John Maynard KeynesThis book looks at the life of Keynes leading up to the writing of his seminal General Theory , examines the General Theory in detail, and explores how it differs from classical theory. The impact of Keynes's work on the economy postwar and up to the present day is also assessed. |
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Page 59
... ment expenditures . Since all income earned goes either to planned consumption or planned savings , if , as classical theory presumes , invest- ment expenditure is equal to the planned savings at any level of income and employment , 1 ...
... ment expenditures . Since all income earned goes either to planned consumption or planned savings , if , as classical theory presumes , invest- ment expenditure is equal to the planned savings at any level of income and employment , 1 ...
Page 65
... ment , it is the hope of those who favor government taking a positive role in assuring full employment that the government will decide on its level of spending and taxation , running deficits or surpluses or a bal- anced budget , with ...
... ment , it is the hope of those who favor government taking a positive role in assuring full employment that the government will decide on its level of spending and taxation , running deficits or surpluses or a bal- anced budget , with ...
Page 76
... ment . As Keynes ( 1933a , pp . 408-9 ) stated : The theory which I desiderate would deal , in contradistinction to this [ classical theory ] , with an economy in which money plays a part of its own and affects motives and decisions and ...
... ment . As Keynes ( 1933a , pp . 408-9 ) stated : The theory which I desiderate would deal , in contradistinction to this [ classical theory ] , with an economy in which money plays a part of its own and affects motives and decisions and ...
Contents
Keyness early intellectual surroundings 35 | 3 |
Liberalism is Truly a New Way 13 3 8 | 13 |
The Conceptual Difference between Keyness | 38 |
Copyright | |
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aggregate demand aggregate demand function aggregate supply aggregate supply function and/or assumed Bretton Woods capital central bank classical axioms classical economic classical economic theory classical theory comparative advantage consumption costs current income D₁ Davidson decision makers deficit domestic durables economic system effective demand elasticity entrepreneurs equilibrium ergodic axiom existence exports financial markets foreign full employment global gross substitution IMCU immutable imports income earned increase inflation Keynes argued Keynes's analysis Keynes's General Theory Keynes's revolutionary labor laissez-faire liquid assets long run macroeconomic mainstream economists market maker market price mathematical ment models monetary money contracts money wages money-using neutrality of money nomic nonergodic output Paul Samuelson percent Plan Post Keynesian post-Walrasian postwar problem products of industry purchase rational expectations real world result Samuelson savers savings Say's Law short run Skidelsky spot market store of value theorists tion today's trade balance uncertain uncertainty United Walrasian workers World War II