Mr Keynes And The Classics A Suggested Reinterpretation
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Mr Keynes And The Classics A Suggested Reinterpretation
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Author : Gauti B. Eggertsson
language : en
Publisher:
Release Date : 2021
Mr Keynes And The Classics A Suggested Reinterpretation written by Gauti B. Eggertsson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
This paper revisits and proposes a resolution to an empirical and theoretical controversy between Keynes and the "classics" (or monetarists). The controversy dates to Keynes's General Theory (1936)--most famously formalized in Hicks's (1937) classic Econometrica article, in which the IS-LM model is first formally stated. We first replicate empirical tests formulated in the late 1960s and '70s and show that more recent data have more statistical power and resolve the empirical debate in favor of the Keynesians, at least according to the criteria of the literature at that time. We then show, using a simple dynamic stochastic general equilibrium (DSGE) model, that the empirical tests suffer from the Lucas (1976) critique, as the conclusion fundamentally depends upon the assumed policy regime. Nevertheless, we argue, this new empirical result is useful: it provides evidence for the existence of a "Keynesian policy regime" according to which traditional monetary expansion loses its impact in the absence of a policy regime change, in the sense of Sargent (1982).
John Kenneth Galbraith
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Author : Richard Parker
language : en
Publisher: Macmillan + ORM
Release Date : 2015-05-12
John Kenneth Galbraith written by Richard Parker and has been published by Macmillan + ORM this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-05-12 with Biography & Autobiography categories.
The life and times of America's celebrated economist, assessing his lessons-and warnings-for us today. John Kenneth Galbraith's books—among them The Affluent Society and American Capitalism—are famous for good reason. Written by a scholar renowned for energetic political engagement and irrepressible wit, they are models of provocative good sense that warn prophetically of the dangers of deregulated markets, war in Asia, corporate greed, and stock-market bubbles. Galbraith's work has also deeply-and controversially-influenced his own profession, and in Richard Parker's hands his biography becomes a vital reinterpretation of American economics and public policy. Born and raised on a small Canadian farm, Galbraith began teaching at Harvard during the Depression. He was FDR's "price czar" during the war and then a senior editor of Fortune before returning to Harvard and to fame as a bestselling writer. Parker shows how, from his early championing of Keynes to his acerbic analysis of America's "private wealth and public squalor," Galbraith regularly challenged prevailing theories and policies. And his account of Galbraith's remarkable friendship with John F. Kennedy, whom he served as a close advisor while ambassador to India, is especially relevant for its analysis of the intense, dynamic debates that economists and politicians can have over how America should manage its wealth and power. This masterful chronicle gives color, depth, and meaning to the record of an extraordinary life.
The Philosophy Of Keynes S Economics
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Author : Jochen Runde
language : en
Publisher: Psychology Press
Release Date : 2003
The Philosophy Of Keynes S Economics written by Jochen Runde 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 Business & Economics categories.
John Maynard Keynes is undoubtedly the most influential Western economist of the twentieth century. His emphasis on the nature and role of uncertainty in economic thought is a dominant theme in his writings. This book brings together a wide array of experts on Keynes' thought such as Gay Tulip Meeks, Sheila Dow and John Davis who discuss, analyse and criticise such themes as Keynesian probability and uncertainty, the foundations of Keynes' economics and the relationship between Keynes' earlier and later thought. The Philosophy of Keynes' Economics is a readable and comprehensive book that will interest students and academics interested in the man and his thought.
Equilibrium And Disequilibrium In Economic Theory
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Author : G. Schwödiauer
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Equilibrium And Disequilibrium In Economic Theory written by G. Schwödiauer and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Social Science categories.
This volume is the result of a conference held at the Institute for Advanced Studies, Vienna. There is still a gap reflected both in fundamental meth odological differences and in the style of analysis between the Walrasian (and Edgeworthian) tradition of general equilibrium theory and the theo retical and policy problems raised in the framework of Keynesian and post-Keynesian macroeconomics. The conference succeeded in bringing together economic theorists working in fields ranging from abstract prob lems of mathematical equilibrium analysis to applied macroeconomic theory, and it is hoped that the present volume will contribute to bridging the above-mentioned hiatus. As organizer of the meeting and editor of its proceedings I want to thank the Institute for Advanced Studies for providing facilities and funds. I am also sincerely grateful to all my colleagues from the Institute for their generous help, in particular to Mrs Monika Herkner without whose assistance and organizational talent the conference would certainly not have been the success it in fact - in the opinion of all participants - turned out to have been. Furthermore, I wish to express my gratitude towards all participants in the meeting and contributors to the volume whose patient support of the whole enterprise proved indispensable. To Mrs Elfriede Auracher I am deeply indebted for her skillful and effective general management of the editorial work and her invaluable assistance in compiling the indexes.
Development Of Economic Analysis 7th Edition
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Author :
language : en
Publisher: Routledge
Release Date :
Development Of Economic Analysis 7th Edition written by and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
A Theory Of Full Employment
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Author : Nancy Brenner-Golomb
language : en
Publisher: Routledge
Release Date : 2017-11-30
A Theory Of Full Employment written by Nancy Brenner-Golomb and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-30 with Business & Economics categories.
In A Theory of Full Employment, Y. S. Brenner reviews the current drift toward a society he finds neither economically expedient nor morally attractive, and N. Brenner-Golomb discusses the risks involved for science and society in the newfangled sophism hiding behind post-modern ideas and "political correctness." Both authors emphasize the need to revive the public's political engagement and revise economic theory to restore to society the humane perspective that inspired the welfare state. They contend that if people will abandon outworn habits of thought, consider alternatives, and renew their political engagement, they may find useful employment for all who are able and willing to work and end the fear of destitution. Although scientists' philosophical backgrounds seldom influence their answers, they do determine their questions, and the final outcome can depend on this. Neoclassical economists are ill equipped to ask questions about the long-term dynamic processes of our complex economic reality. They leave out of their models variables not easily quantified and prefer mathematical precision to the study of the intricacy of life. Paul Samuelson, Robert Solow, and others have tried to overcome this by grouping self-adjusting elements into "proxy" variables, thus synthesizing neoclassical and Keynesian ideas. But most of today's critics of the ruling dogma go largely unheard. This volume is intended to convince professional economists who study the economic system as a whole to reexamine some of the assumptions behind reigning economic theories. A second objective is to explain to the general public why currently fashionable policies cannot solve massive long-term unemployment. Finally, it shows that if political engagement is revived, we may escape the economic morass and moral wasteland into which, the fashionable policies have been leading us since the 1970s. This book will appeal to economists, politicians, sociologists, and a wider public concerned about today's economic malaise.
Development Of Economic Analysis
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Author : Ingrid H. Rima
language : en
Publisher: Routledge
Release Date : 2003-10-04
Development Of Economic Analysis written by Ingrid H. Rima and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-10-04 with Business & Economics categories.
The Development of Economic Analysis traces the development of economic theory from Plato through to contemporary thought. All the major movements are covered and presented here in six chronological parts. The text includes a number of practical features: * a 'family tree' at the beginning of each section, illustrating how the key streams and people connect and develop, accompanied by a list of key publications for that period * integrated selections of readings from the major works enable reference to original sources * The subject matter is divided to allow individual users to follow their preferences. The text also includes guidelines for use on a one semester course. * Each part ends with a summary and questions to discuss, along with glossaries and suggestions for further reading The result is a valuable aid to the study of economic thought and encourages students to examine the relevance to contemporary theory.
The Morning After
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Author : Mr.Tamim Bayoumi
language : en
Publisher: International Monetary Fund
Release Date : 1999-01-01
The Morning After written by Mr.Tamim Bayoumi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-01-01 with Business & Economics categories.
This paper uses vector autoregressions (VARs) to investigate four explanations of the extended slump in Japanese economic activity during the 1990s: the absence of bold and consistent fiscal stimulus; limited room for expansionary monetary policy because of a liquidity trap; asset price deflation reflecting the long-term problems caused by overinvestment, inadequate returns on saving, and debt overhang; and disruption of financial intermediation. The results indicate that disruption in financial intermediation, largely operating through the impact of changes in domestic asset prices on bank lending, has been the principal case of the slump.
Development Of Economic Analysis
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Author : Ingrid Rima
language : en
Publisher: Taylor & Francis
Release Date : 2010-03-11
Development Of Economic Analysis written by Ingrid Rima and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-03-11 with Business & Economics categories.
This is the sixth edition of a textbook that has been instrumental in introducing a generation of students to the history of economic thought. It charts the development of economics from its establishment as an analytical discipline in the eighteenth century through to the late twentieth century. The book discusses the work of, amongst others: Ricardo, Malthus, Marx, Walras, Marshall and Keynes as well as the institutionalists, the Chicago School and the emergence of econometrics. This edition has been fully revised and updated and includes: chronologies of the key dates in the development of economics extracts from original texts an examination of how the study of the history of economic thought impinges upon modern thinking.
The History Of Economic Thought A Reader
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Author : Steven G Medema
language : en
Publisher: Routledge
Release Date : 2004-02-24
The History Of Economic Thought A Reader written by Steven G Medema and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-02-24 with Business & Economics categories.
This new reader in the history of economic thought is edited by two of the most respected figures in the field. With clearly written summaries putting each selection into context, this book will be of great use to students and lecturers of the history of economic thought as it goes beyond the simple reprinting of articles. Selections and discussions include such thinkers as Aristotle, John Locke, François Quesnay, David Hume, Jean-Baptiste Say, Karl Marx, William Stanley Jevons, Irving Fisher and Thorstein Veblen. The History of Economic Thought: A Reader can be used as a core textbook or as a supplementary text on courses in economic thought and philosophy, and will provide readers with a good foundation in the different schools of thought that run through economics.