By Prof. Arie Arnon, Prof. Jimmy Weinblatt, Prof. Warren Young (auth.), Arie Arnon, Jimmy Weinblatt, Warren Young (eds.)
This e-book combines ancient and policy-oriented views at the relevance of the Keynesian procedure for monetary thought, coverage, and challenge research. the 1st half makes a speciality of historic, theoretical, and methodological matters, and places them in context with present advancements. the second one half specializes in the applying of the Keynesian method of modeling the economic climate, policy-making, and reading the continuing predicament of the early twenty first century. Bringing jointly contributions by way of major macroeconomists comparable to Laidler, Cukierman, Colander and Boyer, and major historians of economics reminiscent of Hollander, Boianovsky, Marcuzzo, Dimand, Witztum, younger, deVroey and Arnon, the publication deals a complete evaluation of Keynesian economics this day. one of many book’s such a lot crucial good points are the commentaries at the papers, which advertise a cross-fertilization among macroeconomists and historians of economics, delivering, together with the papers themselves, a balanced outlook at the present relevance of Keynesian economics.
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Extra info for Perspectives on Keynesian Economics
1 I shall illustrate the potential fruitfulness of Mill’s injunction applied to interpretation by reference to this and two other case studies. The first two are mirror images of each other – on the one hand, Smith’s support for government intervention in the credit market; and on the other, the surprising appeal by Marx and Engels to the orthodox competitive pricing mechanism in approaching contemporary reformist, including socialist, schemes of various sorts. My third case is of a different order and relates to Keynes’s distorted representation of classical macroeconomics despite his keen awareness of the true classical position.
This difference of position will give rise to the usual lobbyplotting. ” (535). Engels’s objection to contemporary recommendations for government intervention in the credit market – as by Proudhon who sought to reduce the interest rate to 1% in the first interest and finally to zero – contrasts strikingly with the Smithian position. The presumption that the interest rate can be effectively regulated by legislation Engels rejected on grounds of the operation of competitive market forces which establish the return on loanable funds subject to adjustment reflecting concern with penalties on illegal transactions: “The rate of interest will continue to be governed by the economic laws to which it is subject today, all decrees notwithstanding.
111). ” For “[i]mmense buildings for public granaries will become necessary over the whole of France; and what a fresh field they will open for jobs and plunder. An unexpected turn is also given to the trade in breadstuffs. What profits to be pocketed by the Cre´dit Mobilier and the other gambling companions of his Imperial Majesty! At all events, we may be sure that the Imperial Socialist will prove no more successful in raising the price of bread than he has been in attempts to reduce it” (114).