Showing 1 - 10 of 1,085
on Keynes's place in its history, suggesting that these stem from a particular and debatable understanding of how the … subdiscipline has evolved. It considers some implications for today's awkward economic facts of aspects of Keynes' General Theory … that the questions about co-ordination that Keynes addressed, not to mention some of his answers, are well worth revisiting …
Persistent link: https://www.econbiz.de/10003868819
conformity with Keynes s own analysis. Moreover, the eclectic approach to behavioral foundations allows models in this tradition …
Persistent link: https://www.econbiz.de/10011527443
Keynes's General Theory argues there is no self-regulating mechanism that guarantees full employment. Keynes's vision … imperfections are limited to the short run, so are lapses from full employment. Keynes was unable to convince the economics … is that Keynes lacked the mathematical tools to substantiate his vision. This paper deploys tools that were unavailable …
Persistent link: https://www.econbiz.de/10011866562
Macroeconomic theory has developed into increasingly sophisticated mathematical models. In the words of Mankiw, macroeconomics has developed from engineering into science. The Global Financial Crisis (GFC) revealed that the empirical relevance and the usefulness of these models is debatable. Why...
Persistent link: https://www.econbiz.de/10012211109
The paper investigates Champernowne's 1936 attempt to sort out the debate between Pigou (1933) and Keynes (1936) about … employment determination. Champernowne agreed with Keynes that workers can only bargain for a money-wage, but argued that, to the …
Persistent link: https://www.econbiz.de/10011760014
The potted histories of macroeconomics textbooks are typically Keynes-centric. Keynes is credited with founding … classical macroeconomics) to Keynes. The real story is more complicated and involves at least two distinct threads. Keynes was … central. Keynes's vision of macroeconomics is better described as "medical." It is based in human psychology and individual …
Persistent link: https://www.econbiz.de/10011708002
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 …. Keynes made a fundamental contribution elucidating the mechanism of effective demand, and he also has claim to be the …
Persistent link: https://www.econbiz.de/10014327477
Recently, national newspapers all over the world have suggested that we should reread John Maynard Keynes, and that … Hyman P. Minsky provides a valuable framework for understanding the world in which we live. While rereading Keynes and … interpretation and implementation of Keynes’s ideas have been very different from what Keynes proposed, and they have been reduced to …
Persistent link: https://www.econbiz.de/10003773518
which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production … view back to Keynes, arguing that extending Keynes along these lines would bring his theory up to date. -- Money ; Public … Monopoly ; Monetary Theory of Production ; Keynes ; Marx ; Veblen ; Knapp ; Chartalism …
Persistent link: https://www.econbiz.de/10008906545
In this paper I will follow Hyman Minsky in arguing that the postwar period has seen a slow transformation of the economy from a structure that could be characterized as "robust" to one that is "fragile". While many economists and policymakers have argued that "no one saw it coming", Minsky and...
Persistent link: https://www.econbiz.de/10008906576