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Keynesian Reflections in the Globalised World

According to some contemporary economists (e.g. Samuelson, Weitzman), the crucial issue of global economy is the concept of stagflation: disparity between both labour offer and labour supply at the global market, involving the price and future of the labour value itself. Beyond general definitions of the relation between the economic practice and theory, our standpoint is expressed in the form of two questions, of which content, following the insight of Keynes’ labour theory issue (Minsky’s John Maynard Keynes and Keynes’ General Theory) refers to defining the sense of economy in the era of rough capitalism: (1) what is the essence of economy itself ; (2) how to reconcile the greedy human nature with reason (Aristotle)? The main issue of this elaboration discussed in the following pages, will be presented by the author at three levels: (1) metaphysical concept of labour followed by the Old Testament writer(s), and (2) explained within Aristotle’s aretaic frame described in Nicomachean Ethics ; (3) pragmatic explanation of the labour traced by John Maynard Keynes in his General Theory of Employment, Interest and Money.

John Maynard Keynes, economic theory, the Old Testament, Aristotle, Martin Heidegger

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