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Keynes is back. President Obama's economic stimulus package is based on the premise that we can spend our way out of recession. It is an application of the Keynesian multiplier theory, which was expounded in Keynes' 1936 economic treatise, The General Theory of Employment, Interest and Money....
Persistent link: https://www.econbiz.de/10013054153
The financial crisis of 2008 has challenged the reputation of the free-market economy in the public imagination in a way that it has not been challenged since the Great Depression. The intellectual consensus after World War II was that markets are unstable and exploitive and thus in need of...
Persistent link: https://www.econbiz.de/10013136759
Right-wing critics of Keynes have often suggested that he was a socialist. His policy proposals were very often described as a slippery slope that would lead society into a totalitarian nightmare. Alternatively, from the left, Keynes was often seen as a reformist that intended to preserve the...
Persistent link: https://www.econbiz.de/10014529493
Persistent link: https://www.econbiz.de/10012944909
The economic paradigms of Ludwig von Mises on the one hand and of John Maynard Keynes on the other have been correctly recognized as antithetical at the theoretical level, and as antagonistic with respect to their practical and public policy implications. Characteristically they have also been...
Persistent link: https://www.econbiz.de/10014195194
Keynes attempted, in the general theory to develop a theory of the business cycle. However, this attempt was rather underwhelming given the significance of the subject matter. In this paper, our primary course of concern is not to give a scathing review overall, but rather to detail the...
Persistent link: https://www.econbiz.de/10013215822
Professor Axel Leijonhufvud passed away few months ago, at the age of 89. Despite the fact that the contribution he made to economics has been widely recognized, his approach remains 'problematic' because of his dialogue and proximity with different streams of thought, and in particular with the...
Persistent link: https://www.econbiz.de/10014230861
The Great Recession seems to be creating a change in the trend of macroeconomic thinking. Prior to the financial crisis of 2008, dynamic stochastic general equilibrium (DSGE) models dominated the macroeconomics literature without any apparent challengers on the horizon. Since then, however, we...
Persistent link: https://www.econbiz.de/10014196581
Chapter 12 of Keynes' General Theory has concepts and analytical links with strong identification with the ones used by the so-called institutional approaches. This essay highlights what seems to have been anticipated by Keynes on the research core of institutional economics, mainly based on his...
Persistent link: https://www.econbiz.de/10014050208
In the main, Hayek favored rules that apply equally to all and located such rules in tradition, beyond conscious construction. This led Hayek to attack Keynes’s immoralism, i.e., the position that one should be free to choose how to lead one’s life irrespective of the informal institutions...
Persistent link: https://www.econbiz.de/10014202528