Keynes S Principle Of Effective Demand

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Keynes S Principle Of Effective Demand

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Author : Edward J. Amadeo
language : en
Publisher:
Release Date : 1989

Keynes S Principle Of Effective Demand written by Edward J. Amadeo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.

'Without doubt, Keynes was a complex, many-sided genius whose analyses were constantly playing catch-up with his intuition. Amadeo's book is indeed a very important contribution to an enhanced understanding of this process as it pertains to Keynes's two premier contributions to economic theory - the TM [Treatise on Money] and the GT [General Theory].' - Richard X. Chase, Journal of Economic Issues 'I think that this is an outstanding piece of work, doing an excellent job of tracing the evolution of Keynes's own thought and questioning the conventional interpretation of the transition from the Treatise on Money to the General Theory.' - Lance Taylor, Massachusetts Institute of Technology, US

The General Theory Of Employment Interest And Money

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Author : John Maynard Keynes
language : en
Publisher: Springer
Release Date : 2018-07-20

The General Theory Of Employment Interest And Money written by John Maynard Keynes and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-20 with Business & Economics categories.

This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.

The Applied Mathematics Of J M Keynes Theory Of Effective Demand In The General Theory

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Author : Michael Emmett Brady
language : en
Publisher: Xlibris Corporation
Release Date : 2006-03-30

The Applied Mathematics Of J M Keynes Theory Of Effective Demand In The General Theory written by Michael Emmett Brady and has been published by Xlibris Corporation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-03-30 with Business & Economics categories.

The standard view of the economics profession is that Keynes was a brilliant, intuitive, non-rigorous innovator who was unable to apply formal mathematical analysis in his work. These essays show that Keynes backed up his "intuitions" with a rigorous mathematical and logical supporting analysis which has been overlooked by the economics profession for 70 years.The most likely reason that this occurred is that the ECONOMICS PROFESSION HAS ACCEPTED AS TRUE A NUMBER OF CANARDS CONCOCTED BY RICHARD KAHN, JOAN ROBINSON, AND AUSTIN ROBINSON that claimed that Keynes was a poor mathematician by 1927, who had never taken the 20 minutes that were necessary to master the theory of value(microeconomics).The result was that Keynes made all kinds of mathematical errors in his analysis of the aggregate supply function, Z, that his mentor, Richard Kahn, was not able to catch because Keynes had published the book prematurely. This is an abridged edition of my 2004 book, " Essays on J M Keynes and..." that concentrates on Keynes& acute; s mathematical modeling of his theory of effective demand in chapters 20 and 21 of his General Theory(1936).I have added three new essays.The fundamental result of the book is to demonstrate mathematically that Keynes had a complete microeconomic foundation for his macroeconomic theory built on the theory of purely competitive firms.There are two different but complementary models in the GT.They are the Y-Multiplier model of chapter 10[Y=PO; Y=C+I=bY(or C=a+bY)+(1-b)Y], where Y is actual or realized nominal aggregate demand and P is the actual price level, and the expected D-Z model of chapters 3,20, and 21[D=pO and Z=wN+P], where p is the expected price, D is the expected, nominal aggregate demand, and P is the expected economic profit.This model is explicitly discussed by Keynes in straightforward English in chapter 3 and mathematically analyzed in chapters 20 and 21.Any reader who can integrate the derivatives presented by Keynes in ft.2, pp.55-56 or fts.1 and 2 on p.283 of the GT, can obtain this model.Keynes puts both of his models together to obtain his generalized version of classical and neoclassical theory, w/p=mpl/(mpc+mpi), where mpl is the marginal product of labor in the aggregate derived from an aggregated neoclassical production function(pp.283,285 of the GT), w/p is the expected real wage, mpc is the marginal propensity to spend on consumption goods, and mpi is the marginal propensity to spend on investment goods.If mpc+mpi=mpc+mps=1, where mps is the marginal propensity to save, Keynes& acute; s general result simplifies to the standard neoclassical result that w/p=mpl defines a full employment equilibrium with only frictional and voluntary unemployment.On the other hand, if mpc+mpi< 1, one of a number of possible unemployment equilibriums occurs which labor, in the aggregate, will be unable to eliminate because, in this case, the money wage must be increased, not decreased.Keynes is the first economist in history to analyze a set of stable, macroscopic, multiple equilibria.The technical result is discussed in literary fashion on pp.261-262 of the GT in chapter 19 for those 1930& acute; s economists who lacked mathematical training in the differential and integral calculus.Keynes would be shocked to discover that the economics profession has, for the last 70 years contended either that (a)there is no mathematical model of Keynes& acute; s theory in the GT that incorporates microeconomic foundations or(b)there is a model in the GT, but it is filled with all types of mathematical errors.Anyone trained in calculus at the lower division, undergraduate level can discover for himself that both (a) and (b) are false.

Keynes S General Theory And Accumulation

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Author : Athanasios Asimakopulos
language : en
Publisher: Cambridge University Press
Release Date : 1991-06-28

Keynes S General Theory And Accumulation written by Athanasios Asimakopulos 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 1991-06-28 with Business & Economics categories.

This book makes Keynes's writing on his General Theory accessible to students by presenting this theory in a careful, consistent manner that is faithful to the original. Keynes's theory continues to be important, because the issues it raised, such as the problems of involuntary unemployment, the volatility of investment, and the complexity of monetary arrangements in modern capitalist economies, are still with us. Keynes's method of analysis, which tries to allow for the complications of dealing with historical time, deserves the careful attention given in this book. Keynes's formal analysis dealt only with a short period of time during which changes in productive capacity as a result of net investment were small relative to initial productive capacity. Roy Harrod and Joan Robinson were the two most prominent followers of Keynes who attempted to extend his analysis to the long period by allowing for the effects of investment on productive capacity as well as on effective demand. The careful examination of their writings on this topic is a natural complement to the presentation of Keynes's General Theory and makes clear the severe limitations on any use of equilibrium concepts in dealing with accumulation in models that try to observe Keynes's warnings about an unknowable future in the type of world we inhabit.

Capital And Employment

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Author : Murray Milgate
language : en
Publisher: Academic Press
Release Date : 2014-05-10

Capital And Employment written by Murray Milgate and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-10 with Business & Economics categories.

Studies in Political Economy: Capital and Employment: A Study of Keynes's Economics focuses on the inquiry into Keynesian economics, particularly the relationship of capital and employment. The publication first underscores the contemporary position of 'Keynesian' economics, traditional long-period method of economic analysis, and theoretical systems and the long-period method. Discussions focus on the structure of classical economic theory, structure of marginalist economic theory, and the traditional long-period method of economic analysis. The text then ponders on the analysis of deviations from long-period positions, principle of effective demand, and the theory of capital and theory of employment. Topics include Keynes on the 'classical' theory of interest, capital and employment, inflexibility of money-wages, long-period theory of output and employment, and principle of effective demand. The book takes a look at the theoretical system of the treatise versus the general theory and the method of analysis in the treatise and the general theory, including the conceptual framework of the treatise on money and general theory and the natural rate of interest and level of employment. The publication is a valuable reference for economists and researchers interested in the relationship of capital and employment.

Reconstruction Of Macroeconomics Methods Of Statistical Physics And Keynes Principle Of Effective Demand

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Author : Hiroshi Yoshikawa
language : en
Publisher: Springer Nature
Release Date : 2022-10-29

Reconstruction Of Macroeconomics Methods Of Statistical Physics And Keynes Principle Of Effective Demand written by Hiroshi Yoshikawa and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-29 with Business & Economics categories.

This book explains how standard micro-founded macroeconomics is misguided and proposes an alternative method based on statistical physics. The Great Recession following the bankruptcy of Lehman Brothers in September 2015 amply demonstrated that mainstream micro-founded macroeconomics was in trouble. The new approach advanced in this book reasonably explains important macro-problems such as employment, business cycles, growth, and inflation/deflation. The key concept is demand failures, which modern micro-founded macroeconomics has ignored. “It (Chapter 3) captures analytically a good part of the intuition that underlies the Keynesian economics of people like Tobin and me.” Robert Solow, Emeritus Institute Professor of Economics, Massachusetts Institute of Technology, Nobel Laureate in Economics, 1987 “Professor Hiroshi Yoshikawa provides a unique synthesis of statistical physics and macro-economic theory in order to confront the dismal failure in economics and in finance to understand how an economy or a financial market works, given the heterogeneous decision making of many different individual interacting actors. Economics has failed in this regard with the naive and often misleading concept of “representative agents.” The author presents many insights on the historical development, concepts, and errors made by the most illustrious economists in the past. This book should be essential readings for any economics students as well as academic researchers and policy makers, who should learn to bring back good-sense thinking in their impactful decisions.” Didier Sornette, Professor on the Chair of Entrepreneurial Risks at the Swiss Federal Institute of Technology Zurich (ETH Zurich)

Keynes S Economics And The Theory Of Value And Distribution

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Author : John Eatwell
language : en
Publisher: Bloomsbury Academic
Release Date : 1983

Keynes S Economics And The Theory Of Value And Distribution written by John Eatwell and has been published by Bloomsbury Academic this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Business & Economics categories.

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.

The Foundations Of Keynesian Analysis

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Author : Alain Barrere
language : en
Publisher: Springer
Release Date : 1988-06-18

The Foundations Of Keynesian Analysis written by Alain Barrere and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-06-18 with Business & Economics categories.

Effective Demand And Income Distribution

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Author : Marc Jarsulic
language : en
Publisher: Routledge
Release Date : 2019-03-06

Effective Demand And Income Distribution written by Marc Jarsulic and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-06 with Political Science categories.

Considering ideas from various economic paradigms, namely post-Keynesian, neo-Ricardian, and neo-Marxian, this book discusses the importance of money to Keynes's analysis of effective demand and income distribution. It also considers the connections between relative prices and income distribution.