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The General Theory

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/9780199846658.003.0004
Subject:
Economics and Finance, Economic Systems

This chapter takes up the second Keynesian iteration of the Wicksell connection. The chapter examines, in particular, how Keynes’s marginal propensity to consume, liquidity preference, marginal ... More


External Liberalization, Economic Performance, and Distribution in Latin America and Elsewhere

Lance Taylor

in Inequality Growth and Poverty in an Era of Liberalization and Globalization

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271412
eISBN:
9780191601255
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271410.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

Economic policy in developing and post‐socialist economies during the last 10–15 years of the 20th century had one dominating theme: packages aimed at liberalizing the balance of payments, on both ... More


Prologue to Part IV

Peter Clarke

in The Keynesian Revolution in the Making, 1924–1936

Published in print:
1990
Published Online:
October 2011
ISBN:
9780198202196
eISBN:
9780191675201
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198202196.003.0013
Subject:
History, British and Irish Modern History, Economic History

If tactical commitments and opportunism fuelled Keynes's progress towards the position of the Treatise, can the origins of the General Theory be explained along similar lines? Keynes's abandonment of ... More


The Years of High Theory: I

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:
10.1093/0199279144.003.0008
Subject:
Economics and Finance, History of Economic Thought

Assesses the reasons for the crisis of neoclassical theory in the inter-war period in the light of 1929 crisis and the ensuing depression. Reconstructs the emergence of the Keynesian theoretical ... More


Consumption Theory and Its Critics

Matthew P. Drennan

in Income Inequality: Why It Matters and Why Most Economists Didn't Notice

Published in print:
2015
Published Online:
May 2016
ISBN:
9780300209587
eISBN:
9780300216349
Item type:
chapter
Publisher:
Yale University Press
DOI:
10.12987/yale/9780300209587.003.0006
Subject:
Political Science, Public Policy

Traces the development of the economic theory of consumption from Malthus and Ricardo to Keynes and Milton Friedman. The arguments of critics of the prevailing Friedman–Modigliani–Brumberg paradigm ... More


The making of the theory of effective demand

Peter Clarke

in The Keynesian Revolution in the Making, 1924–1936

Published in print:
1990
Published Online:
October 2011
ISBN:
9780198202196
eISBN:
9780191675201
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198202196.003.0015
Subject:
History, British and Irish Modern History, Economic History

In writing the General Theory, Keynes sought to grapple with economic theory in a fundamental way. Admittedly, certain directions were set by his long-standing concerns. The move away from the ... More


The impact of the theory of effective demand

Peter Clarke

in The Keynesian Revolution in the Making, 1924–1936

Published in print:
1990
Published Online:
October 2011
ISBN:
9780198202196
eISBN:
9780191675201
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198202196.003.0016
Subject:
History, British and Irish Modern History, Economic History

Keynes displayed the theory's analytical resources with unrivalled lucidity, notably in expounding the modus operandi of Bank rate. In the 1920s, he argued that in practice the economy was regulated ... More


Keynes and Capitalism: The Case of Japan

Toshiaki Hirai, Maria Cristina Marcuzzo, and Perry Mehrling

in Keynesian Reflections: Effective Demand, Money, Finance, and Policies in the Crisis

Published in print:
2013
Published Online:
May 2013
ISBN:
9780198092117
eISBN:
9780199082506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198092117.003.0005
Subject:
Economics and Finance, History of Economic Thought

This chapter applies Keynes’s principle of effective demand to re-interpret the analysis of Japan’s lost decade(s) by Krugman, McKinnon, and Koo. The analyses by Krugman, McKinnon, and Koo are shown ... More


Keynes and Keynesianism

Peter Clarke

in The Keynesian Revolution in the Making, 1924–1936

Published in print:
1990
Published Online:
October 2011
ISBN:
9780198202196
eISBN:
9780191675201
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198202196.003.0017
Subject:
History, British and Irish Modern History, Economic History

Most of the extravagant claims about Keynesianism were generated posthumously rather than by the historical Keynes. True, he lent his sanction to a prospectus to ‘conquer’ unemployment in 1929. This ... More


Keynes, Kalecki, and the Real World

Toshiaki Hirai, Maria Cristina Marcuzzo, and Perry Mehrling

in Keynesian Reflections: Effective Demand, Money, Finance, and Policies in the Crisis

Published in print:
2013
Published Online:
May 2013
ISBN:
9780198092117
eISBN:
9780199082506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198092117.003.0003
Subject:
Economics and Finance, History of Economic Thought

Keynes and Kalecki rejected the full-employment mechanism envisioned by the economic orthodoxy. Therefore, they proposed that fiscal and monetary policies could, and should be implemented to bring ... More


The Years of High Theory: I

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:
10.1093/0198774559.003.0008
Subject:
Economics and Finance, History of Economic Thought

Assesses the reasons for the crisis of neoclassical theory in the inter‐war period in the light of 1929 crisis and the ensuing depression. Reconstructs the emergence of the Keynesian theoretical ... More


Post-Keynesian Economics

Piet Keizer

in Multidisciplinary Economics: A Methodological Account

Published in print:
2015
Published Online:
June 2015
ISBN:
9780199686490
eISBN:
9780191797651
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199686490.003.0008
Subject:
Economics and Finance, History of Economic Thought

In contrast to Marx, Keynes interprets reality as an open system, in which humans are quite uncertain about future developments. They are not economic machines; changes in their mood—animal ... More


Effective Demand and Disguised Unemployment

John Eatwell and Murray Milgate

in The Fall and Rise of Keynesian Economics

Published in print:
2011
Published Online:
April 2015
ISBN:
9780199777693
eISBN:
9780190261344
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199777693.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter analyzes the origins and structure of disguised unemployment and provides an illustrative estimate of its magnitude from 1979 to 1990. It discusses the ideas developed by Joan Robinson, ... More


Theories of Value, Output, and Employment

John Eatwell and Murray Milgate

in The Fall and Rise of Keynesian Economics

Published in print:
2011
Published Online:
April 2015
ISBN:
9780199777693
eISBN:
9780190261344
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199777693.003.0010
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines alternative theories of the determination of the general level of output in light of theories of value with which they are associated. It interprets the Keynesian analysis ... More


The Imperfectionists

John Eatwell and Murray Milgate

in The Fall and Rise of Keynesian Economics

Published in print:
2011
Published Online:
April 2015
ISBN:
9780199777693
eISBN:
9780190261344
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199777693.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter presents an analytical argument on the imperfectionist interpretations of John Maynard Keynes’ theory of output and employment. It provides essential ingredients of a framework for ... More


The Military Nexus, II

John Kenneth Galbraith

in The Culture of Contentment

Published in print:
2017
Published Online:
May 2018
ISBN:
9780691171654
eISBN:
9781400889020
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691171654.003.0011
Subject:
Economics and Finance, Behavioural Economics

This chapter examines the position of independent power enjoyed by the military in many countries, especially in the Third World. It begins with a discussion of what may be called the autonomous ... More


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