The Notion Of Equilibrium In The Keynesian Theory
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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 General Theory Of Employment Interest And Money
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Author : John Maynard Keynes
language : en
Publisher: Atlantic Publishers & Dist
Release Date : 2016-04
The General Theory Of Employment Interest And Money written by John Maynard Keynes and has been published by Atlantic Publishers & Dist this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04 with Business & Economics categories.
John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
Equilibrium And Disequilibrium In Economic Theory
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Author : G. Schwödiauer
language : en
Publisher: Springer Science & Business Media
Release Date : 1977-12-31
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 1977-12-31 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.
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.
Finance Development September 2014
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Author : International Monetary Fund. External Relations Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2014-08-25
Finance Development September 2014 written by International Monetary Fund. External Relations Dept. 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 2014-08-25 with Business & Economics categories.
This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.
The Concept Of Equilibrium In Different Economic Traditions
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Author : Bert Tieben
language : en
Publisher: Rozenberg Publishers
Release Date : 2009
The Concept Of Equilibrium In Different Economic Traditions written by Bert Tieben and has been published by Rozenberg Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Equilibrium (Economics) categories.
The Fall And Rise Of Keynesian Economics
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Author : John Eatwell
language : en
Publisher: Oxford University Press, USA
Release Date : 2011-06-16
The Fall And Rise Of Keynesian Economics written by John Eatwell and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-16 with Business & Economics categories.
The simple message of Eatwell & Milgate's Fall and Rise of Keynesian Economics is that it was inevitable that Keynesian economics would rise again when circumstances conspired to make it apparent that conventional macroeconomic thinking had lost its way and was unable to explain satisfactorily the most outstanding feature of our actual experience: financial instabilty and its effect on real economic activity.
Keynes S Theoretical Development
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Author : Toshiaki Hirai
language : en
Publisher: Routledge
Release Date : 2007-09-14
Keynes S Theoretical Development written by Toshiaki Hirai and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-09-14 with Business & Economics categories.
Comprehensive and authoritative, this book, written by a recognized authority on the subject explores the contributions to modern economics by John Maynard Keynes and addresses neglected, yet crucial aspects of the genesis of Keynesian economics. In this book, the author elucidates Keynes’ development as an economic theoretician through an examination of his books, articles, various manuscripts, lecture notes and controversial correspondence. Departing from a narrative account and analyzing processes of theory-building and re-building which constitute Keynes’s intellectual journey from the Tract to the General Theory, this volume shows Keynes’ theoretical development as a theoretical hypothesis. An excellent exposition of Keynes’ contribution, this is a valuable addition to the bookshelves of all to students and researchers interested in Keynes and more widely the history of economic thought and macroeconomics.
Keynes S General Theory And Accumulation
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Author : A. Asimakopulos
language : en
Publisher: Cambridge University Press
Release Date : 1991-06-28
Keynes S General Theory And Accumulation written by A. 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.
A History Of Macroeconomics From Keynes To Lucas And Beyond
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Author : Michel De Vroey
language : en
Publisher: Cambridge University Press
Release Date : 2016-01-08
A History Of Macroeconomics From Keynes To Lucas And Beyond written by Michel De Vroey 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 2016-01-08 with Business & Economics categories.
This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.