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Functional Finance : A Comparison of the Evolution of the Positions of Hyman Minsky and Abba Lerner

Wray, L. Randall - 2018

This paper examines the views of Hyman Minsky and Abba Lerner on the functional finance approach to fiscal policy. It … compares and contrasts the evolution of the views of Minsky and Lerner over the postwar period, arguing that Lerner …. Minsky's views of functional finance became more nuanced, in line with his Institutionalist approach to the economy. However …

Persistent link: https://www.econbiz.de/10012928278

Rules versus Authorities : Buchanan and Simons and Fiscal Policy

Johnson, Marianne - 2018

This chapter examines the origins of James M. Buchanan's critique of Keynesian fiscal policy. Considered are Buchanan's graduate training in public finance and fiscal policy and his early work in fiscal federalism. Two important themes emerge. The first is the influence of Henry C. Simons. The...

Persistent link: https://www.econbiz.de/10012930767

Lectures on John Maynard Keynes' General Theory of Employment, Interest and Money (5) : Chapter 6, The Definition of Income, Saving and Investment; Appendix to Chapter 6, Appendix...

Ferguson, Brian S. - 2013

Chapter Six and its Appendix deal in some detail with the way Keynes is defining income, savings and investment in the General Theory while the appendix to Chapter 6 goes into detail on user cost. His concept of user cost at one point sparked a certain amount of controversy among Keynesians but...

Persistent link: https://www.econbiz.de/10013077469

Lectures on John Maynard Keynes' General Theory of Employment, Interest and Money (6) : Chapters 8, 9 and 10: Keynes' Theory of Consumer Behaviour

Ferguson, Brian S. - 2013

Chapters 8, 9 and 10 set out Keynes' theory of consumer behavior. Chapter 8 is entitled The Propensity to Consume: I. The Objective Factors, Chapter 9 is The Propensity to Consume: II. The Subjective Factors, and Chapter 10 is The Marginal Propensity to Consume and the Multiplier. Contrary to...

Persistent link: https://www.econbiz.de/10013077470

Lectures on John Maynard Keynes' General Theory of Employment, Interest and Money (3) : Chapter 3, 'The Principle of Effective Demand'

Ferguson, Brian S. - 2013

In Chapter 3 of the General Theory, Keynes sketches out what he calls the essence of the General Theory of Employment. He introduces the Keynesian expenditure-based model, the aggregate demand curve and also his aggregate supply function, a concept which spawned much debate among Post-Keynesian...

Persistent link: https://www.econbiz.de/10013077471

Lectures on John Maynard Keynes' General Theory of Employment, Interest and Money (4) : Chapter 4, 'The Choice of Units'; Chapter 5, 'Expectations as Determining Output and Employm...

Ferguson, Brian S. - 2013

In Chapter 4 of the General Theory, Keynes discusses the units of measurement he will be using in the remainder of the book, in particular his reason for measuring in nominal rather than real terms, objection to aggregate measures of real output and physical capital stock, and his concept of...

Persistent link: https://www.econbiz.de/10013077472

Lectures on John Maynard Keynes’ General Theory of Employment, Interest and Money (2) : Chapter 2, 'The Postulates of the Classical Economics'

Ferguson, Brian S. - 2013

Chapter 2 is one of the most important chapters in the General Theory. Not only does it set out Keynes' disagreements with key elements of the classical model, it lays out his own model of the working of the labour market, which underlies the analysis in the remainder of the General Theory. The...

Persistent link: https://www.econbiz.de/10013077473

Lectures on John Maynard Keynes’ General Theory of Employment, Interest and Money (1) : Chapter One, Background and Historical Setting

Ferguson, Brian S. - 2013

This paper puts John Maynard Keynes' "The General Theory of Employment, Interest and Money" into its historical context, both in terms of economic history and in terms of the history of economics. It discusses the post-World War I period as background to the General Theory, looks at the...

Persistent link: https://www.econbiz.de/10013077523

Managing the loss : how Pigou arrived at the Pigou effect

Takami, Norikazu - 2011

The Pigou effect was conceived to counter Keynes’s argument that a competitive economy could remain in the state of high unemployment. Before he introduced this idea, Pigou had debated with Keynes the same question of whether an economy has the tendency to recover full employment. He lost in...

Persistent link: https://www.econbiz.de/10011642553

A review of Alan Bollard's "A few hare’s to chase: the economic life and times of Bill Phillips

Hoover, Kevin D. - 2017

A.W.H. Phillips is little known to the economics profession today, except at the creator of the Phillips curve. Bollard's engaging biography tells the story of a provincial New Zealander and practical engineer, who emerges as a hero in World War II, and plots a spectacular rise from 3rd class...

Persistent link: https://www.econbiz.de/10011610247