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Rethinking the Keynesian Revolution: Keynes, Hayek, and the Wicksell Connection

Tyler Beck Goodspeed

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199846658
eISBN:
9780199950126
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199846658.001.0001
Subject:
Economics and Finance, Economic Systems

While standard accounts of the theoretical debates in 1930s economic thought invariably pit John Maynard Keynes against Friedrich von Hayek, this reflexive dichotomy is in many respects exceedingly ... More


The Wicksell Connection

Tyler Beck Goodspeed

in Rethinking the Keynesian Revolution: Keynes, Hayek, and the Wicksell Connection

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199846658
eISBN:
9780199950126
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199846658.003.0001
Subject:
Economics and Finance, Economic Systems

This chapter introduces Knut Wicksell to readers who may not be particularly familiar with his work. The chapter elucidates his monetary theory, the “cumulative process,” based on the distinction ... More


The Sraffa Connection

Tyler Beck Goodspeed

in Rethinking the Keynesian Revolution: Keynes, Hayek, and the Wicksell Connection

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199846658
eISBN:
9780199950126
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199846658.003.0003
Subject:
Economics and Finance, Economic Systems

This chapter dissects the exceedingly dense and highly abstract material from which the Keynes-Hayek debate derived its popular fame, namely, the counterreviews of A Treatise and Prices and ... More


Rethinking the Keynesian Revolution

Tyler Beck Goodspeed

in Rethinking the Keynesian Revolution: Keynes, Hayek, and the Wicksell Connection

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199846658
eISBN:
9780199950126
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199846658.003.0007
Subject:
Economics and Finance, Economic Systems

The central argument of this book is that Keynes and Hayek both consistently adhered to a theoretical approach to monetary economics, separate from the quantity theory and general equilibrium ... More


The Credit Economy: Wicksell

John Hicks

in A Market Theory of Money

Published in print:
1989
Published Online:
November 2003
ISBN:
9780198287247
eISBN:
9780191596407
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198287240.003.0013
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter begins with a discussion of two pure models of a credit economy — the monocentric and polycentric models — each of which has its uses. It then analyzes the simplest example of a ... More


Monetary Experience and the Theory of Money

John Hicks

in Economic Perspectives: Further Essays on Money and Growth

Published in print:
1977
Published Online:
November 2003
ISBN:
9780198284079
eISBN:
9780191596421
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284071.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines monetary theories, in particular the classical quantity theory, Wicksell's model, and Keynes' model. It considers how much is to be learned from these theories and their ... More


The Construction of Neoclassical Orthodoxy

Ernesto Screpanti and Stefano Zamagni

in An Outline of the History of Economic Thought

Published in print:
2005
Published Online:
October 2005
ISBN:
9780199279142
eISBN:
9780191602887
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199279144.003.0007
Subject:
Economics and Finance, History of Economic Thought

Traces the rapid diffusion of the neoclassical paradigm in Europe and the USA. In particular, considers the birth of the 'national schools' during la belle époque: the Marshallian School in England; ... More


The Construction of Neoclassical Orthodoxy

Ernesto Screpanti and Stefano Zamagni

in An Outline of the History of Economic Thought

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198774556
eISBN:
9780191717383
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198774559.003.0007
Subject:
Economics and Finance, History of Economic Thought

Traces the rapid diffusion of the neoclassical paradigm in Europe and the USA. In particular, considers the birth of the ‘national schools’ during la belle époque: the Marshallian School in England; ... More


Friedman’s Characterization of the Natural Rate of Unemployment

K. Vela Velupillai

in Milton Friedman: Contributions to Economics and Public Policy

Published in print:
2016
Published Online:
August 2016
ISBN:
9780198704324
eISBN:
9780191773761
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704324.003.0014
Subject:
Economics and Finance, Economic History, Macro- and Monetary Economics

Arguably, of the many pioneering classics authored by Milton Friedman, it is his Presidential Address to the American Economic Association in December 1967, published as “The Role of Monetary Policy” ... More


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