Keynesian Economics And Price Theory

Author : Masayuki Otaki
Publisher : Springer
Page : 209 pages
File Size : 55,6 Mb
Release : 2015-02-04
Category : Business & Economics
ISBN : 9784431553458

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Keynesian Economics and Price Theory by Masayuki Otaki Pdf

This book reconstructs Keynesian macroeconomics so that it is compatible with the neoclassical dynamic microeconomic theory. This theory adopts three postulates: rational expectations, perfect price flexibility, and exclusion of the money in utility function (MIU). Based on the new theoretical finding that the Lucas model (1972) contains multiple equilibria, the author unifies Keynesian and monetarist theories within the same framework. The book applies the above basic theory to international macroeconomics and economic growth theory. New Keynesian theory contains logical inconsistencies: menu costs that have no close relationship with microeconomics and MIU, which implies that the money accumulated as wealth is never spent. These two assumptions do not proximate the real world. In this volume, the author discusses how various segregated theoretical approaches in macroeconomics relate to one another and proposes how to integrate them.

Author : John Eatwell,Murray Milgate
Publisher : Bloomsbury Academic
Page : 314 pages
File Size : 48,7 Mb
Release : 1983
Category : Business & Economics
ISBN : UOM:39015008263512

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Keynes's Economics and the Theory of Value and Distribution by John Eatwell,Murray Milgate Pdf

Author : Frederic S. Lee
Publisher : Cambridge University Press
Page : 293 pages
File Size : 55,6 Mb
Release : 1999-02-04
Category : Business & Economics
ISBN : 9781139426978

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Post Keynesian Price Theory by Frederic S. Lee Pdf

This book sets out the foundations of post-Keynesian price theory. Blending theory and analysis it is the first comprehensive assessment of post-Keynesian price theory and its foundations. Scholars and students will particularly welcome the emphasis on the non-neoclassical and non-equilibrium nature of post-Keynesian price theory.

Author : John Maynard Keynes
Publisher : Springer
Page : 404 pages
File Size : 46,6 Mb
Release : 2018-07-20
Category : Business & Economics
ISBN : 9783319703442

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The General Theory of Employment, Interest, and Money by John Maynard Keynes Pdf

This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.

Author : Henk-Jan Brinkman
Publisher : Edward Elgar Publishing
Page : 248 pages
File Size : 54,7 Mb
Release : 1999-11-25
Category : Political Science
ISBN : 1782541608

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Explaining Prices in the Global Economy by Henk-Jan Brinkman Pdf

Addresses the problem of price disparities across countries, and, for the first time, uses market structures as the central focus. Also looks at effects of trade barriers, input-output relations, and economies of scale, factors often ignored by other studies, to determine what causes prices to vary across countries. A post- Keynesian markup pricing model incorporating market power, intermediate inputs, and productivity differences is developed and tested using regression analysis.

Author : G. Tily
Publisher : Springer
Page : 346 pages
File Size : 40,9 Mb
Release : 2016-01-12
Category : Business & Economics
ISBN : 9780230801370

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Keynes's General Theory, the Rate of Interest and Keynesian' Economics by G. Tily Pdf

This book argues that Keynesian economists have betrayed Keynes' theory and policy conclusions, and that the world has been misled about those policies. Keynesians have focused attention on policies for dealing with effects of economic failure as they arise, whereas Keynes was concerned with the cause and then the prevention of economic failure.

Author : International Monetary Fund. External Relations Dept.
Publisher : International Monetary Fund
Page : 60 pages
File Size : 40,6 Mb
Release : 2014-08-25
Category : Business & Economics
ISBN : 9781475566987

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Finance & Development, September 2014 by International Monetary Fund. External Relations Dept. Pdf

This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.

Author : Paul Downward
Publisher : Unknown
Page : 244 pages
File Size : 50,6 Mb
Release : 1999
Category : Business & Economics
ISBN : STANFORD:36105023595239

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Pricing Theory in Post-Keynesian Economics by Paul Downward Pdf

This timely book explores the defining features of post Keynesian economics through an examination of pricing, and empirically investigates pricing behaviour from the post Keynesian point of view. It uses a synthesis of ideas from realist philosophy and methodology to explore post Keynesian pricing theory and identifies a coherent core of post Keynesian pricing theory, strongly supported by a wide range of evidence. Paul Downward critically reviews and extends both the econometric and the non-econometric evidence as a basis of understanding the causal processes of pricing. Taking into account Keynes's notions of the 'weight of evidence' and 'negative analogy, ' the post Keynesian account of pricing offered in the book appears compelling. The evidence presented by the author will raise substantial questions about neoclassical accounts of pricing. This book will be required reading for those interested in post Keynesian economics, methodology, behavioural economics and institutional economics as well as for marketing and management theorists and those generally interested in pricing decisions.

Author : Peter M. Lichtenstein
Publisher : Routledge
Page : 175 pages
File Size : 46,6 Mb
Release : 2017-01-20
Category : Business & Economics
ISBN : 9781351965620

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An Introduction to Post-Keynesian and Marxian Theories of Value and Price by Peter M. Lichtenstein Pdf

Peter M. Lichtenstein believes that any social-economic theory of capitalism must begin with a theory of value and price. Dismissing the neoclassical school, he turns to post-Keynesian and Marxian economics with their coherent and consistent theories of value and price based on concrete objective circumstances. The development of these theories in the author’s aim because he believes that this approach comes much closer than neoclassical theory to capturing the essence of a capitalism economy. This book, first published in 1983, is addressed to economics students, especially to those studying microeconomics or the history of economic thought, and to economists seeking an overview of these issues.

Author : Paul Wells
Publisher : Springer Science & Business Media
Page : 120 pages
File Size : 48,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461523314

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Post-Keynesian Economic Theory by Paul Wells Pdf

Post-Keynesian Economic Theory explores and develops several areas of post- Keynesian economics most in need of additional fundamental research, including: a monetary theory of production; post-Keynesian price theory; international economics; labor economics; financing aggregate demands; and the liquidity preference theory of interest. The book presents a constructive post-Keynesian critique of contemporary macroeconomic conceptualization and practice. It illustrates the illusory character of the search for unique, determinate results in the problems of macroeconomics and clearly demonstrates the complexity and resulting richness of meaningful economic theory.

Author : Stephen A. Marglin
Publisher : Harvard University Press
Page : 921 pages
File Size : 40,6 Mb
Release : 2020-07-14
Category : Business & Economics
ISBN : 9780674971028

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Raising Keynes by Stephen A. Marglin Pdf

Back to the future: a heterodox economist rewrites Keynes's General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century. John Maynard Keynes's General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes's lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins. Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes's intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand. Ordinary citizens have paid a steep price for the distortion of Keynes's message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose. Fleshing out Keynes's intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.

Author : Sidney Weintraub
Publisher : Pickle Partners Publishing
Page : 327 pages
File Size : 47,8 Mb
Release : 2018-12-05
Category : Business & Economics
ISBN : 9781789126044

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Classical Keynesianism, Monetary Theory, and the Price Level by Sidney Weintraub Pdf

Since I wrote my small volume on A General Theory of the Price Level, etc., I have often been asked for a fuller statement of my views, or my attitude on various matters treated only briefly at that time....I hope that the collection of essays that are contained herein fill in many of these gaps and answer the major part of the queries that admit of such elaboration.” In my opinion there are two contending theories of the price level: that deriving from the Equation of Exchange in one or another of its forms, and that based on cost, especially wage, phenomena. Thus the debate must be resolved primarily between two major sets of ideas on the subject of inflation. In this light it would be a welcome event, if those Keynesians in economics, who long ago abandoned the various versions of the Quantity Theory of Money and have little truck with the cost theory of the price level, would at least re-examine their views on this subject. It is my deep conviction that most of the literature oriented toward what has been regarded as Keynesian thinking has had very little to contribute toward understanding price level phenomena despite superficial appearances toward the contrary. The importance of this assertion cannot be overstated for, in bulk, this literature is already voluminous and in teaching importance it represents the dominant modern fashion. Yet, in my opinion, on the fundamental problems of price level inflation and deflation, I believe it to be wholly barren and devoid of substance. Perhaps these essays will reveal the stark nakedness of the concepts in the price dimensions that interest all of us.—Sidney Weintraub

Author : Sheila Dow,Jesper Jespersen,Geoff Tily
Publisher : Edward Elgar Publishing
Page : 232 pages
File Size : 54,8 Mb
Release : 2018-07-27
Category : Business & Economics
ISBN : 9781786439888

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The General Theory and Keynes for the 21st Century by Sheila Dow,Jesper Jespersen,Geoff Tily Pdf

This book is devoted to the lasting impact of The General Theory (and Keynes’s thought) on macroeconomic theory, methodology and its relevance for understanding the post-crisis challenges of the 21st Century. A number of contributions take their departure from Keynes's presentation during the 1930's of his new macroeconomic understanding and its policy implications. Other chapters take a more pluralistic view of Keynes's ideas and their importance for contemporary debates. Further, it is demonstrated that many textbooks often misrepresent The General Theory and therefore cannot be a reliable guide to 21st Century economic policy.

Author : Warren J. Samuels,Steven G. Medema
Publisher : Routledge
Page : 189 pages
File Size : 54,6 Mb
Release : 2019-07-26
Category : Business & Economics
ISBN : 9781315490830

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Gardiner C.Mean's Institutional and Post-Keynesian Economics by Warren J. Samuels,Steven G. Medema Pdf

Gardiner Means has a secure place in the history of 20th century economic thought, as the co-author with A.A.Berle of "The Modern Corporation and Private Property". But according to Samuels and Medema, Means should be remembered for major contributions in both micro- and macroeconomics. The authors discuss Means's ideas of administered pricing and profit maximization within the giant corporation, the possible links between industrial structure and macroeconomic performance, a theory of the firm as it relates to the market, and the micro foundations of macroeconomics. Central to Means's macroeconomics is his theory that administered pricing generates inflation and stagflation. Means, in the authors' view, was a seminal thinker and a post-Keynesian economist, as well as an institutionalist. This book also gives an precis of Means's unusual career in government and the academy.

Author : Mark Hayes
Publisher : Edward Elgar Publishing
Page : 286 pages
File Size : 48,6 Mb
Release : 2008-01-01
Category : Business & Economics
ISBN : 178100868X

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The Economics of Keynes by Mark Hayes Pdf

In this guide to general theory, Mark Hayes presents Keynes's illustrious work as a sophisticated Marshallian theory fo the competitive equillibrium of the economy as a whole.