The Failure of the "new Economics": An Analysis of the Keynesian FallaciesCanonization. Uses of refutation. A path-breaking pioneer? The "general" theory. Postulates of Keynesian economics. Keynes vs. say's law. Overture. "labor units" and "wage units". The role of expectations. "Statics" vs. "Dynamics". Income, saving, and investment. "The propensity to consume". "The multiplier". "The marginal efficiency of capital". Expectations and speculation. "Liquidity preference". The theory of interest. Confusions about capital. "Own rates of interest". The general theory restated. Unemployment and wage-rates. Employment, money, and prices. The "trade cycle". Return to mercantilism? Keynes lets himself go. Did keynes recant? "Full employment" as the goal. "The national income approach". The keynesian policies. |
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Page 17
... experience tells us , beyond doubt , that a situation where labor stipulates ( within limits ) for a money - wage rather than a real wage , so far from being a POSTULATES OF KEYNESIAN ECONOMICS 17 WAGE-RATES AND UNEMPLOYMENT.
... experience tells us , beyond doubt , that a situation where labor stipulates ( within limits ) for a money - wage rather than a real wage , so far from being a POSTULATES OF KEYNESIAN ECONOMICS 17 WAGE-RATES AND UNEMPLOYMENT.
Page 31
... experience straight lines apparently parallel often meet , re- buke the lines for not keeping straight . . . . Yet , in truth , there is no remedy except to throw over the axiom of parallels and to work out a non - Euclidean geometry ...
... experience straight lines apparently parallel often meet , re- buke the lines for not keeping straight . . . . Yet , in truth , there is no remedy except to throw over the axiom of parallels and to work out a non - Euclidean geometry ...
Page 114
... experience and statistics fail to support the " consump- tion function , " which Alvin H. Hansen regards as Keynes's most notable contribution . " 7 Cf. Hansen's contribution to The New Economics ( edited by Seymour E. Harris , Alfred ...
... experience and statistics fail to support the " consump- tion function , " which Alvin H. Hansen regards as Keynes's most notable contribution . " 7 Cf. Hansen's contribution to The New Economics ( edited by Seymour E. Harris , Alfred ...
Contents
CHAPTER | 1 |
POSTULATES OF KEYNESIAN | 13 |
KEYNES vs SAYS | 32 |
Copyright | |
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adjustment aggregate aggregate demand amount analysis argument assume assumption average billion borrowing business cycle cause cent changes Chapter classical theory commodities concept confusion consumption consumption function cost definition demand curve doctrine dollars economic economists effective demand efficiency of capital elasticity entrepreneurs equal equations equilibrium exist expectations fact factors fallacies full employment function future increase individual industry inflation interest rates Irving Fisher italics John Maynard Keynes Keynes's Keynes's theory Keynesian Keynesian economics labor lenders Ludwig von Mises marginal efficiency mathematical means ment mercantilists merely monetary money supply money-wages multiplier national income never nomic output Pigou ployment precisely production propensity to consume quantity of money rate of interest real wages reduce relationship rise saving and investment Say's Law sell simply speculative spending statistical theory of interest thing time-preference tion unemployed volume wage-rates wage-units wheat whole workers yield