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Uncertainty and the Economy of Exclusion: Insights from Post‐Keynesian Institutionalism
Author(s) -
Zalewski David A.
Publication year - 2019
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/ajes.12291
Subject(s) - prosperity , capitalism , institutionalism , post keynesian economics , economics , inequality , institutional economics , grassroots , neoclassical economics , keynesian economics , political science , law , economic growth , mathematical analysis , mathematics , politics
Critics of Pope Francis’s Evangelii gaudium argue that recent economic growth and reductions in inequality are evidence that his notion of the “economy of exclusion” is misguided. However, Francis alludes to another type of exclusion—increased uncertainty generated by technological change that affects citizens even in developed nations. Drawing from Post‐Keynesian institutionalist theory, this article argues that this condition is common in capitalism, and that grassroots reforms are needed to ensure shared prosperity.