Economic Policies for Growth and Sustainability
Edited by Nikolaos Karagiannis and John E. King
Chapter 10: Government originating and closing the circuit
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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