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Classical Keynesianism
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Book Synopsis Classical Keynesianism, Monetary Theory, and the Price Level by : Sidney Weintraub
Download or read book Classical Keynesianism, Monetary Theory, and the Price Level written by Sidney Weintraub and published by Pickle Partners Publishing. This book was released on 2018-12-05 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since I wrote my small volume on A General Theory of the Price Level, etc., I have often been asked for a fuller statement of my views, or my attitude on various matters treated only briefly at that time....I hope that the collection of essays that are contained herein fill in many of these gaps and answer the major part of the queries that admit of such elaboration.” In my opinion there are two contending theories of the price level: that deriving from the Equation of Exchange in one or another of its forms, and that based on cost, especially wage, phenomena. Thus the debate must be resolved primarily between two major sets of ideas on the subject of inflation. In this light it would be a welcome event, if those Keynesians in economics, who long ago abandoned the various versions of the Quantity Theory of Money and have little truck with the cost theory of the price level, would at least re-examine their views on this subject. It is my deep conviction that most of the literature oriented toward what has been regarded as Keynesian thinking has had very little to contribute toward understanding price level phenomena despite superficial appearances toward the contrary. The importance of this assertion cannot be overstated for, in bulk, this literature is already voluminous and in teaching importance it represents the dominant modern fashion. Yet, in my opinion, on the fundamental problems of price level inflation and deflation, I believe it to be wholly barren and devoid of substance. Perhaps these essays will reveal the stark nakedness of the concepts in the price dimensions that interest all of us.—Sidney Weintraub
Book Synopsis Pasinetti and the Classical Keynesians by : Enrico Bellino
Download or read book Pasinetti and the Classical Keynesians written by Enrico Bellino and published by Cambridge University Press. This book was released on 2022-02-24 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent economic and financial crises have exposed mainstream economics to severe criticism, bringing present research and teaching styles into question. Building on a solid and vivid tradition of economic thought, this book challenges conventional thinking in the field of economics. The authors turn to the work of Luigi Pasinetti, who proposed a list of nine methodological and theoretical ideas that characterize the Classical Keynesian School. Drawing inspiration from both Keynes and Sraffa, this school has forged a long-standing and ambitious research programme often advocated as a competing paradigm to mainstream economics. Overall, the Classical Keynesian School provides a comprehensive analytical framework into which most non-mainstream schools of thought can be integrated. In this collection, a group of leading scholars critically assess the nine main ideas that, in Pasinetti's view, characterize the Classical-Keynesian approach, evaluating their relevance for both the history of economics and for present economic research.
Book Synopsis Raising Keynes by : Stephen A. Marglin
Download or read book Raising Keynes written by Stephen A. Marglin and published by Harvard University Press. This book was released on 2020-07-14 with total page 921 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The General Theory of Employment, Interest, and Money by : John Maynard Keynes
Download or read book The General Theory of Employment, Interest, and Money written by John Maynard Keynes and published by Springer. This book was released on 2018-07-20 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Production, Value and Income Distribution by : Enrico Bellino
Download or read book Production, Value and Income Distribution written by Enrico Bellino and published by Routledge. This book was released on 2021-12-31 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the relationship between wages, profits, values and labour employment from a classical-Keynesian perspective. The starting point of this approach is classical political economy (in particular, Smith, Ricardo and Marx), suitably reformulated in modern terms by Sraffa and then integrated with the Keynesian theory of employment. Such an approach proves to be more appropriate in understanding the complexities of current economies and in identifying the instruments to pursue the final goal of economic systems: putting each person in a position to earn what is necessary to live with dignity. The approach undertaken by these chapters is in contrast to the ‘marginalist’ or ‘neoclassical’ school, which constitutes the mainstream of economic analysis. Especially in recent decades, several critical analyses of the present state of economic research have emerged due to the failure of contemporary economic analysis to acutely penetrate and guide the workings of actual economic systems. But these analyses have not always been effectively presented in a coordinated manner. This work presents one possible unifying framework—grounded in a solid tradition of economic thought—which aims to describe the basic forces operating in capitalistic economies and to identify the main objectives to pursue in production economies in order to fully exploit their potential. Most importantly, the focus of such classical-Keyensian analysis concerns the production of goods and services, and this book shows how several factors typical of contemporary (post-)industrial societies thus can be understood in a way that the standard economic theory has not been able to explicate (due to the reduction of everything to a question of exchange). The book provides key reading for those on master level economics courses. Moreover, it constitutes a solid introduction to modern classical-Keynesian analysis. It may also be of interest to readers who are keen to develop a critical view of economics, political economy and history of economic thought.
Book Synopsis Classical Economics, Keynes and Money by : John Eatwell
Download or read book Classical Economics, Keynes and Money written by John Eatwell and published by Taylor & Francis. This book was released on 2022-07-29 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Classical Economics, Keynes and Money casts new light on an approach to economic theory and policy that combines the modern classical theory of prices and income distribution with a Keynesian analysis of money and finance. Structured in four parts, the work considers issues within classical economics, monetary economics, Keynesian and post-Keynesian Economics, rationality and economic methodology. These themes are all central to the work of Carlo Panico, and the chapters both reflect on and build on his key contributions to the field. This collection is of interest to advanced students and researchers in the history of economic thought, monetary theory, financial economics and heterodox economics.
Book Synopsis Nature and Economic Society by : Tony Aspromourgos
Download or read book Nature and Economic Society written by Tony Aspromourgos and published by Taylor & Francis. This book was released on 2023-12-01 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the interrelationship between nature and the human economy. Building upon his decades of research into classical and Keynesian economics, Tony Aspromourgos here turns his attention to the interrelationship between nature and the human economy. The result is a tightly argued, concise but comprehensive interpretation of that vital issue, undertaken in the framework of a Classical-Keynesian synthesis. The classical dimension is utilization of a surplus approach to production and distribution, and the Keynesian dimension, incorporation of demand-side determination of economic activity levels and growth. In this conception the human economy is understood as a circular flow but an incompletely circular system: crucially dependent upon nature both as a source of finite non-renewable and exhaustible resources for human production and consumption and as the destination or ‘sink’, also finite, for the waste and pollution from that production and consumption. This is an introductory account of the subject, providing maximum accessibility by presupposing only basic knowledge of economic analysis and only elementary algebra, but including a wide-ranging guide to further and more advanced relevant literature. Part I provides a comprehensive overview of the Classical-Keynesian approach, in the usual manner of economic analysis, without systematic incorporation of nature. Part II then incorporates the various dimensions of the natureeconomy interrelationship. This book will be of great interest to readers of economic theory, economics and the environment, and heterodox economics.
Author :James C.W. Ahiakpor Publisher :Springer Science & Business Media ISBN 13 :9780792381495 Total Pages :234 pages Book Rating :4.3/5 (814 download)
Book Synopsis Keynes and the Classics Reconsidered by : James C.W. Ahiakpor
Download or read book Keynes and the Classics Reconsidered written by James C.W. Ahiakpor and published by Springer Science & Business Media. This book was released on 1998-03-31 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Keynes and the Classics Reconsidered is a collection of scholarly work re-evaluating Keynes's revolution in economic thought, both in the method of macroeconomic reasoning and in policy-making. This book brings together mostly a younger generation of economists to revisit Keynes's interpretation of the classics and its impact on macroeconomic theory and policy. There has been a considerable advance in the literature re-interpreting the classics and the early neoclassical economists. Most of the contributing authors have themselves been active participants in this reinterpretation. The participation of Robert Clower, an active participant in the Keynes versus the classics debate since the 1960s, brings a particularly significant retrospective to this fresh look at the record. Keynes and the Classics Reconsidered will be of interest to policy-makers and economists, especially those working in the areas of macro and monetary economics.
Book Synopsis John Maynard Keynes by : P. Davidson
Download or read book John Maynard Keynes written by P. Davidson and published by Springer. This book was released on 2017-05-17 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the life of Keynes leading up to the writing of his seminal General Theory , examines the General Theory in detail, and explores how it differs from classical theory. The impact of Keynes's work on the economy postwar and up to the present day is also assessed.
Book Synopsis Keynes and the 'Classics' by : Michel Verdon
Download or read book Keynes and the 'Classics' written by Michel Verdon and published by Routledge. This book was released on 2002-09-11 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is there a language which is adequate to describe our own economy? In this volume, Michel Verdon undertakes a path-breaking analysis of the three major paradigms in economics: Marxian economics, neo-classical economics and Keynesian economics. Each of these, he argues, has an inherent cosmology, and in the case of both Marxian and neo-classical economics these preclude the development of a language which can accurately describe and analyse an economy.
Book Synopsis Classical Economic Theory and the Modern Economy by : Steven Kates
Download or read book Classical Economic Theory and the Modern Economy written by Steven Kates and published by Edward Elgar Publishing. This book was released on 2020-06-26 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic theory reached its zenith of analytical power and depth of understanding in the middle of the nineteenth century among John Stuart Mill and his contemporaries. This book explains what took place in the ensuing Marginal Revolution and Keynesian Revolution that left economists less able to understand how economies operate. It explores the false mythology that has obscured the arguments of classical economists, providing a pathway into the theory they developed.
Book Synopsis Classical Macroeconomics by : James C.W. Ahiakpor
Download or read book Classical Macroeconomics written by James C.W. Ahiakpor and published by Routledge. This book was released on 2003-05-22 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Maynard Keynes failed to correctly interpret classic economic concepts, and dismissed the classical explanations and conclusions as being irrelevant to the world in which we live. The trauma of the Great Depression and Keynes's changed definition of economic concepts, aided by Eugen Bhm-Bawerk, have made it difficult for modern economists to
Book Synopsis Keynes and the Classics by : Axel Leijonhufvud
Download or read book Keynes and the Classics written by Axel Leijonhufvud and published by . This book was released on 1969 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication comprises a reappraisal of the work of John Maynard Keynes. It strengthens the view that the Keynesians went too far in supposing that the old economics had been overthrown by the new, and in a sense it rehabilitates both classical economics in a modern form and also Keynes as a theorist who added an important development to it, although the 'Keynesian Revolution' began and stayed on the wrong track partly because of Keynes's polemical presentation. Issues discussed include the multiplier; unemployment and effective demand; the saving-investment problem; and fiscal policy.
Book Synopsis A History of Post Keynesian Economics Since 1936 by : J. E. King
Download or read book A History of Post Keynesian Economics Since 1936 written by J. E. King and published by Edward Elgar Publishing. This book was released on 2002-04-26 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text provides a history of the post Keynesian approach to economics since 1936. The author locates the origins of these economics in the conflicting interpretations of Keynes' General Theory and in the complementary work of Michael Kalecki.
Book Synopsis Keynesianism, Social Conflict and Political Economy by : Massimo De Angelis
Download or read book Keynesianism, Social Conflict and Political Economy written by Massimo De Angelis and published by Springer. This book was released on 2000-05-23 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: This controversial book shows that there is more to economics than dry models and esoteric equations. By investigating the rise and fall of postwar Keynesianism and focusing on the experience of the United States, the author adopts an interdisciplinary approach to show that economics is rooted in the flesh and blood history of social conflict. This timely study concludes with a discussion of the viability of Keynesianism today, in the context of recurrent crisis in the global economy and the rise of new social movements.
Book Synopsis Monetarist, Keynesian, and New Classical Economics by : Jerome L. Stein
Download or read book Monetarist, Keynesian, and New Classical Economics written by Jerome L. Stein and published by Wiley-Blackwell. This book was released on 1982-01-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: The unsettled state of macroeconomics; The structural equations of a general macrodynamic model; The three gospels; Empirical analysis; Monetary and fiscal policy in a growing economy.
Book Synopsis Macroeconomic Analysis in the Classical Tradition by : James C W Ahiakpor
Download or read book Macroeconomic Analysis in the Classical Tradition written by James C W Ahiakpor and published by Routledge. This book was released on 2021-03-22 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomic Analysis in the Classical Tradition explains how the influence of Keynes’s macroeconomics, including his changed definitions of some key macroeconomic concepts, has impeded many analysts’ ability to readily resolve disputes in modern macroeconomics. Expanding on his earlier work—Macroeconomics without the Errors of Keynes (2019)—the author delves into more aspects of macroeconomic theory and argues for a revision of Keynes’s contribution to the field. Attention is given to theories and concepts such as Say’s Law, the quantity theory of money, the liquidity trap, the permanent income hypothesis, 100% money, and the Phillips curve analysis. The chapters work to build a careful critique of Keynes’s economics and make the case that the classical macroeconomics of Smith, Say, Ricardo, Mill, and others could help resolve present-day policy disagreements and redefine macroeconomic priorities. This book provides essential reading for advanced students and scholars with an interest in the foundations of Keynes’s theories and current debates within macroeconomic policy.
