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Not long ago, Republicans were trying to pass a balanced budget amendment to the constitution. Democrats were skeptical, overwhelmingly Keynesian, and believed that deficit spending had ended the Great Depression. Under Rubinomics the positions began to switch: Democrats became the defenders of...
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and John Maynard Keynes. Yet both the Austrian and the Keynesian interpretations of the Depression were incomplete … how the Great Depression actually occurred. Unlike Keynes or Hayek, Cassel explained both how a country could get into a …
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Keynes's essay "Relative Movements of Real Wages and Output" is widely believed to be an important amendment to his … General Theory because, in this essay, Keynes relaxed his core assumption of decreasing marginal returns to labour. Non … Demand. This will be demonstrated by performing - for the first time in the literature - numerical simulations with Keynes …
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