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The Economics of Keynes in Historical Context : An Intellectual History of the General Theory - M. Lawlor

The Economics of Keynes in Historical Context

An Intellectual History of the General Theory

By: M. Lawlor

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  • Paperback View Product Published: 10th October 2006
    $275.25

This book offers a comprehensive treatment of the development of Keynes economic ideas in the General Theory of Employment, Interest and Money. It is the first such exclusively economic theory treatment of his career since the Keynes "Collected Works" were published, and his papers opened to the public. It uses that material, the historical record of the economics of Keynes's time and place and the scholarship available on Keynes's biography and philosophy to build a narrative of his ideas on economic theory from before World War I - when he was lecturing on economics at Cambridge - through the "General Theory" in 1936. The predominant early influence is Marshall, and Keynes's Marshallian roots are explored in detail. Three themes emerge over his career, each forming a section of the present book and a part of the "General Theory": the essentially indeterminancy of labor market analysis, an evolving view of the influence of speculation and trading practices on financial markets and a formal model of the monetary economics of a system that combines these aspects.

List of Figuresp. xii
Acknowledgmentsp. xiii
Prefacep. xv
Introductory Material: Motivation, Methodology and Overviewp. 1
Motivation: Approaching the General Theory Historically 3
A "history" of a bookp. 3
Keynes's questionp. 4
The Keynes literaturep. 7
Methodological Stance: The Marshallian Structure of the General Theoryp. 16
The Marshallian methodp. 16
Keynes's treatment of timep. 18
Keynes's use of equilibriump. 22
Overviewp. 25
Keynes, Cambridge and the Economics of Employmentp. 33
Introduction: Keynes, the General Theory and the Labor Marketp. 35
Unemployment and the General Theoryp. 35
Labor markets in the General Theoryp. 36
The "Late Victorian" Intellectual Context of Marshall's Labor Market Viewsp. 40
Unemployment to the Victorians: The Background to Marshallianismp. 40
Marshall and the late Victorian labor questionp. 44
The Treatment of Labor Markets in Marshallian Economicsp. 53
Marshall's method and his treatment of distribution in the Principles of Economicsp. 53
Marshall's marginal product of labor, efficiency wages and the national dividendp. 56
Dobb: Labor market orthodoxy in interwar Cambridgep. 63
Pigou: Mechanical Marshallianismp. 66
Keynes and the Labor Marketp. 71
Keynes as a Marshallianp. 71
Keynes as a young donp. 75
Keynes in the twenties: An emerging social theory of wagesp. 79
Conclusion: The labor market in the General Theory in Historical Contextp. 86
A Philosopher and a Speculatorp. 93
Looking Backward from the General Theory: On the Historical Origins of Keynes's Financial Market Viewsp. 95
Introduction to Part IIp. 95
Two problems of later Marshallian economics: "The Representative Firm" and the joint-stock companyp. 96
Looking backward from the General Theoryp. 103
Stock Equilibrium in Asset Markets and "The Folly of Amateur Speculators": The Marshallian Settingp. 107
Introductionp. 107
Marshall's 1871 essay "Money"p. 108
Marshall on speculationp. 111
H. C. Emery: Speculation on the Stock and Produce Exchanges of the United Statesp. 116
The historical record and Keynes's developing views of speculationp. 123
The Evolution of Keynes's Views on Asset Markets and Speculationp. 126
The young don as philosopher of speculation, 1909-14p. 126
The philosopher starts speculating, 1919-23p. 132
Speculation and the credit cycle, 1923-30p. 139
Conclusion: "Faithful" investing and speculative economics, 1931-36p. 147
"Shifting Equilibria" in a Monetary Economyp. 153
The Development of Cambridge Monetary Thought 1870-1935p. 155
Introductionp. 155
Early twentieth century monetary and business cycle theoryp. 158
Specific Marshallian monetary antecedentsp. 160
Marshallian monetary and cycle theory as a precursor to the General Theoryp. 165
Marshall's pupilsp. 168
Keynes and Marshallian monetary economicsp. 176
Keynes's Development as a Cambridge Monetary Theoristp. 178
Introductionp. 178
The historical context for Keynes as a monetary economistp. 179
Pre-war lectures: "The Theory of Money"p. 181
Debates with Dennis Robertson and "Forced savings"p. 183
The Tract: Portrait of a monetary society in crisisp. 188
"A Piece of Financial Machinery"p. 195
From the Tract to the Treatisep. 201
A Treatise on Moneyp. 203
Sraffa and Hayek on "Own Rates of Interest"p. 213
Introductionp. 213
Setting the stagep. 215
"Assuming Away the Object"p. 218
"Incantations and a Little Poison"p. 221
"Essential Confusion"p. 224
Curtain Call: The method of neutral money once againp. 227
The goals of monetary theoryp. 229
Keynes: "The Essential Properties of Interest and Money"p. 237
Introductionp. 237
From Sraffa to Keynes: The state of monetary theory, 1935p. 240
Keynes: The theory of interest and the theory of employmentp. 243
The essential properties of interest: Own-rates in a monetary economyp. 244
The Structure of own-rates in asset market equilibriump. 249
Stocks of assets and flows of activity: The General Theory viewed through the own-rates equilibrium constructp. 259
Keynes's views of capitalp. 264
The essential properties of moneyp. 268
Money, prices and conventions: The social context for monetary analysisp. 272
The "Keynes Connection" versus the "Wicksell Connection"p. 275
Conclusionp. 278
Conclusion: A Theory of a Monetary Economyp. 281
"Natural Rate" Mutations: Keynes, Leijonhufvud and the Wicksell Connectionp. 283
Introductionp. 283
"The Wicksell Connection"p. 284
Leijonhufvud and Keynes on liquidity preferencep. 285
Chapter 17: Stock equilibrium and "own-rates" of interestp. 288
Liquidity preference, saving, and investmentp. 292
Conclusion: Wicksell revisitedp. 298
Notesp. 301
Sources and Bibliographyp. 333
Author Indexp. 345
Subject Indexp. 348
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780333977170
ISBN-10: 0333977173
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 357
Published: 1st January 2007
Country of Publication: GB
Dimensions (cm): 22.23 x 14.61  x 2.54
Weight (kg): 0.54
Edition Number: 1

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