULTAD DE CIENCIAS ECONÓMICAS - UNIVERSIDAD DE BUENOS AIRES https://ojs.economicas.uba.ar/REPBA/article/view/2164/2907 https://ojs.economicas.uba.ar/REPBA/article/view/2164/2942 Revista de Economía Política de Buenos Aires; Vol. 15 No. 23 (2021): Revista de Economía Política de Buenos Aires; 9-29 Revista de Economía Política de Buenos Aires; Vol. 15 Núm. 23 (2021): Revista de Economía Política de Buenos Aires; 9-29 1853-1350 1850-6933 urn:issn:1853-1350repba.v0i239 Historia del pensamiento económico keynesianismo fundamentos microeconómicos de la macroeconomía economía conductual Karl Polanyi's influence on Arthur Okun and other keynesian economists Sobre la influencia de Karl Polanyi en Arthur Okun y otros economistas keynesianos info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=ecopol&d=2164_oai
institution Universidad de Buenos Aires
institution_str I-28
repository_str R-145
collection Repositorio Digital de la Universidad de Buenos Aires (UBA)
language Español
orig_language_str_mv spa
topic Historia del pensamiento económico
keynesianismo
fundamentos microeconómicos de la macroeconomía
economía conductual
spellingShingle Historia del pensamiento económico
keynesianismo
fundamentos microeconómicos de la macroeconomía
economía conductual
Keifman, Saúl
Karl Polanyi's influence on Arthur Okun and other keynesian economists
topic_facet Historia del pensamiento económico
keynesianismo
fundamentos microeconómicos de la macroeconomía
economía conductual
description This article examines the influence of the author of The Great Transformation (1944) on Arthur Okun. Polanyi's explicit influence on Okun is reflected in his discussion on the desirability of limiting the role of the market in a democratic society and guaranteeing a minimum level of welfare for the entire population in Equality and Efficiency: the Big Tradeoff. It is also argued that Okun’s distinction in Prices and Quantities: A Macroeconomic Analysis, between auction markets and customer markets, is strongly reminiscent of Polanyi's similar classification in Trade and Market, and The Livelihood of Man, because of the importance Okun assigns to fairness as an explanatory factor of price rigidity, which refers to the embedded character of exchanges as proposed by Polanyi. The importance of fairness in the explanation of price (and wage) rigidity is later taken up by other Keynesian and behavioral economists such as George Akerlof, and Daniel Kahneman, Jack Knetsch and Richard Thaler, largely under the influence of Okun.
format Artículo
publishedVersion
author Keifman, Saúl
author_facet Keifman, Saúl
author_sort Keifman, Saúl
title Karl Polanyi's influence on Arthur Okun and other keynesian economists
title_short Karl Polanyi's influence on Arthur Okun and other keynesian economists
title_full Karl Polanyi's influence on Arthur Okun and other keynesian economists
title_fullStr Karl Polanyi's influence on Arthur Okun and other keynesian economists
title_full_unstemmed Karl Polanyi's influence on Arthur Okun and other keynesian economists
title_sort karl polanyi's influence on arthur okun and other keynesian economists
publisher FACULTAD DE CIENCIAS ECONÓMICAS - UNIVERSIDAD DE BUENOS AIRES
publishDate 2021
url https://ojs.economicas.uba.ar/REPBA/article/view/2164
https://repositoriouba.sisbi.uba.ar/gsdl/cgi-bin/library.cgi?a=d&c=ecopol&d=2164_oai
work_keys_str_mv AT keifmansaul karlpolanyisinfluenceonarthurokunandotherkeynesianeconomists
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