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Millennial Keynes : The Origins, Development and Future of Keynesian Economics - Bruno Ventelou

Millennial Keynes

The Origins, Development and Future of Keynesian Economics


Published: 31st January 2003
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Millennial Keynes provides a concise grounding in the origins, development, and continuing significance of Keynesian economics. Section One presents the contributions of economists working before Keynes who would later have tremendous influence on him and his work, including Walras, Pigou, Marshall, Sraffa, and Fisher. Section Two introduces and analyzes Keynes' own major works, such as the Treatise on Money, Treatise on Probability, and The General Theory. The book concludes by looking at the many differing interpretations of the significance of the Keynesian tradition upon economics as a discipline, and the schools of thought that have spawned these often-divergent interpretations. And it explains why these ongoing debates are likely to continue well into the next millennium.

Introduction: Keynesian Economics and the American Polity
The Social Security Debate and the Emergence of Anti-Keynesian Political Leadership
Environmental Politics
Chapter 1
Keynes's Childhood, His Studies, His Clubs
Keynes's Professional Life
Government Posts and Feckless Negotiations
Keynes's Political Engagements: The Manifestos, the Pamphlets, and the Economic History of the 1920s and 1930s
Economic Thought on the Eve of the General Theory
The English Tradition of Partial Equilibrium Theory
Alfred Marshall and Sectors of Economic Activity
The Role of Time in Marshall's Principles
Marshall's Theoretical Dead Ends: The Very Long Period, the Question of Returns to Scale, and Sraffa's Critique
Arthur Cecil Pigou: The Real Balance Effect
Marshall and Pigou's Monetary Theory: Macroeconomics and the Real Balance Effect
Pigou's Theory of Unemployment
The General Equilibrium Perspective
Leon Walras and Interdependence
General Equilibrium Theory: Its Intrinsic Logic
General Equilibrium: A Host of Problems
Irving Fisher, Time, and Money in the Theory of General Equilibrium
Money in the Theory of General Equilibrium
Time in General Equilibrium Theory: The Loanable Funds Market
Conclusion: Keynes's Intellectual Culture
Keynes Before The General Theory
The Treatise on Money
The Analysis of Economic Fluctuations
The Paradox of the Indirect Effect
The Credit Cycle
Mathematics and the Treatise on Money
Definitions, Accounting Equations, the Fundamental Equation
Results of the Fundamental Equation
The Fundamental Equation: An Error?
Conclusion: From the Treatise on Money to the General Theory
What Premises Did Keynes Have to Give Up?
What Was Left of the Treatise?
The Treatise on Probability
The Nature of Chance: The Impossibility of the “Frequentist Position”
The Urn Example: How We Experience Real Events, from Risk to Uncertainty
The Distinction Between Probability and Weight
The Uncertain and the Unknown
Keynes's Position on Logical Probability
Probability as an Expression of Weak Logic
Rules for Calculating Logical Probabilities
The Relevance and Methodological Value of a Logical Position
Russell, Wittgenstein, Keynes
Keynes, Ramsey, and Savage
Methodological Impact
Conclusion: A Simplified Equation
The General Theory (I): A Reader's Guide
The Labor Market: Point of Departure for Keynes's Causal Framework
The Postulates of the Classical Economics
The Classical Position
Keynes's Position: Involuntary Unemployment
Rigidity of Nominal Wages, Real Wages, and Prices
Nominal Wage Rigidity: A Necessary But Insufficient Condition
Real-Wage Rigidity and Price Rigidity: A General Perspective
The Equivalence Postulate and the Causal Nexus
General Equilibrium: Uncertainty, Money, and the Interest Rate
Uncertainty and Decision Making by Entrepreneurs: The Principle of Effective Demand
Expected Demand and Effective Demand as a Principle
The Missing Auctioneer and the Asymmetry of Entrepreneurs
Say's Law and Self-Fulfilling Expectations
Uncertainty, the Interest Rate, and Money: The Liquidity Principle
Uncertainty and Money: The Speculative Motive
Liquidity and Specific Interest Rates: A General Theory for Holding Durable Wealth
Reviewing the Causal Nexus: Uncertainty, Hydraulic Thinking, and How to Represent Something by Its Opposite
The ƓHydraulic Summaryƶ of Keynes's Causal Nexus
Between the Cup and the Lip: Uncertainty and the Inadequacies of the Hydraulic Model
Conclusion: A Call to Action
The General Theory (II): Macroeconomics
The Interest Rate as the Core Analytic Problem of Economics
Wicksell's Economic Cycle: A Summary
Wicksell's Economic Cycle: Some Analysis
The Austrian Capital Theory and the Concertina Effect
The Concertina Effect: Some Analysis
Prior Savings vs. Post-Savings
Prior Savings: Principles and Arguments
Semantic Questions: Equality or Identity of I-S? Towards a Spending Economy
The Savings-Investment Adjustment Process: The Simple Multiplier Effect and Its Extensions
Post-Savings and the Simple Multiplier Effect
The Simple Multiplier Effect: How It Works
An Underlying Assumption: The Lack of a Liquidity Constraint. Bank Credit to the Rescue of the Simple Multiplier Effect
Is-Lm with Fixed and Flexible Prices
The Is-Lm Model: How It Is Built, How It Works
The Is-Lm Model and Fixed Prices: Verticalists Versus Horizontalists
Is-Lm and Flexible Prices: The Patinkin Interpretation
Conclusion: Synthesizing Keynes?
Five Readings of Keynes
The First “Synthesis”: IS-LM and Its Extensions
The Post-Keynesians
The Circuit School
The Second Synthesis: The New Keynesian Economics
Interpretations Based on Radical Uncertainty
Conclusion: The Radical versus the Pragmatic Programs of Keynesian Interpretation
Keynes: Daring in Policy and Intellect
About the Author and Translator
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780765606709
ISBN-10: 0765606704
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 216
Published: 31st January 2003
Publisher: Taylor & Francis Ltd
Country of Publication: GB
Dimensions (cm): 22.9 x 15.2  x 1.91
Weight (kg): 0.46