A Reformulation Of Keynesian Economics

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A Reformulation Of Keynesian Economics

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Author : Jagdish Handa
language : en
Publisher: World Scientific
Release Date : 2015-07-16

A Reformulation Of Keynesian Economics written by Jagdish Handa and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-16 with Business & Economics categories.

John Maynard Keynes' response to the extreme distress of the early years of the Great Depression produced The General Theory, which represented an overhaul of the macroeconomics inherited by his generation. The economic upheaval (including the Great Recession) since 2008 raised serious doubts about the relevance of economics as it had come to be formulated and taught by the beginning of this century. While numerous books and articles have addressed the current distress of economies through contributions to specific parts of macroeconomics, none has offered an attractive alternative that represents a general overhaul of the macroeconomics inherited by the current generation. A Reformulation of Keynesian Economic does so, and provides a modern integrated version of macroeconomics for the modern economies as they function. This book's many insights and innovations include: discarding the classical concepts of the long run and the short run in favour of the behavioural concepts of the planning period (the long term) and the short term (the operating period); discarding the exogenous production function in favour of an endogenous one; distinguishing between the short-term and the long-term production functions; replacing the dynamic stochastic notional general equilibrium (DSGE) approach for the short term by a more general one that permits effective equilibrium and disequilibrium in specific markets; and, a reformulation of the financial sector analysis and of the Keynesian business cycle theory. This thoroughgoing revision of macroeconomics is must-read for macroeconomists, policymakers and graduate students. It can even be used as a textbook by instructors who question the inherited orthodoxy built around the DSGE model and are looking for an alternative formulation of macroeconomics. Contents:IntroductionReformulating Macroeconomics: Main ElementsThe Production SectorThe Labor Market, Employment and WagesThe Demand for Commodities and the Supply of LaborThe Financial Sector in the Financial EconomyA Reformulation of the Expectations Hypothesis for Keynesian EconomicsA Reformulation of the Keynesian Business Cycle ApproachSummary and Conclusions Readership: Researchers in macroeconomics and policy makers; graduate and advanced undergraduate students who wish to have an overview of macroeconomic theory relevant to modern economies. Key Features:The book updates macroeconomic modelling for modern financial (as against merely barter or monetary) economiesOffers insights and innovations which are thought-provoking, and constitute an invitation to researchers to re-think macroeconomics, starting by rebuilding its foundations along more behavioural linesIntegrates financial capital into the analysis of production both in terms of the technology/equipment that the firm chooses over its planning period and the production levels in each of its operating periodsKeywords:Macroeconomics;Keynesian Economics;Monetary Economics

John Maynard Keynes

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Author : Fouad Sabry
language : en
Publisher: One Billion Knowledgeable
Release Date : 2024-01-19

John Maynard Keynes written by Fouad Sabry and has been published by One Billion Knowledgeable this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-01-19 with Business & Economics categories.

Who is John Maynard Keynes John Maynard Keynes, 1st Baron Keynes was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics. He is known as the "father of macroeconomics". How you will benefit (I) Insights about the following: Chapter 1: John Maynard Keynes Chapter 2: Keynesian economics Chapter 3: Monetarism Chapter 4: Post-Keynesian economics Chapter 5: Stockholm School (economics) Chapter 6: Liquidity trap Chapter 7: Roy Harrod Chapter 8: Alvin Hansen Chapter 9: History of economic thought Chapter 10: Neoclassical synthesis Chapter 11: New classical macroeconomics Chapter 12: Paul Davidson (economist) Chapter 13: Axel Leijonhufvud Chapter 14: 2008?2009 Keynesian resurgence Chapter 15: Keynesian Revolution Chapter 16: History of macroeconomic thought Chapter 17: Athanasios Asimakopulos Chapter 18: Post-war displacement of Keynesianism Chapter 19: Keynes: The Return of the Master Chapter 20: Mark Gerard Hayes Chapter 21: Marxism and Keynesian economics Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information about John Maynard Keynes.

The Notion Of Equilibrium In The Keynesian Theory

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Author : Mario Sebastiani
language : en
Publisher: Springer
Release Date : 2016-07-27

The Notion Of Equilibrium In The Keynesian Theory written by Mario Sebastiani and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-27 with Business & Economics categories.

One of the reasons which make the Keynesian controversy still so live, is the missing distinction between aspects concerning methodology and others pertaining to theory. Another cause of the ongoing debate is to be found in unsettled problems concerning methodology, in primis the concept the equilibrium. Nor could the situation have been different, given, on the one hand, Keynes's manifest disaffection with these matters (especially in The General Theory) and, on the other hand, their implications as regards Keynesian economic theory and policy. The aim of this volume ensues from this analysis; accordingly, a wide spectrum of questions of method are considered and different interpretations of Keynes's approach in this field are taken into consideration.

Keynes S General Theory After Seventy Years

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Author : R. Dimand
language : en
Publisher: Springer
Release Date : 2010-02-03

Keynes S General Theory After Seventy Years written by R. Dimand and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-03 with Business & Economics categories.

This book provides a comprehensive overview of Keynes' contributions to macroeconomics and offers an in-depth analysis of the contested legacy of The General Theory, a book that marked the emergence of modern macroeconomics from the earlier heritage of monetary theory and business cycle and analysis.

Keynesian Economics

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Author : Alan Coddington
language : en
Publisher: Psychology Press
Release Date : 2003

Keynesian Economics written by Alan Coddington and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Keynesian economics categories.

Keynesian Economics provides a wide-ranging critical examination of the presuppositions and procedures of Keynesian analysis. The result is both a clear guide to modern macro-economic theory and policy and a revealing exercise in the recent history of ideas - ideas which are highly contentious and still deeply influential. "(Alan) Coddington made several substantive contributions to the understanding of Keynesian economics which established his fame not merely in the UK but in major centres of economics around the world." The Times

The Three Great Controversies Of Milton Friedman

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Author :
language : en
Publisher:
Release Date : 2017-03-13

The Three Great Controversies Of Milton Friedman written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-13 with categories.

After World War II, Keynesianism became the first economic current, being overtaken by Monetarism (in the mid-1970s and during the 1980s), and regaining its predominant role since the 1990s, motivated by the reformulation of Keynesian Theory and the acceptance of certain Monetarist foundations, and neo-Classical microeconomic principles. Nowadays, continues the leadership of neo-Keynesians in the formulation and implementation of economic policies.The merits of Monetarists are awesome. They revealed the flaws of the Keynesian Theory, which forced the Keynesians to: modify some of their postulates, take into account the importance of monetary policies and recognize the need to grant autonomy to the central banks.Moreover, the views of the main exponent of the Monetarism, the professor Milton Friedman, originated three major controversies (discussions that are still in force):1. The objection to Theory of Economic Cycles.2. The natural rate of unemployment.3. The neutrality of moneyCONTENT:I. INTRODUCTIONII. KEYNESIANISM VS. MONETARISMII.1 THE RISE AND FALL OF KEYNESIANISMII.2 THE RISE OF MONETARISM II.3 THE GROWTH OF MONETARISMII 4 THE RISE OF NEO-KEYNESIANISMIII. THE GREAT CONTROVERSIES OF MILTON FRIEDMANIII.1 THE OBJECTION TO THEORY OF ECONOMIC CYCLESIII.2 THE NATURAL RATE OF UNEMPLOYMENTIII.3 THE NEUTRALITY OF MONEYIV. CONCLUSIONSV. BIBLIOGRAPHY

Raising Keynes

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Author : Stephen A. Marglin
language : en
Publisher: Harvard University Press
Release Date : 2020-07-14

Raising Keynes written by Stephen A. Marglin and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-14 with Business & Economics categories.

Back to the future: a heterodox economist rewrites Keynes's General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century. John Maynard Keynes's General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes's lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins. Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes's intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand. Ordinary citizens have paid a steep price for the distortion of Keynes's message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose. Fleshing out Keynes's intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.

Macroeconomic Models And Controversies

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Author : G. Chirichiello
language : en
Publisher: Springer
Release Date : 1994-05-31

Macroeconomic Models And Controversies written by G. Chirichiello and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-05-31 with Business & Economics categories.

The book provides an introduction to major topics in macroeconomic theory and offers the readers three tools for comparing different models:a mathematical reformulation of Say's Law, the use of income velocity of circulation of money as a behavioural function in accordance with the Friedman tradition and the use of the Phillips curve to represent the labour market.

Dissent On Keynes

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Author : Mark Skousen
language : en
Publisher: Praeger
Release Date : 1992-03-19

Dissent On Keynes written by Mark Skousen and has been published by Praeger this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-03-19 with Business & Economics categories.

"Published under the auspices of the Ludwig von Mises Institute." Includes bibliographical references (p. [225]-243) and index.

The Years Of High Theory

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Author : G. L. S. Shackle
language : en
Publisher: Cambridge University Press
Release Date : 1967-08-01

The Years Of High Theory written by G. L. S. Shackle and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1967-08-01 with Business & Economics categories.

Even a decade after the end of the 1914-1918 war, economic theory assumed that the world was tranquil and orderly. By 1939 an economic slump without parallel, allied to the re-emergence of military ambition in Europe, had brought economic theorists face to face with reality. In this classic book, first published in 1967, Professor Shackle provides a study, in exact and professional language, of the precise nature, structure, presuppositions, language and inter-relations of the theories which were formulated in these fourteen years - unparalleled in the whole history of economics except perhaps by the years of the Physiocrats and Adam Smith. These theories are not prototypes on the way to something better but are of essential and permanent importance.