A Modern Guide to State Intervention
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A Modern Guide to State Intervention

Economic Policies for Growth and Sustainability

Edited by Nikolaos Karagiannis and John E. King

A Modern Guide to State Intervention investigates the impact of the changing role of the state, offering an alternative political economy for the third decade of the twenty-first century. Building on important factors including history, the role of institutions, society and economic structures, this Modern Guide considers economic and administrative interventions towards changing the destabilized status quo of modern societies.
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Chapter 10: Government originating and closing the circuit

Romar Correa


Correa uses the classic book, Godley and Lavoie’s Monetary Economics, which is close in letter and spirit to the circuit approach in the scrupulous attention paid to national income accounting, bringing the systems approach to Godley and Lavoie’s sub-models, following their practice, and expressing his concern with the stability of different mixes. Correa incorporates a class orientation to fiscal policy, following the appeal of the stock–flow-consistent modelling strategy.

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