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 164
... Keynes's order , has entered the realm of " dynamic " economics , but the rate of interest , also by Keynes's order , has been kept in the realm of " static " economics . There is no warrant for his assumption . It does not corre- spond ...
... Keynes's order , has entered the realm of " dynamic " economics , but the rate of interest , also by Keynes's order , has been kept in the realm of " static " economics . There is no warrant for his assumption . It does not corre- spond ...
Page 193
... Keynes's " liquidity - preference . " I do not think that either term is helpful or necessary ; they throw considerably more confusion , and considerably less light , on the condition to be analyzed than the traditional terms that Keynes ...
... Keynes's " liquidity - preference . " I do not think that either term is helpful or necessary ; they throw considerably more confusion , and considerably less light , on the condition to be analyzed than the traditional terms that Keynes ...
Page 265
... Keynes gives of his own views on the subject . Pigou's statement is the correct one . Keynes's view is clearly incorrect , though it does contain one grain of truth in a bushel of errors . This grain of truth , it may be added , is not ...
... Keynes gives of his own views on the subject . Pigou's statement is the correct one . Keynes's view is clearly incorrect , though it does contain one grain of truth in a bushel of errors . This grain of truth , it may be added , is not ...
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