WILL INDONESIA EMPLOY THE KEYNESIAN THEORY TO PROTECT ITS ECONOMY IN THE CASE OF A GLOBAL RECESSION IN 2023?
Abstract
The World once more experienced an economic catastrophe in 2020, just 12 years after the global financial crisis. The global pandemic known as Covid-19 is the cause of the current crisis, which has an entirely different impact on the economy than the previous global financial crisis. The effect of the recession this time on Indonesia will be through three things, such as exports, investment, and purchasing power. Meanwhile, the thing that will be most felt by individuals is losing their jobs, although it is predicted that it will not be too significant either. Seeing this reality, the government especially Indonesia should immediately improve in facing the threat of global economic recession. A bleak period marked by negative economic growth for two consecutive quarters cannot be underestimated. In urgent times, the government must at the same time maintain people's purchasing power, control inflation, increase exports, and encourage investment growth. The government must not be slow to act because the signs of recession are in sight. This research is qualitative research that is a literature study (library research) that uses books and other literature as the main object. The result of this study is in maintaining domestic economic stability, Indonesia still refers to the Keynesian theory which suggests that the government must intervene in economic activities in a country
Keywords
Full Text:
PDFReferences
Abeysinghe, T. (2011). Thai Meltdown and Transmission of Recession within the ASEAN4 and NIE4. International Financial Contagion, 225–240. https://doi.org/10.1007/978-1-4757-3314-3_9
Arestis, Philip, and M. S. (2010). 21st century Keynesian economics. Retrieved from https://books.google.com.tw/books?hl=id&lr=&id=pmmLDAAAQBAJ&oi=fnd&pg=PP1&dq=KEYNESIAN+ECONOMIC+THEORY&ots=lEeOtMBAqM&sig=E7Qfjuj6WjLSCWkyM7zALhGGMwA&redir_esc=y#v=onepage&q=KEYNESIAN ECONOMIC THEORY&f=false
Arestis, P., Dunn, S. P., & Sawyer, M. (1999). Post Keynesian economics and its critics. Journal of Post Keynesian Economics, 21(4), 527–549. https://doi.org/10.1080/01603477.1999.11490212
Bortis, Heinrich, and B. H. (1997). Institutions, behaviour and economic theory: a contribution to classical-Keynesian political economy. Cambridge University Press.
bps. (2019, September 2). 2019 inflasi sebesar 0,12 persen. Inflasi tertinggi terjadi di Kudus sebesar 0,82 persen. Bps.Go.Id.
Buczynski, J. RIchard & Bright, M. (2011). Economic Crisis: When will it End? IBISWorld Recession Briefing. IBISWorld.
Chang, S. Sen, Stuckler, D., Yip, P., & Gunnell, D. (2013). Impact of 2008 global economic crisis on suicide: Time trend study in 54 countries. BMJ (Online), 347(7925), 1–15. https://doi.org/10.1136/bmj.f5239
Conway, E. (2011). 50 Gagasan Ekonomi yang perlu Anda Ketahui. Jakarta: Erlangga.
Crotty, J. R. (1980). Post-Keynesian economic theory: An overview and evaluation. The American Economic Review, 2(70), 20–25.
Fand, D. (2019). Keynesian Monetary Theories , Stabilization Policy , and the Recent Inflation Author ( s ): David Fand Source : Journal of Money , Credit and Banking , Vol . 1 , No . 3 , Conference of University Published by : Ohio State University Press Stable URL : htt. 1(3), 556–587.
Ferguson, B. S. (2013). Lectures on John Maynard Keynes’ General Theory of Employment, Interest and Money (6): Chapters 8, 9 and 10: Keynes’ Theory of Consumer Behaviour. SSRN Electronic Journal, (6). https://doi.org/10.2139/ssrn.2313442
Flanders, S. (2019). With U.S. Help, Global Growth in 2020 May Recover a Bit From a Dismal 2019 : Emerging-market economies will contribute, but trade tensions remain the big negative. Bloomberg Businessweek.
Foldvary, F. E. (2011). The Depression of 2008. In SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1103584
Fullbrook, E. (2009). Why it happened and what to do about it. Real-World Economics Rexiew, 1, 1–128.
Ghio, N., Guerini, M., Lehmann, E. E., & Rossi-Lamastra, C. (2015). The emergence of the knowledge spillover theory of entrepreneurship. Small Business Economics, 44(1), 1–18. https://doi.org/10.1007/s11187-014-9588-y
Ikhsan, M. (2019, October 12). 5 Hal Baru dalam APBN 2020 yang Berdampak ke Masyarakat. Kompas. Retrieved from https://money.kompas.com/read/2019/10/12/122200326/5-hal-baru-dalam-apbn-2020-yang-berdampak-ke-masyarakat?page=all
Irawan, A. (2020). Challenges and Opportunities for Small and Medium Enterprises in Eastern Indonesia in Facing the COVID-19 Pandemic and the New Normal Era. TIJAB (The International Journal of Applied Business), 4(2), 79. https://doi.org/10.20473/tijab.v4.i2.2020.79-89
Irfani, F. (2018). Krisis Malaise: Depresi Besar yang Pernah Menghancurkan Amerika. Tirto.Id. Retrieved from https://tirto.id/krisis-malaise-depresi-besar-yang-pernah-menghancurkan-amerika-cudu
Kinkel, S. (2012). Trends in production relocation and backshoring activities: Changing patterns in the course of the global economic crisis. International Journal of Operations and Production Management, 32(6), 696–720. https://doi.org/10.1108/01443571211230934
Korotayev, A., & Tsirel, S. V. (2010). A Spectral Analysis of World GDP Dynamics: Kondratieff Waves, Kuznets Swings, Juglar and Kitchin Cycles in Global Economic Development, and the 2008–2009 Economic Crisis. Structure and Dynamics, 4(1), 34–39. https://doi.org/10.1056/NEJM199701233360422
Laili, A. (2019, September 26). PERANG DAGANG AS-TIONGKOK, RESESI GLOBAL, DAN PENGARUHNYA PADA INDONESIA. Mojok.Com.
Lee, Y. N. (2019, October 16). ‘Awfully high’ risks of a global recession in the next 12-18 months, Moody’s chief economist says. CNBC (Consumer News and Business Channel ) World Economy.
Marcuzzo, M. C. (2005). Keynes and the Welfare State.
Nazir, M. (2013). Metode Penelitian. Bogor: Ghalia Indonesia.
Ondang, C., Singkoh, F., & Kumayas, N. (2019). PERANAN PEMERINTAH DAERAH DALAM PEMBERDAYAAN USAHA MIKRO KECIL MENENGAH (UMKM) DI KABUPATEN MINAHASA (SUATU STUDI DI DINAS KOPERASI DAN UKM). Jurnal Jurusan Ilmu Pemerintahan, 3(3), 1–10.
Papatheodorou, A., Rosselló, J., & Xiao, H. (2010). Global economic crisis and tourism: Consequences and perspectives. Journal of Travel Research, 49(1), 39–45. https://doi.org/10.1177/0047287509355327
Park, S., Lee, I. H., & Kim, J. E. (2020). Government support and small- and medium-sized enterprise (SME) performance: the moderating effects of diagnostic and support services. Asian Business and Management, 19(2), 213–238. https://doi.org/10.1057/s41291-019-00061-7
Plecher, H. (2019, November 6). Inflation rate in Indonesia 2024. Statista.
Romer, C. D. (2003). Great Depression. In Britannica.
Roubini, N. (2018, September 13). The Makings of a 2020 Recession and Financial Crisis. Project Syndicate.
Saragih, H. P. (2019, October 11). Terungkap, Ini Penyebab Resesi Ekonomi Global. CNBC (Consumer News and Business Channel ) Indonesia.
Shackle, G. L. S. (1973). Keynes and today’s establishment in economic theory: a review. Journal of Economic Literature, 11(2), 516–519.
Shaikh, A. (2005). Explaining the Global Economic Crisis. Historical Materialism, 5(1), 103–144. https://doi.org/10.1163/156920699100414481
Silvia, E. D., Wardi, Y., & Aimon, H. (2013). Analisis Pertumbuhan Ekonomi, Investasi, Dan Inflasi Di Indonesia. Jurnal Kajian Ekonomi, 1(2), 224–243.
Stiglitz, J. E. (2000). What I Learned at the World Economic Crisis. New Republic, 222(16/17), 56–60.
Sugiyono. (2017). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: PT Alfabet.
The Month of the Peak The Quarter of the Peak. (2010). (December 2007), 1–6.
Tobing, S. (2019, August 12). Ekonomi 2020 dan Bayang-bayang Resesi Akibat Perang Dagang. Katadata.Com.
Uma, S. (2006). Research Methods for Business. Jakarta: Salemba Empat.
Vanbergen, G. (2018, December 1). The Predicted 2020 Global Recession. World Financial Review.
Webster, M. (n.d.). Recession. Retrieved December 12, 2019, from http://www.merriam-webster.com/dictionary/recession.
DOI: https://doi.org/10.52447/gov.v8i2.6554
Refbacks
- There are currently no refbacks.
Copyright Pusat Penelitian Fakultas Ilmu Sosial dan Ilmu Politik
Universitas 17 Agustus 1945 Jakarta