Father Lerner; The economist who redefined the budget deficit ▫ October 28 is the birthday of Abba Lerner, a British-American economist and one of the influential figures of Keynesian economics; An economist who devoted an important part of his activity to examining the performance of markets and the role of economic policy. ▫ One of his well-known achievements is the "Lerner Index"; A market power index that shows how far the price of a product is from the final cost of its production. The greater this distance, the greater the firm's power to influence the price. This index is still used in analyzing the market structure and the monopoly power of companies. ▫ Alongside the industrial economy, Lerner also raised important opinions regarding financial policy and welfare economics. In the "functional financing" theory, he emphasized that the fiscal policy should be evaluated based on its consequences on employment, productivity and price stability, and not only according to the size of the budget deficit. ▫ The combination of these views made Lerner an economist who tried to link economic theory with the real problems of the market, government and social welfare. The link of this program is in the mechanism.

Father Lerner; The economist who redefined the budget deficit ▫ October 28 is the birthday of Abba Lerner, a British-American economist and one of the influential figures of Keynesian economics; An economist who devoted an important part of his activity to examining the performance of markets and the role of economic policy. ▫ One of his well-known achievements is the "Lerner Index"; A market power index that shows how far the price of a product is from the final cost of its production. The greater this distance, the greater the firm's power to influence the price. This index is still used in analyzing the market structure and the monopoly power of companies. ▫ Alongside the industrial economy, Lerner also raised important opinions regarding financial policy and welfare economics. In the "functional financing" theory, he emphasized that the fiscal policy should be evaluated based on its consequences on employment, productivity and price stability, and not only according to the size of the budget deficit. ▫ The combination of these views made Lerner an economist who tried to link economic theory with the real problems of the market, government and social welfare. The link of this program is in the mechanism.