INSTABILITY AND UNSUSTAINABILITY OF COGNITIVE CAPITALISM: RECONSIDERATION FROM A POST-KEYNESIAN PERSPECTIVE
INSTABILITY AND UNSUSTAINABILITY OF COGNITIVE CAPITALISM: RECONSIDERATION FROM A POST-KEYNESIAN PERSPECTIVE

Summary/Abstract: Cognitive capitalism is a useful concept that elucidates the state of contemporary economic system. The 2008 financial crisis that followed the global recession and the slow economic recovery illustrate the instability and unsustainability of this regime. This paper offers an examination of the macroeconomic defect of the regime from the post-Keynesian perspective on the basis of three aspects. First, it investigates weakness in demand as the regime’s important feature and its primary cause of macroeconomic instability. Second, it analyzes the role of financialization and considers its significance. Third, it focuses on affective labor and examines its function in the macroeconomy.

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