On interpreting Keynes : a study in reconciliation

Online-Ressource (xiii, 340 p)

ill

Includes indexes

Includes bibliographical references

Front Cover; On Interpreting Keynes; Copyright Page; Contents; Preface; Acknowledgements; Part one; 1Introduction; The inherited literature; Why historians of thought disagree: psychological and methodological factors; Vision and the process of interpretation; Fundamentalism and reductionism: similarities and differences; The role of uncertainty and the significance of conventions; Part two; 2Leijonhufvud on unemployment andeffective demand; Leijonhufvud's interpretation: a preliminary overview; The response to Leijonhufvud's challenge; Leijonhufvud on unemployment

Leijonhufvud's evidence from KeynesSome objections to Leijonhufvud's portrayal of expectations; The behaviour of producers; The real wage and the marginal product of labour; Instantaneous versus sticky wage adjustment; 3Involuntary unemployment in thehistory of economic thought; Keynes and Mill; The role of money; Keynes and Pigou; Money illusion; Money illusion in Keynes; Money illusion in classical economics; Money illusion and the post-Keynesians; Some modern views on involuntary unemployment; 4 Effective demand: a theoretical and historical perspective; Grossman's critique

Monetary versus barter economiesSome theoretical developments; Liquidity constraints: Clower and Leijonhufvud versus Davidson et al.; Concluding remarks; Part three; 5IS-LM and the interest-rate dynamics; Introduction; Some examples; The 'Finance-your-losses' approach; The role of IS-LM; 6On bootstraps and traps; Introduction; Conventions and interest rates; Theoretical foundations of the trap; The liquidity trap in Keynes; Some concluding remarks on the trap; 7Expenditure and the interest rate; An overview; The aggregation question: evaluating Leijonhufvud

Investment and the rate of interestThe stability of the MEI curve; Keynes on monetary policy; Keynes versus Robertson on monetary policy; 8 Recovery in the long run?; Long-run recovery in theory and in practice; Wealth effects; Part four; 9Conventions; Overview; The wealth holders; The investors; The speculators; Some remarks on cognitive dissonance; The producers; The consumer; The labourer; Conventional zones; Perspectives on conventional conduct; A Hume connection?; Fundamentalism in perspective; Fundamentalism and rational expectations; A concluding remark; References; Author index

Subject index

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