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The purpose of this paper is to clarify the difference between the mainstream and Keynesian understandings of uncertainty which persists in spite of superficial similarities. It is argued that the difference stems from the mainstream habit of thinking in terms of a full-information benchmark,...
Persistent link: https://www.econbiz.de/10011420121
men and great ideas standing with. J.M.Keynes proves in his book”The Economic Consequences of the Peace” that there is no …
Persistent link: https://www.econbiz.de/10012017000
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/10011858500
In neoclassical thinking, insufficient development is considered the result of a lack of resources, and an inefficient allocation. Deregulated markets have to guarantee a better allocation of resources as well as a net resource inflow to augment the domestic physical capital stock. From a...
Persistent link: https://www.econbiz.de/10014363083
(and, more recently, end the crisis initiated in 2007 in the United States). Keynes?s proposition that investment creates …? In this paper, Keynes's views are contrasted to Wicksell's and to Wicksellian approaches embodied in loanable funds … special concept of finance employed by Keynes is used to stress the role played by banks in Keynes?s theory and, in …
Persistent link: https://www.econbiz.de/10014363150
This paper compares Marx's economics with those by Sraffa, Keynes, Kalecki and Minsky. The paper takes an 'ex post … is made to study in a systematic way whether and to what extent Sraffa, Keynes, Kalecki and Minsky were individually … theory of prices and distribution is reviewed. Then the relationship between Marx's and Keynes's monetary theory is examined …
Persistent link: https://www.econbiz.de/10014363354
Marx's and Keynes's analyses of capitalism complement each other well. In a largely general model including the public …
Persistent link: https://www.econbiz.de/10014363355