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This paper revisits Keynes's writings from Indian Currency and Finance (1913) to The General Theory (1936) with a focus on financial instability. The analysis reveals Keynes's astute concerns about the stability/fragility of the banking system, especially under deflationary conditions. Keynes's...
Persistent link: https://www.econbiz.de/10012291986
Over the past two decades there has been a revival of Georg Friedrich Knapp's "state money" approach, also known as chartalism. The modern version has come to be called Modern Money Theory. Much of the recent research has delved into three main areas: mining previous work, applying the theory to...
Persistent link: https://www.econbiz.de/10010441082
Keynes' General Theory was a massive step forward relative to classical economics, but it was also a step backward in its denial of the conflictual nature of capitalism. There is need to understand Keynes' technical contributions regarding the workings of monetary economies, but also need to...
Persistent link: https://www.econbiz.de/10014327477
Underconsumption theories played an important part in the economic policy debates during the Great Depression of the 1930s. The commonsense appeal of the arguments and the clear cut policy advice secured their proponents' popular support. Here, the contributions of John A. Hobson, Emil Lederer,...
Persistent link: https://www.econbiz.de/10005453931
It is not impossible for there to be another economist of Milton Friedman’s stature, but it is unlikely. Milton had a rare combination of characteristics. His brilliance showed up in his economics work early in his life and led him to some major contributions that affected the profession’s...
Persistent link: https://www.econbiz.de/10010659519
Persistent link: https://www.econbiz.de/10010434869
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This working paper examines the legacy of Keynes’s General Theory of Employment, Interest, and Money (1936) on the occasion of the 70th anniversary of its publication and the 60th anniversary of Keynes’s death. The paper incorporates some of the latest research by prominent followers of...
Persistent link: https://www.econbiz.de/10003727100
It is common knowledge that John Maynard Keynes advocated bold government action to deal with recessions and unemployment. What is not commonly known is that modern "Keynesian policies" bear little, if any, resemblance to the policy measures Keynes himself believed would guarantee true full...
Persistent link: https://www.econbiz.de/10010251584