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date: 23 January 2022

Abstract and Keywords

Joan Robinson asked, “What are the Questions?” in her seventy-fifth year. Economics, she felt, was no longer focusing on the important issues; it had become bogged down in the mathematical detail of models. She asked this because she wanted to force the profession to face the fact that there was very little apparent progress in economics. It was time to ask again what was economics supposed to explain, in particular, not only how growth took place, but what was the point of growth and economic expansion, what were they for? This chapter considers two kinds of questions. First are those that concern how each of the different parts of the macro-system work—production, labor market, money and banking, taxation and government spending. Second are those questions about how these different parts interact, how they are tied together to make a system that works in a certain way—inflation and Phillips curves, for example.

Keywords: Joan Robinson, macroeconomics, production, labor market, money, banking, government spending, taxation, Phillips curves, inflation

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