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...
Autor principal: | |
---|---|
Formato: | Artículo publishedVersion |
Lenguaje: | Español |
Publicado: |
FACULTAD DE CIENCIAS ECONÓMICAS - UNIVERSIDAD DE BUENOS AIRES
2021
|
Materias: | |
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 |
Aporte de: |
id |
I28-R145-2164_oai |
---|---|
record_format |
dspace |
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 AT keifmansaul sobrelainfluenciadekarlpolanyienarthurokunyotroseconomistaskeynesianos |
_version_ |
1825550674116476928 |