Keynesian economics

3143:). This is the same as the formula for Kahn's multiplier in a closed economy assuming that all saving (including the purchase of durable goods), and not just hoarding, constitutes leakage. Keynes gave his formula almost the status of a definition (it is put forward in advance of any explanation). His multiplier is indeed the value of "the ratio ... between an increment of investment and the corresponding increment of aggregate income" as Keynes derived it from his Chapter 13 model of liquidity preference, which implies that income must bear the entire effect of a change in investment. But under his Chapter 15 model a change in the schedule of the marginal efficiency of capital has an effect shared between the interest rate and income in proportions depending on the partial derivatives of the liquidity preference function. Keynes did not investigate the question of whether his formula for multiplier needed revision. 2975:. The schedule of the marginal efficiency of capital is dependent on the interest rate, specifically the interest rate cost of a new investment. If the interest rate charged by the financial sector to the productive sector is below the marginal efficiency of capital at that level of technology and capital intensity then investment is positive and grows the lower the interest rate is, given the diminishing return of capital. If the interest rate is above the marginal efficiency of capital then investment is equal to zero. Keynes interprets this as the demand for investment and denotes the sum of demands for consumption and investment as " 3811:. He pointed out that the reduction of wages led to a reduction in national demand which constrained markets. Instead, he proposes the idea of an expansionary policy combined with a tariff system to neutralize the effects on the balance of trade. The application of customs tariffs seemed to him "unavoidable, whoever the Chancellor of the Exchequer might be". Thus, for Keynes, an economic recovery policy is only fully effective if the trade deficit is eliminated. He proposed a 15% tax on manufactured and semi-manufactured goods and 5% on certain foodstuffs and raw materials, with others needed for exports exempted (wool, cotton). 3717:—which was exchangeable with national currencies at fixed rates of exchange and would become the unit of account between nations, which means it would be used to measure a country's trade deficit or trade surplus. Every country would have an overdraft facility in its bancor account at the International Clearing Union. He pointed out that surpluses lead to weak global aggregate demand – countries running surpluses exert a "negative externality" on trading partners, and posed far more than those in deficit, a threat to global prosperity. Keynes thought that surplus countries should be taxed to avoid trade imbalances. In 3851:, in which he criticized the argument of the specialization of economies, which is the basis of free trade. He thus proposed the search for a certain degree of self-sufficiency. Instead of the specialization of economies advocated by the Ricardian theory of comparative advantage, he prefers the maintenance of a diversity of activities for nations. In it he refutes the principle of peacemaking trade. His vision of trade became that of a system where foreign capitalists compete for new markets. He defends the idea of producing on national soil when possible and reasonable and expresses sympathy for the advocates of 3533: 2289:, intended as a comprehensive treatment of its subject "which would confirm his stature as a serious academic scholar, rather than just as the author of stinging polemics", and marks a large step in the direction of his later views. In it, he attributes unemployment to wage stickiness and treats saving and investment as governed by independent decisions: the former varying positively with the interest rate, the latter negatively. The velocity of circulation is expressed as a function of the rate of interest. He interpreted his treatment of liquidity as implying a purely monetary theory of interest. 4256:, he predicted that it would not endure, in his article "Political Aspects of Full Employment". In the article Kalecki predicted that the full employment delivered by Keynesian policy would eventually lead to a more assertive working class and weakening of the social position of business leaders, causing the elite to use their political power to force the displacement of the Keynesian policy even though profits would be higher than under a laissez faire system: The elites would not care about risking the higher profits in the pursuit of reclaiming prestige in the society and the political power. 1057: 2357:, although there was disagreement among them as to whether a general glut was possible. Keynes argued that when a glut occurred, it was the over-reaction of producers and the laying off of workers that led to a fall in demand and perpetuated the problem. Keynesians therefore advocate an active stabilization policy to reduce the amplitude of the business cycle, which they rank among the most serious of economic problems. According to the theory, government spending can be used to increase aggregate demand, thus increasing economic activity, reducing unemployment and 3400: 2464:

expenditure: something impossible – if understood in real terms – under the classical theory that the level of expenditure is limited by the economy's income/output. On page 174, Kahn rejects the claim that the effect of public works is at the expense of expenditure elsewhere, admitting that this might arise if the revenue is raised by taxation, but says that other available means have no such consequences. As an example, he suggests that the money may be raised by borrowing from banks, since ...

3078:). He designates Kahn's multiplier the "employment multiplier" in distinction to his own "investment multiplier" and says that the two are only "a little different". Kahn's multiplier has consequently been understood by much of the Keynesian literature as playing a major role in Keynes's own theory, an interpretation encouraged by the difficulty of understanding Keynes's presentation. Kahn's multiplier gives the title ("The multiplier model") to the account of Keynesian theory in Samuelson's 3154: 4461:, saw Keynesianism as a means of stopping socialism. Keynes was largely supported by business leaders, bankers and conservative parties, or tripartite third way Catholics eager to avoid socialism after the Second World War. While Coventry agrees that the Keynesianism has considerable benefits, he argues that these benefits arose from the next phase of capitalism with many of the disadvantages being forced onto peoples in the third world, such as in 3709:. The two governing principles of the plan were that the problem of settling outstanding balances should be solved by 'creating' additional 'international money', and that debtor and creditor should be treated almost alike as disturbers of equilibrium. In the event, though, the plans were rejected, in part because "American opinion was naturally reluctant to accept the principle of equality of treatment so novel in debtor-creditor relationships". 3864:

perhaps of agricultural products also, I have become doubtful whether the economic loss of national self-sufficiency is great enough to outweigh the other advantages of gradually bringing the product and the consumer within the ambit of the same national, economic, and financial organization. Experience accumulates to prove that most modern processes of mass production can be performed in most countries and climates with almost equal efficiency.

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depend on the wage bargains which labour makes with the entrepreneurs," whereas, "If money wages change, one would have expected the classical school to argue that prices would change in almost the same proportion, leaving the real wage and the level of unemployment practically the same as before." Keynes considers his second objection the more fundamental, but most commentators concentrate on his first one: it has been argued that the

981: 2578:. Nor were his practical recommendations very different: "on many occasions in the thirties" Pigou "gave public support to State action designed to stimulate employment". Where the two men differed is in the link between theory and practice. Keynes was seeking to build theoretical foundations to support his recommendations for public works while Pigou showed no disposition to move away from classical doctrine. Referring to him and 4267:

bureaucratic and electoral behaviour. Buchanan blamed Keynesian economics for what he considered a decline in America's fiscal discipline. Buchanan argued that deficit spending would evolve into a permanent disconnect between spending and revenue, precisely because it brings short-term gains, so, ending up institutionalizing irresponsibility in the federal government, the largest and most central institution in our society.

4477: 1828: 993: 3359: 3897:. He considered that quotas could be more effective than currency depreciation in dealing with external imbalances. Thus, for Keynes, currency depreciation was no longer sufficient, and protectionist measures became necessary to avoid trade deficits. To avoid the return of crises due to a self-regulating economic system, it seemed essential to him to regulate trade and stop free trade (deregulation of foreign trade). 2929: 9998: 3224: 2742: 4418:, an Austrian-style economist described Keynesianism as a system of "economics of abundance" stating it is, "a system of economics which is based on the assumption that no real scarcity exists, and that the only scarcity with which we need concern ourselves is the artificial scarcity created by the determination of people not to sell their services and products below certain arbitrarily fixed prices." 2319:, it had been a tenet of mainstream economic thought that the economy would automatically revert to a state of general equilibrium: it had been assumed that, because the needs of consumers are always greater than the capacity of the producers to satisfy those needs, everything that is produced would eventually be consumed once the appropriate price was found for it. This perception is reflected in 3462: 3588:, since it recommends adjusting fiscal policies according to cyclical circumstances. An example of a counter-cyclical policy is raising taxes to cool the economy and to prevent inflation when there is abundant demand-side growth, and engaging in deficit spending on labour-intensive infrastructure projects to stimulate employment and stabilize wages during economic downturns. 3595:'s view that insufficient buying-power caused the Depression. During his presidency, Roosevelt adopted some aspects of Keynesian economics, especially after 1937, when, in the depths of the Depression, the United States suffered from recession yet again following fiscal contraction. But to many the true success of Keynesian policy can be seen at the onset of 2327:, which states that individuals produce so that they can either consume what they have manufactured or sell their output so that they can buy someone else's output. This argument rests upon the assumption that if a surplus of goods or services exists, they would naturally drop in price to the point where they would be consumed. 2331:

contracting in size. He saw the economy as unable to maintain itself at full employment automatically, and believed that it was necessary for the government to step in and put purchasing power into the hands of the working population through government spending. Thus, according to Keynesian theory, some individually rational

3939:, and until the early 1970s, Keynesian economics provided the main inspiration for economic policy makers in Western industrialized countries. Governments prepared high quality economic statistics on an ongoing basis and tried to base their policies on the Keynesian theory that had become the norm. In the early era of 2611:, when unemployment rose to 25% in the United States and as high as 33% in some countries. It is almost wholly theoretical, enlivened by occasional passages of satire and social commentary. The book had a profound impact on economic thought, and ever since it was published there has been debate over its meaning. 4366:

that tied nominal wage inflation to unemployment rate. To support these theories, Keynesians typically traced the logical foundations of their model (using introspection) and supported their assumptions with statistical evidence. New classical theorists demanded that macroeconomics be grounded on the

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The new system is not founded on free trade (liberalization of foreign trade) but rather on regulating international trade to eliminate trade imbalances. Nations with a surplus would have a powerful incentive to get rid of it, which would automatically clear other nations' deficits. Keynes proposed a

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and implies that he is adopting the former theory. And when the multiplier eventually emerges as a component of Keynes's theory (in Chapter 18) it turns out to be simply a measure of the change of one variable in response to a change in another. The schedule of the marginal efficiency of capital

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Keynes rejects the classical explanation of unemployment based on wage rigidity, but it is not clear what effect the wage rate has on unemployment in his system. He treats wages of all workers as proportional to a single rate set by collective bargaining, and chooses his units so that this rate never

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Keynes raises two objections to the classical theory's assumption that "wage bargains ... determine the real wage". The first lies in the fact that "labour stipulates (within limits) for a money-wage rather than a real wage". The second is that classical theory assumes that, "The real wages of labour

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meant that the simultaneous application of expansionary (anti-recession) and contractionary (anti-inflation) policies appeared necessary. This dilemma led to the end of the Keynesian near-consensus of the 1960s, and the rise throughout the 1970s of ideas based upon more classical analysis, including

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Through the 1950s, moderate degrees of government demand leading industrial development, and use of fiscal and monetary counter-cyclical policies continued, and reached a peak in the "go go" 1960s, where it seemed to many Keynesians that prosperity was now permanent. In 1971, Republican US President

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Beginning in the late 1950s new classical macroeconomists began to disagree with the methodology employed by Keynes and his successors. Keynesians emphasized the dependence of consumption on disposable income and, also, of investment on current profits and current cash flow. In addition, Keynesians

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s analysis of effective demand that Marxists could draw on—described Keynes as a prisoner of his neoclassical upbringing. Sweezy argued that Keynes had never been able to view the capitalist system as a totality. He argued that Keynes regarded the class struggle carelessly, and overlooked the class

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supported policies that were, in fact, Keynesian, even though both men were conservative leaders. And tax cuts can provide highly helpful fiscal stimulus during a recession, just as much as infrastructure spending can. Blinder concludes: "If you are not teaching your students that 'Keynesianism' is

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In the Daily Mail of 13 March 1931, he called the assumption of perfect sectoral labour mobility "nonsense" since it states that a person made unemployed contributes to a reduction in the wage rate until he finds a job. But for Keynes, this change of job may involve costs (job search, training) and

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Economists generally think the rate of interest will not fall below a certain limit, often seen as zero or a slightly negative number. Keynes suggested that the limit might be appreciably greater than zero but did not attach much practical significance to it. The term "liquidity trap" was coined by

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Once he rejects the classical theory that unemployment is due to excessive wages, Keynes proposes an alternative based on the relationship between saving and investment. In his view, unemployment arises whenever entrepreneurs' incentive to invest fails to keep pace with society's propensity to save

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wrote "I don't think we need to take that as an immutable fact of life; but still, what are the alternatives?" Daniel Kuehn, criticized James M. Buchanan. He argued, "if you have a problem with politicians – criticize politicians," not Keynes. He also argued that empirical evidence makes it pretty

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underlying the Keynesian fiscal revolution, according to Buchanan, was that economic policy would be made by wise men, acting without regard to political pressures or opportunities, and guided by disinterested economic technocrats. He argued that this was an unrealistic assumption about political,

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Keynesian economists believe that adding to profits and incomes during boom cycles through tax cuts, and removing income and profits from the economy through cuts in spending during downturns, tends to exacerbate the negative effects of the business cycle. This effect is especially pronounced when

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in net spending that can stimulate or depress the economy. For example, if a government ran a deficit of 10% both last year and this year, this would represent neutral fiscal policy. In fact, if it ran a deficit of 10% last year and 5% this year, this would actually be contractionary. On the other

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he acknowledged were imports and hoarding, although he also said that a rise in prices might dilute the multiplier effect. Jens Warming recognised that personal saving had to be considered, treating it as a "leakage" (p. 214) while recognising on p. 217 that it might in fact be invested.

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Let's suppose that I hire unemployed resources to build a $ 1000 woodshed. My carpenters and lumber producers will get an extra $ 1000 of income... If they all have a marginal propensity to consume of 2/3, they will now spend $ 666.67 on new consumption goods. The producers of these goods will now

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thought that Keynes's political bequest was harmful for two reasons. First, he thought whatever the economic analysis, benevolent dictatorship is likely sooner or later to lead to a totalitarian society. Second, he thought Keynes's economic theories appealed to a group far broader than economists

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and Keynesians in the 1960s over the role of government in stabilizing the economy. Both monetarists and Keynesians agree that issues such as business cycles, unemployment, and deflation are caused by inadequate demand. However, they had fundamentally different perspectives on the capacity of the

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A considerable degree of international specialization is necessary in a rational world in all cases where it is dictated by wide differences of climate, natural resources, native aptitudes, level of culture and density of population. But over an increasingly wide range of industrial products, and

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His view, supported by many economists and commentators at the time, was that creditor nations may be just as responsible as debtor nations for disequilibrium in exchanges and that both should be under an obligation to bring trade back into a state of balance. Failure for them to do so could have

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One line of thinking, utilized also as a critique of the notably high unemployment and potentially disappointing GNP growth rates associated with the new classical models by the mid-1980s, was to emphasize low unemployment and maximal economic growth at the cost of somewhat higher inflation (its

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He points out that countries that import more than they export weaken their economies. When the trade deficit increases, unemployment rises and GDP slows down. And surplus countries exert a "negative externality" on their trading partners. They get richer at the expense of others and destroy the

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In Keynes's more complicated liquidity preference theory (presented in Chapter 15) the demand for money depends on income as well as on the interest rate and the analysis becomes more complicated. Keynes never fully integrated his second liquidity preference doctrine with the rest of his theory,

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on Finance and Industry in 1930 he referred to the "first proposition" that "schemes of capital development are of no use for reducing unemployment" and asked whether "it would be a misunderstanding of the Treasury view to say that they hold to the first proposition". Hopkins responded that "The

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rose to prominence at about the same time that Keynes published his General Theory and shared a common concern in business cycles and unemployment. The second generation of Swedish economists also advocated government intervention through spending during economic downturns although opinions are

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As early as 1930, in a note to the Economic Advisory Council, he doubted the intensity of the gain from specialization in the case of manufactured goods. While participating in the MacMillan Committee, he admitted that he no longer "believed in a very high degree of national specialisation" and

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to bring the British economy out of the crisis, Keynes indicated that the introduction of tariffs on imports would help to rebalance the trade balance. The committee's report states in a section entitled "import control and export aid", that in an economy where there is not full employment, the

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Expansionary fiscal policy consists of increasing net public spending, which the government can effect by a) taxing less, b) spending more, or c) both. Investment and consumption by government raises demand for businesses' products and for employment, reversing the effects of the aforementioned

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is identified as one of the independent variables of the economic system: "What tells us, is ... the point to which the output of new investment will be pushed ..." The multiplier then gives "the ratio ... between an increment of investment and the corresponding increment of aggregate income".

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Later the same year, speaking in a newly created Committee of Economists, Keynes tried to use Kahn's emerging multiplier theory to argue for public works, "but Pigou's and Henderson's objections ensured that there was no sign of this in the final product". In 1933 he gave wider publicity to his

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The Keynesian schools of economics are situated alongside a number of other schools that have the same perspectives on what the economic issues are, but differ on what causes them and how best to resolve them. Today, most of these schools of thought have been subsumed into modern macroeconomic

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Short-term interest rates were close to zero, long-term rates were at historical lows, yet private investment spending remained insufficient to bring the economy out of deflation. In that environment, monetary policy was just as ineffective as Keynes described. Attempts by the Bank of Japan to

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Given the backdrop of high and persistent unemployment during the Great Depression, Keynes argued that there was no guarantee that the goods that individuals produce would be met with adequate effective demand, and periods of high unemployment could be expected, especially when the economy was

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Hicks showed how to analyse Keynes' system when liquidity preference is a function of income as well as of the rate of interest. Keynes's admission of income as an influence on the demand for money is a step back in the direction of classical theory, and Hicks takes a further step in the same

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Ancient Egypt was doubly fortunate, and doubtless owed to this its fabled wealth, in that it possessed two activities, namely, pyramid-building as well as the search for the precious metals, the fruits of which, since they could not serve the needs of man by being consumed, did not stale with

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If the interest rate at which businesses and consumers can borrow decreases, investments that were previously uneconomic become profitable, and large consumer sales normally financed through debt (such as houses, automobiles, and, historically, even appliances like refrigerators) become more

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I sympathize, therefore, with those who would minimize, rather than with those who would maximize, economic entanglement among nations. Ideas, knowledge, science, hospitality, travel—these are the things which should of their nature be international. But let goods be homespun whenever it is

3026:), since for them saving was simply the indirect purchase of capital goods, with the result that aggregate demand was equal to total income as an identity rather than as an equilibrium condition. Keynes takes note of this view in Chapter 2, where he finds it present in the early writings of 2463:

The textbook multiplier gives the impression that making society richer is the easiest thing in the world: the government just needs to spend more. In Kahn's paper, it is harder. For him, the initial expenditure must not be a diversion of funds from other uses, but an increase in the total

4095:. Though it was widely held that there was no strong automatic tendency to full employment, many believed that if government policy were used to ensure it, the economy would behave as neoclassical theory predicted. This post-war domination by neo-Keynesian economics was broken during the 2769:

function, which is the demand function that corresponds to money supply. It specifies the amount of money people will seek to hold according to the state of the economy. In Keynes's first (and simplest) account – that of Chapter 13 – liquidity preference is determined solely by the

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that holds that both neo-Keynesian economics and New Keynesian economics are incorrect, and a misinterpretation of Keynes's ideas. The post-Keynesian school encompasses a variety of perspectives, but has been far less influential than the other more mainstream Keynesian schools.

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refused to "abandon any industry which is unable, for the moment, to survive". He also criticized the static dimension of the theory of comparative advantage, which, in his view, by fixing comparative advantages definitively, led in practice to a waste of national resources.

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or may be "voluntary", in the sense that it arises from a refusal to accept employment owing to "legislation or social practices ... or mere human obstinacy", but "...the classical postulates do not admit of the possibility of the third category," which Keynes defines as

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when – in the opinion of Keynes and others – international lending, primarily by the U.S., exceeded the capacity of sound investment and so got diverted into non-productive and speculative uses, which in turn invited default and a sudden stop to the process of lending.

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The incentive to invest arises from the interplay between the physical circumstances of production and psychological anticipations of future profitability; but once these things are given the incentive is independent of income and depends solely on the rate of interest

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The designation of the initial spending as "investment" and the employment-creating respending as "consumption" echoes Kahn faithfully, though he gives no reason why initial consumption or subsequent investment respending should not have exactly the same effects.

3782:, deeply convinced of the benefits of free trade. From the crisis of 1929 onwards, noting the commitment of the British authorities to defend the gold parity of the pound sterling and the rigidity of nominal wages, he gradually adhered to protectionist measures. 3105:... a confusion between the logical theory of the multiplier, which holds good continuously, without time-lag ... and the consequence of an expansion in the capital goods industries which take gradual effect, subject to a time-lag, and only after an interval ... 3793:

In January 1930, in the Economic Advisory Council, Keynes proposed the introduction of a system of protection to reduce imports. In the autumn of 1930, he proposed a uniform tariff of 10% on all imports and subsidies of the same rate for all exports. In the

4289:, wrote about these theories' implication for a liberal democratic order. He thought that if it is generally accepted that democratic politics is nothing more than a battleground for competing interest groups, then reality will come to resemble the model. 2691:, i.e., to durable goods. Hence saving encompasses hoarding (the accumulation of income as cash) and the purchase of durable goods. The existence of net hoarding, or of a demand to hoard, is not admitted by the simplified liquidity preference model of the 6615: 2335:

actions such as not investing savings in the goods and services produced by the economy, if taken collectively by a large proportion of individuals and firms, can lead to outcomes wherein the economy operates below its potential output and growth rate.

2170:. A number of the policies Keynes advocated to address the Great Depression (notably government deficit spending at times of low private investment or consumption), and many of the theoretical ideas he proposed (effective demand, the multiplier, the 6200:

rather than the grayer Keynesian policies. Thus, the vision that monetary and fiscal policy should be used as a balance wheel, which forms a key element in the textbook policy revolution, deserves to be called Lernerian rather than Keynesian."

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argued that a regime that by and large lets markets work, but in which the government is ready both to rein in excesses and fight slumps is inherently unstable, due to intellectual instability, political instability, and financial instability.

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argued, if advising government officials, politicians, voters, it's not for economists to play games with them. Keynes implicitly rejected this argument, in "soon or late it is ideas not vested interests which are dangerous for good or evil."

2979:", plotted as a separate curve. Aggregate demand must equal total income, so equilibrium income must be determined by the point where the aggregate demand curve crosses the 45° line. This is the same horizontal position as the intersection of 4122:

Interpretations of Keynes have emphasized his stress on the international coordination of Keynesian policies, the need for international economic institutions, and the ways in which economic forces could lead to war or could promote peace.

2508:... a war could support itself for an unlimited period if only money remained in the country ... For if money itself is "consumed", this simply means that it passes into someone else's possession, and this process may continue indefinitely. 3638:(NAIRU). In that case, crowding out is minimal. Further, private investment can be "crowded in": Fiscal stimulus raises the market for business output, raising cash flow and profitability, spurring business optimism. To Keynes, this 5838: 3120:... a retrograde step ... For when we look upon the Multiplier as an instantaneous functional relation ... we are merely using the word Multiplier to stand for an alternative way of looking at the marginal propensity to consume ..., 3756:

schools of thought in the 1980s, and particularly in the face of large sustained trade imbalances, these concerns – and particularly concerns about the destabilizing effects of large trade surpluses – have largely disappeared from

3733:, "If the economic relationships between nations are not, by one means or another, brought fairly close to balance, then there is no set of financial arrangements that can rescue the world from the impoverishing results of chaos." 2495:

A respending multiplier had been proposed earlier by Hawtrey in a 1928 Treasury memorandum ("with imports as the only leakage"), but the idea was discarded in his own subsequent writings. Soon afterwards the Australian economist

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The debate was largely resolved in the 1980s. Since then, economists have largely agreed that central banks should bear the primary responsibility for stabilizing the economy, and that monetary policy should largely follow the

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An increase in the money supply, according to Keynes's theory, leads to a drop in the interest rate and an increase in the amount of investment that can be undertaken profitably, bringing with it an increase in total income.

4000:, and the economic problems of the 1970s, Keynesian economics began to fall out of favour. During this time, many economies experienced high and rising unemployment, coupled with high and rising inflation, contradicting the 3663:

that is not provided by profit-seekers encourages the private sector's growth. That is, government spending on such things as basic research, public health, education, and infrastructure could help the long-term growth of

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But again, he does not get back to his implied recommendation to engage in public works, even if not fully justified from their direct benefits, when he constructs the theory. On the contrary he later advises us that ...

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As the 1929 election approached "Keynes was becoming a strong public advocate of capital development" as a public measure to alleviate unemployment. Winston Churchill, the Conservative Chancellor, took the opposite view:

4426:" in which "prices (of goods) rise higher and higher." Murray Rothbard wrote that Keynesian-style governmental regulation of money and credit created a "dismal monetary and banking situation," since it allows for the 2850:, while being absent from those he expresses in money terms. It is therefore difficult to see whether, and in what way, his results differ for a different wage rate, nor is it clear what he thought about the matter. 2703:

is one of Keynes's synonyms for "demand"). The levels of saving and investment are necessarily equal, and income is therefore held down to a level where the desire to save is no greater than the incentive to invest.

4346:. Lucas and others argued that Keynesian economics required remarkably foolish and short-sighted behaviour from people, which totally contradicted the economic understanding of their behaviour at a micro level. 6622: 5742: 3905: (on which free trade is based) which states that the trade deficit does not matter, since trade is mutually beneficial. This also explains his desire to replace the liberalization of international trade ( 3614:

economic analysis of fiscal policy. They admitted that fiscal stimulus could actuate production. But, to these schools, there was no reason to believe that this stimulation would outrun the side-effects that

7209: 2130:. In regards to employment, the condition referred to by Keynes as the "first postulate of classical economics" stated that the wage is equal to the marginal product, which is a direct application of the 3685:

the government controls a large fraction of the economy, as increased tax revenue may aid investment in state enterprises in downturns, and decreased state revenue and investment harm those enterprises.

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by issuing government bonds. This is called deficit spending. Two points are important to note at this point. First, deficits are not required for expansionary fiscal policy, and second, it is only

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hrough the schedule of the marginal efficiency of capital, shown as a blue curve in the lower graph. The red curves in the same diagram show what the propensities to save are for different incomes

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as one of the main determinants of the state of the real economy. The significance he attributed to it is one of the innovative features of his work, and was influential on the politically hostile

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to a version of static equilibrium with the formula IS–LM. Hicks has now repented and changed his name from J. R. to John, but it will take a long time for the effects of his teaching to wear off.

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It is the orthodox Treasury dogma, steadfastly held ... very little additional employment and no permanent additional employment can, in fact, be created by State borrowing and State expenditure.

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when demand is too low and inflation when demand is too high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between government and

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In agreement with the substance of the classical theory of the investment funds market, whose conclusion he considers the classics to have misinterpreted through circular reasoning (Chapter 14).

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argues that the legacy of Keynesian economics–the misdiagnosis of unemployment, the fear of saving, and the unjustified government intervention–affected the fundamental ideas of policy makers.

4080:. Today these ideas, regardless of provenance, are referred to in academia under the rubric of "Keynesian economics", due to Keynes's role in consolidating, elaborating, and popularizing them. 2799:

Money supply, saving and investment combine to determine the level of income as illustrated in the diagram, where the top graph shows money supply (on the vertical axis) against interest rate.

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argues that, "for not very good reasons", public opinion in the United States has associated Keynesianism with liberalism, and he states that such is incorrect. For example, both Presidents

4211:, however, has convinced many economists and governments of the need for fiscal interventions and highlighted the difficulty in stimulating economies through monetary policy alone during a 3901:

output of their trading partners. John Maynard Keynes believed that the products of surplus countries should be taxed to avoid trade imbalances. Thus he no longer believes in the theory of

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Influenced by Keynes, economic texts in the immediate post-war period put a significant emphasis on balance in trade. For example, the second edition of the popular introductory textbook,

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fought the 1929 General Election on a promise to "reduce levels of unemployment to normal within one year by utilising the stagnant labour force in vast schemes of national development".

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had been to split the economy into separate markets, each of whose equilibrium conditions could be stated as a single equation determining a single variable. The theoretical apparatus of

3748:, devoted the last three of its ten chapters to questions of foreign exchange management and in particular the 'problem of balance'. However, in more recent years, since the end of the 2468:... it is always within the power of the banking system to advance to the Government the cost of the roads without in any way affecting the flow of investment along the normal channels. 5186:, which she described as a "told-to-the-children" account (letter to Keynes included in his Collected Writings vol XXIX, p185), referring to a series of retellings of classic stories. 2304:, and this influenced the direction of his subsequent work. During 1933, he wrote essays on various economic topics "all of which are cast in terms of movement of output as a whole". 5834: 3832:

In the post-crisis situation of 1929, Keynes judged the assumptions of the free trade model unrealistic. He criticized, for example, the neoclassical assumption of wage adjustment.

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Paul Krugman has worked extensively on the liquidity trap, claiming that it was the problem confronting the Japanese economy around the turn of the millennium. In his later words:

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Post-Keynesian economists, on the other hand, reject the neoclassical synthesis and, in general, neoclassical economics applied to the macroeconomy. Post-Keynesian economics is a

3798:, published in the autumn of 1930, he took up the idea of tariffs or other trade restrictions with the aim of reducing the volume of imports and rebalancing the balance of trade. 6893: 3954:

In terms of policy, the twin tools of post-war Keynesian economics were fiscal policy and monetary policy. While these are credited to Keynes, others, such as economic historian

2383:

which tentatively claimed that, "Public works would lead to a second round of spending as the workers spent their wages." Two months later Keynes, then nearing completion of his

6912: 5590:

p. 124. See a discussion in the work by G. M. Ambrosi cited below, and also Mark Hayes's statement that "the 'sequence' multiplier of Old Keynesian economics cannot be found in

2431:'s account of 1937 and is the main channel by which the multiplier has influenced Keynesian theory. It differs significantly from Kahn's paper and even more from Keynes's book. 3014:) had been accepted by the classics, who had viewed it as the condition of equilibrium between supply and demand for investment funds and as determining the interest rate (see 4036:, a school that sought to unite the most realistic aspects of Keynesian and neo-classical assumptions and place them on more rigorous theoretical foundation than ever before. 2395:

and endorsed the claim that "greater trade activity would make for greater trade activity ... with a cumulative effect". This became the mechanism of the "ratio" published by

3840:

is not always possible. Generally speaking, for Keynes, the assumptions of full employment and automatic return to equilibrium discredit the theory of comparative advantage.

2903:... our final task might be to select those variables which can be deliberately controlled or managed by central authority in the kind of system in which we actually live ... 6873: 6814: 2894:

abundance. The Middle Ages built cathedrals and sang dirges. Two pyramids, two masses for the dead, are twice as good as one; but not so two railways from London to York.

7513:, vol. 51, no. 2, pp. 209–223. A valuable paper, in which Keynes restates many of his ideas in the light of criticisms. It has no agreed title and is also known as 6167: 5869: 5734: 2040:(1945–1973). It was developed in part to attempt to explain the Great Depression and to help economists understand future crises. It lost some influence following the 6853: 6582: 6228: 2135: 5455: 4453:(2023) that Keynes and Keynesian economics was unpopular in the United Kingdom and Australia in the 1940s. Many workers and trades unions, as well as figures in the 7213: 6255: 4430:

that have the exclusive ability to print money to be "unchecked and out of control." Rothbard went on to say in an interview that, "There is one good thing about

3581:

hand, if the government ran a surplus of 10% of GDP last year and 5% this year, that would be expansionary fiscal policy, despite never running a deficit at all.

3472: 2727:... the prevailing psychological law seems to be that when aggregate income increases, consumption expenditure will also increase but to a somewhat lesser extent. 3060:

As a consequence of the identity of saving with investment (Chapter 6) together with the equilibrium assumption that these quantities are equal to their demands.

2570:

was at the time the sole economics professor at Cambridge. He had a continuing interest in the subject of unemployment, having expressed the view in his popular

2492:

is equal to the original outlay, which in Kahn's words "should bring relief and consolation to those who are worried about the monetary sources" (p. 189).

3885:

centred on the issue of import restrictions. Keynes and Meade discussed the best choice between quota and tariff. In March 1944 Keynes began a discussion with

3824:, he envisaged the protection of farmers and certain sectors such as the automobile and iron and steel industries, considering them indispensable to Britain. 9336: 7036: 6325: 3599:, which provided a kick to the world economy, removed uncertainty, and forced the rebuilding of destroyed capital. Keynesian ideas became almost official in 6188:"What eventually became known as textbook Keynesian policies were in many ways Lerner's interpretations of Keynes's policies, especially those expounded in 4422:, another Austrian economist, describes a Keynesian system as believing it can solve most problems with "more money and credit" which leads to a system of " 7085: 5061: 2603: 2596: 2316: 2001: 9967: 7060: 2819:

corresponding to the equilibrium state of the economy must be the one for which the implied level of saving at the established interest rate is equal to

6549: 1773: 6727: 6459: 5891: 4040:

consequences kept in check by indexing and other methods, and its overall rate kept lower and steadier by such potential policies as Martin Weitzman's

10677: 10672: 4282:

argues that Keynesian politics–as distinct from Keynesian policies–has failed pretty much whenever it's been tried, at least in liberal democracies.

6943: 4305:

has argued that politics is the main motivator behind objections to the view that government should try to serve a stabilizing macroeconomic role.

3698: 3564:. This is how monetary policy that reduces interest rates is thought to stimulate economic activity, i.e., "grow the economy"—and why it is called 1858: 2637:

economy, his theory was also more general in the sense that it would be easier to adapt to "totalitarian states" than a free market policy would.

10771: 2391:

collaborated on a political pamphlet seeking to "provide academically respectable economic arguments" for Lloyd George's policies. It was titled

4782: 3483: 7667: 6021: 5931: 591: 6081: 4262:

criticized Keynesian economics on the grounds that governments would in practice be unlikely to implement theoretically optimal policies. The

4076:

writes that the post-Keynesian school has remained closest to the spirit of Keynes's work in following his monetary theory and rejecting the

2582:, Keynes asked rhetorically: "Why do they insist on maintaining theories from which their own practical conclusions cannot possibly follow?" 2878:

Keynes' name is associated with fiscal, rather than monetary, measures but they receive only passing (and often satirical) reference in the

4191:

economy to find its own equilibrium, and the degree of government intervention that would be appropriate. Keynesians emphasized the use of

3124:

which G. M. Ambrosi cites as an instance of "a Keynesian commentator who would have liked Keynes to have written something less 'retrograde

1023: 7502: 5811: 4591: 4561: 9299: 9255: 4650: 3659:, helping to finance the increase in fixed investment. Finally, government outlays need not always be wasteful: government investment in 9650: 7482: 6468: 3989:), and seemed, especially in the 1970s, to explain certain phenomena better. It was characterized by explicit and rigorous adherence to 2480:

with the building of roads, funds are released from various sources at precisely the rate that is required to pay the cost of the roads.

9876: 6890: 4029: 2500:

published a multiplier analysis in a 1930 lecture (again with imports as the only leakage). The idea itself was much older. Some Dutch

6909: 6834: 6134: 2084:

is the study of the factors applying to an economy as a whole. Important macroeconomic variables include the overall price level, the

9329: 6692: 3790:

introduction of tariffs can improve production and employment. Thus the reduction of the trade deficit favours the country's growth.

2574:(1913) that it was caused by "maladjustment between wage-rates and demand" – a view Keynes may have shared prior to the years of the 6757: 2936:

Keynes' view of saving and investment was his most important departure from the classical outlook. It can be illustrated using the "

7400: 7581: 6870: 6811: 3188:

If the economy is in a position such that the liquidity preference curve is almost vertical, as must happen as the lower limit on

2524:(same period), and the Dane Fr. Johannsen (1925/1927). Kahn himself said that the idea was given to him as a child by his father. 10631: 6385: 4749: 2403:

as "one of the great landmarks of economic analysis". The "ratio" was soon rechristened the "multiplier" at Keynes's suggestion.

5784: 4358:, which argues that business cycle fluctuations can to a large extent be accounted for by real (in contrast to nominal) shocks. 2960:) is the propensity to save: the sum of these two functions is equal to total income, which is shown by the broken line at 45°. 10940: 10636: 9459: 8001: 4491: 1392: 1168: 10682: 9930: 7612: 7476: 7454: 7429: 7394: 7369: 6524: 6450: 6295: 6157: 5861: 4866: 4709: 4625: 3697:

was much preoccupied with the question of balance in international trade. He was the leader of the British delegation to the

2443:... in connection with the multiplier (and indeed most of the time) what Keynes is referring to as "investment" really means 2089: 6219: 4872: 2217:, who were influential in the 1920s and 1930s. Underconsumptionists were, like Keynes after them, concerned with failure of 10945: 9768: 9322: 7715: 7210:"Interview with Murray Rothbard on Man, Economy, and State, Mises, and the Future of the Austrian School | Mises Institute" 6850: 3372: 2556:

first proposition goes much too far. The first proposition would ascribe to us an absolute and rigid dogma, would it not?"

2037: 1851: 6571: 2238: 10764: 8303: 8226: 6607: 4083:

In the postwar era, Keynesian analysis was combined with neoclassical economics to produce what is generally termed the "

3623:; Second, a government deficit increases the stock of government bonds, reducing their market price and encouraging high 2234: 6251: 3634:

The Keynesian response is that such fiscal policy is appropriate only when unemployment is persistently high, above the

3018:). But insofar as they had had a concept of aggregate demand, they had seen the demand for investment as being given by 2723:

The propensity to save behaves quite differently. Saving is simply that part of income not devoted to consumption, and:

10848: 9738: 6196:(1951). ... Textbook expositions of Keynesian policy naturally gravitated to the black and white 'Lernerian' policy of 2065: 1529: 1377: 7183: 10622: 7551: 7294: 7167: 7142: 7017: 6426: 6349: 4681: 3726: 3705:

of international currency management. He was the principal author of a proposal – the so-called Keynes Plan – for an

3519: 3501: 3443: 3421: 3386: 3283:

curve. In the same way we can write the equation of equilibrium between liquidity preference and the money supply as

3240:

as arguments. Less classically he extends this generalization to the schedule of the marginal efficiency of capital.

2451:

Kahn envisaged money as being passed from hand to hand, creating employment at each step, until it came to rest in a

2061: 1909: 518: 4835: 3414: 10780: 10591: 10069: 9803: 7033: 4613: 3560:

in countries that have them is to influence this interest rate through a variety of mechanisms collectively called

2777:—which is seen as the earnings forgone by holding wealth in liquid form: hence liquidity preference can be written 2410:

of Kahn's paper is based on a respending mechanism familiar nowadays from textbooks. Samuelson puts it as follows:

1470: 1016: 9997: 6322: 3761:

discourse and Keynes' insights have slipped from view. They are receiving some attention again in the wake of the

7629: 7244: 4208: 3762: 2548: 1953:. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and 1844: 7116: 10757: 9869: 9474: 8737: 7648: 3074:

Keynes introduces his discussion of the multiplier in Chapter 10 with a reference to Kahn's earlier paper (see

2717: 7057: 6541: 4370:

The result of this shift in methodology produced several important divergences from Keynesian macroeconomics:

4367:

same foundations as microeconomic theory, profit-maximizing firms and rational, utility-maximizing consumers.

1960:

Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a

10881: 10221: 9793: 9588: 9499: 9437: 8707: 8697: 8390: 4482: 4382: 3947:, most western capitalist countries enjoyed low, stable unemployment and modest inflation, an era called the 2731:

Keynes adds that "this psychological law was of the utmost importance in the development of my own thought".

2630: 2202: 2153: 1575: 1382: 782: 440: 10271: 9583: 8918: 6466:"What Did We Learn from the Financial Crisis <2008>, the Great Recession, and the Pathetic Recovery?," 6131:"John Maynard Keynes, "National Self-Sufficiency," the Yale Review, Vol. 22, no. 4 (June 1933), pp. 755–769" 2886:, but this is before he develops the relevant theory, and he does not follow up when he gets to the theory. 2248:

during the 1930s; these accomplishments were described in a 1937 article, published in response to the 1936

1980:

actions taken by the central bank, can help stabilize economic output, inflation, and unemployment over the

10935: 10930: 10833: 10816: 10641: 10099: 9743: 9696: 9364: 8857: 8830: 8191: 8164: 4389: 4319: 4162: 4140: 4104: 3982: 3706: 3170: 2579: 2293: 2245: 2157: 1514: 1502: 832: 822: 17: 6111: 2504:

had believed in an infinite multiplier for military expenditure (assuming no import "leakage"), since ...

9896: 9798: 9713: 9686: 9573: 9504: 9427: 9345: 9284: 9265: 8842: 8687: 8653: 8638: 8617: 8612: 7971: 5406:"The General Theory for a totalitarian state? a note on Keynes's preface to the German edition of 1936". 5090:

He had been working on the book since 1923, and finally signed the preface on 14 September 1930. Dimand,

5058: 4702:

The Keynesian Revolution and Its Critics: Issues of Theory and Policy for the Monetary Production Economy

4375: 4136: 4053: 3572:

imbalance. If desired spending exceeds revenue, the government finances the difference by borrowing from

3314:

If we follow Keynes's initial account under which liquidity preference depends only on the interest rate

2688: 2014: 1404: 1234: 1158: 1086: 1009: 528: 465: 398: 376: 2221:

to attain potential output, calling this "underconsumption" (focusing on the demand side), rather than "

10950: 10843: 10826: 9718: 9706: 9259: 8835: 8525: 8515: 7916: 6616:"Consensus, Dissensus and Economic Ideas: The Rise and Fall of Keynesianism During the Economic Crisis" 4355: 4108: 4099:

of the 1970s. There was a lack of consensus among macroeconomists in the 1980s, and during this period

4069: 4025: 3182: 2264: 2206: 2053: 1524: 1507: 1387: 837: 353: 2644:, and as many people are employed as are willing to work at that rate. Unemployment may arise through 10656: 9862: 8405: 7961: 7881: 7843: 7838: 4774: 3975: 2882:. He mentions "increased public works" as an example of something that brings employment through the 2641: 1409: 611: 298: 6017: 5923: 3212:

increase the money supply simply added to already ample bank reserves and public holdings of cash...

2907:

and this appears to look forward to a future publication rather than to a subsequent chapter of the

2100: 10891: 10237: 10054: 10032: 9723: 9640: 9578: 9359: 9289: 9235: 8978: 8933: 8772: 8643: 8520: 8074: 7921: 7868: 7708: 7440: 6059: 5224:, p. 114. Kahn's presentation is more complicated owing to the inclusion of dole and other factors. 4065: 3948: 3930: 3803: 3616: 3408: 3378: 2846:

appears separately in his discussion. It is present implicitly in those quantities he expresses in

2807:

through the liquidity preference function. The rate of interest determines the level of investment

2660: 2651: 2396: 2226: 2123: 1598: 1563: 1399: 885: 581: 428: 267: 241: 163: 108: 8993: 3584:

But – contrary to some critical characterizations of it – Keynesianism does not consist solely of

3476:

that states a Knowledge editor's personal feelings or presents an original argument about a topic.

2625:

with a summary of the classical theory of employment, which he encapsulates in his formulation of

2472:

This assumes that banks are free to create resources to answer any demand. But Kahn adds that ...

10896: 10804: 10799: 10651: 10126: 9828: 9748: 9645: 9635: 9623: 9613: 9386: 8943: 8777: 8767: 8757: 8747: 8485: 8475: 8435: 8425: 8298: 8219: 8084: 8016: 6688: 5511: 4347: 4100: 4088: 4061: 4057: 4033: 4018: 3926: 3922: 3910: 3820: 3674: 3660: 3544:

was to stimulate the country ("incentive to invest") through some combination of two approaches:

3532: 3165:

is a phenomenon that may impede the effectiveness of monetary policies in reducing unemployment.

3131:

The value Keynes assigns to his multiplier is the reciprocal of the marginal propensity to save:

2684: 2645: 2179: 2049: 1568: 1490: 1485: 1457: 1040: 777: 423: 418: 408: 103: 4804:

Nash, Robert T.; Gramm, William P. (1969). "A Neglected Early Statement the Paradox of Thrift".

4024:

However, by the late 1980s, certain failures of the new classical models, both theoretical (see

10874: 9628: 9598: 9566: 9509: 9419: 9113: 8958: 8818: 8761: 8717: 8680: 8430: 8370: 8345: 8315: 8288: 7896: 7750: 7499: 7009: 5807: 4583: 4553: 4458: 4339: 4084: 3611: 3425: 2272:. In particular, looking at the hyperinflation in European economies, he drew attention to the 2210: 2021: 1800: 1551: 1367: 1362: 1347: 1314: 1173: 930: 807: 601: 460: 391: 278: 236: 6465: 5207:"International difficulties arising out of the financing of public works during depressions," 4642: 4195:, while monetarists argued the primacy of monetary policy, and that it should be rules-based. 3619:" private investment: first, it would increase the demand for labour and raise wages, hurting 10838: 10821: 10571: 10146: 10084: 9955: 9910: 9753: 9701: 9676: 9484: 9464: 9245: 8928: 8903: 8888: 8862: 8801: 8480: 8420: 8400: 8395: 7466: 6287: 6281: 4852: 4403: 4396: 4343: 4014: 3902: 3592: 3479: 2601:

Keynes set forward the ideas that became the basis for Keynesian economics in his main work,

2358: 2229:. Keynes specifically discussed underconsumption (which he wrote "under-consumption") in the 2045: 1640: 1615: 1519: 1452: 1178: 1141: 1119: 1114: 910: 895: 817: 797: 752: 649: 508: 498: 470: 343: 333: 261: 10211: 7602: 256: 10646: 10331: 10201: 10037: 10027: 9972: 9905: 9838: 9818: 9758: 9593: 9541: 9294: 8998: 8742: 8712: 8665: 8628: 8554: 8505: 8470: 8410: 8375: 8310: 8293: 7986: 6966: 6831: 6130: 4584:"What Is Keynesian Economics? – Back to Basics – Finance & Development, September 2014" 4454: 4253: 4233:

Some Marxist economists criticized Keynesian economics. For example, in his 1946 appraisal

4192: 4092: 3758: 3749: 3702: 3279:) coordinates and draw a line connecting those points satisfying the equation: this is the 2765: 2512:

Multiplier doctrines had subsequently been expressed in more theoretical terms by the Dane

2276:

of holding money (identified with inflation rather than interest) and its influence on the

2194: 2057: 1558: 1372: 1217: 960: 915: 890: 857: 561: 556: 493: 488: 246: 83: 10291: 8243: 7680: 7643: 6754: 6678: 4041: 3909:) with a regulatory system aimed at eliminating trade imbalances in his proposals for the 3204:. As Hicks put it, "Monetary means will not force down the rate of interest any further." 2268:, whose point of view is classical but incorporates ideas that later played a part in the 8: 10296: 9977: 9823: 9551: 9521: 9447: 9442: 9409: 9224: 9033: 8852: 8732: 8692: 8648: 8633: 8589: 8530: 8455: 8445: 8415: 8338: 7740: 7701: 5031:

A Treatise on Political Economy; or the Production Distribution and Consumption of Wealth

4263: 4115: 4077: 3893:. On this occasion, we see that he has definitely taken a protectionist stance after the 3786: 3694: 3607: 2560:

support for Kahn's multiplier in a series of articles titled "The road to prosperity" in

2552: 2348: 2285: 2166:, it was part of a long-running debate within economics over the existence and nature of 2096: 2010: 1989: 1922: 1768: 1645: 1442: 1183: 1146: 674: 596: 551: 546: 403: 303: 113: 78: 36: 10366: 8893: 8325: 7384: 6970: 3877:

reasonably and conveniently possible, and, above all, let finance be primarily national.

3200:

or, unless there is compensating steepness in the other curves, to the resulting income

1605: 10715: 10704: 10501: 10496: 10481: 10461: 10136: 10022: 9987: 9603: 9546: 9279: 9250: 9208: 9013: 8722: 8702: 8670: 8584: 8579: 8559: 8510: 8450: 8440: 8385: 8380: 8212: 8054: 7891: 7828: 7595: 7444: 7341: 7271: 7108: 7002: 6982: 6937: 6223: 6197: 5415: 3963: 3639: 2567: 2521: 2476:... no such hypothesis is really necessary. For it will be demonstrated later on that, 2376: 2372: 2013:

that preceded his book. Interpreting Keynes's work is a contentious topic, and several

1965: 1942: 1720: 1447: 1414: 1352: 920: 880: 757: 606: 571: 358: 318: 273: 193: 148: 128: 10416: 7358: 6362: 6006:

although see Duncan, R (2005). "The Dollar Crisis: Causes, Consequences, Cures", Wiley

4726: 2971:) is the schedule of the marginal efficiency of capital whose value is independent of 10903: 10886: 10576: 10431: 10216: 10206: 9982: 9920: 9915: 9813: 9733: 9671: 9664: 9494: 9143: 9118: 9028: 8908: 8796: 8599: 8535: 8500: 8490: 8360: 8139: 8089: 8034: 7991: 7911: 7818: 7768: 7662: 7608: 7547: 7472: 7450: 7425: 7390: 7365: 7290: 7236: 7163: 7138: 7013: 6957:

Keynes, John Maynard (1936). "The General Theory of Employment, Interest And Money".

6520: 6446: 6422: 6345: 6291: 5780: 5419: 4862: 4705: 4677: 4621: 4511: 4259: 4224: 3940: 3015: 2407: 2277: 2214: 2171: 2127: 2025: 1984:. Keynesian economists generally advocate a regulated market economy – predominantly 1795: 1783: 1740: 1585: 1580: 1304: 1229: 985: 852: 719: 709: 654: 576: 450: 435: 313: 283: 213: 203: 138: 9068: 7931: 7112: 6105: 6103: 6101: 6099: 4249: 2415:

have extra incomes... they in turn will spend $ 444.44 ... Thus an endless chain of

1655: 10749: 10738: 10728: 10606: 10561: 10551: 10541: 10516: 10396: 10351: 10316: 10286: 10281: 10251: 10156: 10049: 9950: 9886: 9681: 9193: 9138: 9123: 9108: 9093: 9023: 9003: 8983: 8938: 8545: 8495: 8465: 8460: 8350: 8276: 8154: 8109: 8079: 7981: 7100: 6986: 6974: 6414: 6377: 6071: 5411: 4813: 4741: 4531: 4419: 4351: 4270: 4204: 4168: 4073: 3990: 3944: 3894: 3737: 3678: 3666: 3655:

Second, as the stimulus occurs, gross domestic product rises—raising the amount of

3628: 3600: 3585: 3541: 3113: 2976: 2633:". He also wrote that although his theory was explained in terms of an Anglo-Saxon 2608: 2497: 2388: 2344: 2340: 2273: 2218: 2190: 2163: 2149: 2029: 2006: 1996: 1950: 1934: 1877: 1730: 1715: 1241: 1212: 1200: 1190: 1126: 1106: 1076: 1071: 787: 762: 714: 694: 639: 616: 566: 445: 348: 338: 328: 293: 183: 133: 123: 118: 10391: 9073: 5694:

P. R. Krugman, "It's baaack: Japan's slump and the return of the liquidity trap,"

4172:

divided over whether they conceived the essence of Keynes's theory before he did.

2399:

in his 1931 paper "The relation of home investment to unemployment", described by

10864: 10733: 10506: 10386: 10326: 10266: 10161: 10151: 10094: 10012: 9940: 9843: 9763: 9608: 9556: 9514: 9432: 9304: 9198: 9163: 9128: 9063: 8988: 8973: 8867: 8823: 8660: 8594: 8569: 8564: 8540: 8271: 8256: 8149: 8144: 8134: 8064: 8049: 8044: 8006: 7996: 7926: 7906: 7778: 7671: 7585: 7539: 7536:; Vols XIII and XIV contain writings on its preparation, defence and development. 7506: 7284: 7064: 7040: 6916: 6897: 6877: 6857: 6838: 6818: 6761: 6734: 6472: 6329: 6162: 6096: 5065: 4856: 4831: 4415: 4274: 4244: 3997: 3779: 3649: 3644: 3244: 3027: 2937: 2517: 2301: 2175: 2116: 2112: 2108: 2041: 1977: 1832: 1735: 1695: 1675: 1541: 1342: 1337: 1332: 1299: 1271: 1131: 997: 842: 747: 704: 684: 679: 669: 664: 586: 381: 10421: 7544:

John Maynard Keynes and International Relations: Economic Paths to War and Peace

6443:

John Maynard Keynes and International Relations: Economic Paths to War and Peace

3311:

of interest rate are then given by the point of intersection of the two curves.

2439:, who considered Keynes as much a culprit as Kahn and Samuelson, wrote that ... 10566: 10521: 10511: 10491: 10451: 10406: 10371: 10261: 10256: 10246: 10141: 10114: 9218: 9203: 9168: 9153: 9133: 9103: 8923: 8574: 8283: 8251: 8159: 8124: 8024: 7951: 7876: 7848: 7823: 7803: 7763: 7758: 7658: 7081: 6683: 4521: 4462: 4446: 4443: 4363: 4331: 4325: 4212: 4001: 3959: 3955: 3886: 3620: 3573: 3162: 2941: 2332: 2222: 2198: 2162:

Although Keynes's work was crystallized and given impetus by the advent of the

2081: 1985: 1981: 1961: 1930: 1926: 1790: 1705: 1700: 1357: 1207: 1163: 1081: 1056: 1048: 950: 935: 905: 827: 323: 168: 158: 88: 73: 68: 10466: 10436: 10336: 9314: 8953: 5997:

See for example, Krugman, P and Wells, R (2006). "Economics", Worth Publishers

2447:... The word "investment" is being used in a Pickwickian, or Keynesian, sense. 1625: 689: 10924: 10611: 10601: 10596: 10581: 10476: 10411: 10376: 10356: 10346: 10183: 10104: 10089: 9773: 9728: 9691: 9479: 9369: 9183: 9173: 9148: 9088: 9083: 9078: 9058: 9048: 9018: 9008: 8913: 8813: 8786: 8550: 8114: 7976: 7813: 7793: 7773: 7380: 6053: 6051: 5423: 4817: 4526: 4506: 4335: 4279: 4228: 3986: 3971: 3852: 3730: 3624: 3325: 3271:), expresses the principle of effective demand. We may construct a graph on ( 3091: 2544: 2436: 2428: 2324: 2297: 2085: 1973: 1725: 1710: 1685: 1670: 1665: 1660: 1635: 1630: 1294: 1256: 1153: 940: 812: 772: 644: 308: 208: 188: 8069: 7575: 6418: 6049: 6047: 6045: 6043: 6041: 6039: 6037: 6035: 6033: 6031: 3332:... modern teaching has been confused by J. R. Hicks' attempt to reduce the 2244:

Numerous concepts were developed earlier and independently of Keynes by the

2174:), had been advanced by authors in the 19th and early 20th centuries. (E.g. 1988:, but with an active role for government intervention during recessions and 10586: 10556: 10456: 10446: 10401: 10381: 10321: 10311: 10276: 10079: 9962: 9454: 9399: 9213: 9158: 9053: 9043: 9038: 8963: 8808: 8333: 8261: 8169: 8119: 8094: 8039: 8029: 7956: 7901: 7853: 7833: 7783: 7353: 7262:

Colander, David (December 1984). "Was Keynes a Keynesian or a Lernerian?".

7239:

Keynes From Below: A Social History of Second World War Keynesian Economics

7187: 6611: 6277: 4894: 4451:

Keynes from Below: A Social History of Second World War Keynesian Economics

4427: 4306: 4290: 4286: 4132: 3936: 3596: 3557: 3083: 2753: 2663:

protects the classical school from the conclusion Keynes expected from it.

2626: 2513: 2501: 2400: 2353: 2320: 2167: 2104: 2088:, the level of employment, and income (or equivalently output) measured in 2033: 1969: 1820: 1745: 1690: 1650: 1437: 1309: 1276: 1266: 1224: 1101: 1096: 862: 802: 729: 513: 288: 198: 7436:

Contains "Mr Keynes and the classics" and other essays relating to Keynes.

4056:

that trace their legacy to Keynes currently exist, the notable ones being

3057:, which asserts that aggregate demand must equal total income (Chapter 3). 10536: 10531: 10486: 10471: 10441: 10426: 10361: 10341: 10306: 10173: 10168: 10074: 9489: 9404: 9188: 9178: 8968: 8847: 8791: 8266: 8129: 8104: 8099: 7966: 7946: 7886: 7858: 7808: 6778:

Feldstein, Martin (Summer 1981). "The retreat from Keynesian economics".

6750: 6028: 5668:

D. H. Robertson, "Some Notes on Mr. Keynes' General Theory of Interest",

5510:

The interest rate is monetary, and represents the combined effect of the

4516: 4501: 4350:

introduced a set of macroeconomic theories that were based on optimizing

4302: 4295: 4234: 4200: 4096: 4005: 3882: 2485: 2131: 1949:. In the Keynesian view, aggregate demand does not necessarily equal the 1750: 1261: 1246: 945: 847: 767: 523: 218: 173: 143: 98: 6381: 4897:(1937). "Some Notes on the Stockholm Theory of Savings and Investment". 4745: 3030:

but adds that "the doctrine is never stated to-day in this crude form".

2140:). Keynes sought to supplant all three aspects of the classical theory. 10869: 10811: 10546: 10301: 10131: 10064: 10059: 9659: 9561: 9394: 9098: 8898: 8675: 7941: 7936: 7798: 7788: 7578: 7417: 7345: 7275: 7104: 4496: 4187: 4181: 4010: 3993:, as well as use of increasingly sophisticated mathematical modelling. 3906: 3753: 3719:"National Self-Sufficiency" The Yale Review, Vol. 22, no. 4 (June 1933) 3178: 2828: 2757: 1680: 1610: 1546: 1497: 925: 634: 455: 386: 44: 8188: 3958:, argue that they are, rather, due to the interpretation of Keynes by 3827: 3153: 2944:. The horizontal axis denotes total income and the purple curve shows 10710: 10698: 10526: 10226: 10119: 10109: 10044: 10017: 9808: 8948: 8878: 8235: 8059: 6978: 6076: 5399: 4431: 4423: 2847: 2262:

In 1923, Keynes published his first contribution to economic theory,

1954: 1946: 1778: 1620: 1251: 1136: 1091: 965: 955: 900: 724: 659: 503: 251: 58: 6646: 6621:. The Center for the Study of Development Strategies. Archived from 4704:. Palgrave MacMillan. pp. xix–xxi, 88, 189–91, 234–38, 256–61. 3966:, and should instead be called "Lernerian" rather than "Keynesian". 3247:

uses two equations to express Keynes' model. The first, now written

9925: 9854: 9833: 9469: 8727: 7532:

Edited by Sir Austin Robinson and Donald Moggridge. Vol VII is the

7530:. London and Basingstoke: Macmillan for the Royal Economic Society. 3185:" who recognised the significance of a slightly different concept. 2771: 2115:

provided a unified mathematical basis for this approach, which the

792: 699: 153: 63: 6728:

James M. Buchanan, Economic Scholar and Nobel Laureate, Dies at 93

6283:

Hard Heads, Soft Hearts: Tough Minded Economics for a Just Society

3631:. Thus, efforts to stimulate the economy would be self-defeating. 3303:

curve – connecting points that satisfy it. The equilibrium values

3049:) is accepted by Keynes for some or all of the following reasons: 2785:) and in equilibrium must equal the externally fixed money supply 10178: 9945: 4334:

of Keynesian economics. This called for greater consistency with

3778:

At the beginning of his career, Keynes was an economist close to

2186:

of these, which proved acceptable to the economic establishment.

1938: 980: 93: 6930:

Modern Macroeconomics: Its Origin, Development and Current State

6342:

Modern Macroeconomics: Its Origin, Development and Current State

5924:"601 David Singh Grewal, What Keynes warned about globalization" 2488:) asserting that the total amount of money that disappears into 1964:

often experiences inefficient macroeconomic outcomes, including

6321:

Financial markets, money and the real world, by Paul Davidson,

4476: 3656: 3606:

The Keynesian advocacy of deficit spending contrasted with the

3196:

makes almost no difference to the equilibrium rate of interest

2687:, and consumption is that part of expenditure not allocated to 2680: 2640:

Under the classical theory, the wage rate is determined by the

1827: 992: 7332:

Gordon, Robert J. (1990). "What Is New-Keynesian Economics?".

6606: 6363:"Convergence in Macroeconomics: Elements of the New Synthesis" 4727:"Convergence in Macroeconomics: Elements of the New Synthesis" 3232:

direction by generalizing the propensity to save to take both

2928: 7693: 5681:"Mr. Keynes and the 'Classics'; A Suggested Interpretation", 3721:, he already highlighted the problems created by free trade. 3635: 3223: 2741: 1419: 1195: 178: 8204: 7162:. Foundation for Economic Education. pp. 305–306, 314. 6574:

Monetary Policy, Output Composition and the Great Moderation

6125: 6123: 5174:, 1948 and many subsequent editions. 16th edition consulted. 3773: 7685: 4676:. New York, New York: Oxford University Press. p. 80. 4374:

Independence of consumption and current income (life-cycle

4278:

primarily because of their link to his political approach.

3473:

personal reflection, personal essay, or argumentative essay

2122:

For macroeconomics, relevant partial theories included the

1898: 1895: 1886: 5972:. Second Edition. Thomas Nelson and Sons. pp. 368–72. 5768:. Second Edition. Thomas Nelson and Sons. pp. 326–29. 5596:

The Economics of Keynes: A New Guide to The General Theory

5344:, p. 96, quoting a study by Susan Howson and Donald Winch. 3536:

Typical intervention strategies under different conditions

2484:

The demonstration relies on "Mr Meade's relation" (due to

6715:

Democracy in Deficit: The Political Legacy of Lord Keynes

6519:(5th ed.). Pearson Addison Wesley. pp. 543–57. 6120: 4402:

Irrelevance of taxes and budget deficits to consumption (

3116:

regarded Keynes' move away from Kahn's multiplier as ...

2225:" (which would focus on the supply side), and advocating 3768: 3551:

Government investment in infrastructure (fiscal policy).

2134:

principles developed during the nineteenth century (see

6340:

Chapter 1. Snowdon, Brian and Vane, Howard R., (2005).

4330:

Another influential school of thought was based on the

3985:

movement arose, critical of Keynesian assumptions (see

2379:

launched his campaign in March with a policy document,

6891:

Yes, a lot of people have a very odd view of the 1970s

6220:"Nixon's Economic Policies Return to Haunt the G.O.P." 5957:. Second Edition. Thomas Nelson and Sons. p. 336. 4612: 4395:

The inability of monetary policy to stabilize output (

7563:

Not easily obtainable. Vol 3 contains reviews of the

6060:"J.M. Keynes, le libre-échange et le protectionnisme" 4388:

Long run independence of inflation and unemployment (

4354:

behaviour. These models have been developed into the

2189:

An intellectual precursor of Keynesian economics was

1999:

from the ideas presented by Keynes in his 1936 book,

1910: 1901: 1892: 1889: 1883: 10779: 7468:

The General Theory of Employment, Interest and Money

6649:

A History of Marxian Economics, Volume II: 1929–1990

4695: 4693: 4472: 4242:

role of the capitalist state, which he treated as a

4147: 3548:

A reduction in interest rates (monetary policy), and

2604:

The General Theory of Employment, Interest and Money

2597:

The General Theory of Employment, Interest and Money

2347:

and services did not meet supply was referred to by

2307: 2024:, served as the standard macroeconomic model in the 2002:

The General Theory of Employment, Interest and Money

7604:

Monetarist, Keynesian & New classical economics

6113:

Les fondements non neoclassiques du protectionnisme

5046:

On The Principles of Political Economy and Taxation

3828:

The critique of the theory of comparative advantage

3627:, making it more expensive for business to finance 3603:Europe after the war and in the U.S. in the 1960s. 1995:Keynesian economics developed during and after the 1880: 7461:Lectures and discussion from a colloquium in 1978. 7357: 7228: 7137:. Foundation for Economic Education. p. 126. 7058:"The Instability of Moderation" (26 November 2010) 7001: 6409:Lavoie, Marc (2006), "Post-Keynesian Heterodoxy", 5982: 5967: 5952: 5763: 5318:, p. 79, quoting from Keynes's collected writings. 4144:neither conservative nor liberal, you should be." 3713:global bank that would issue its own currency—the 4690: 4465:where there was bloodshed for crucial resources. 3889:after the latter had written an article entitled 3736:These ideas were informed by events prior to the 3192:is approached, then a change in the money supply 2614: 2551:, a Second Secretary in the Treasury, before the 2182:.) Keynes's unique contribution was to provide a 10922: 7157: 7076: 7074: 7072: 7004:Public Choice Analysis in Historical Perspective 6793:Friedman, Milton (1997). "John Maynard Keynes". 6514: 4858:Business Cycles and Depressions: An Encyclopedia 4107:- a part of the current consensus, known as the 3881:Later, Keynes had a written correspondence with 3699:United Nations Monetary and Financial Conference 2914: 9344: 7318:Thorough and entertaining intellectual history. 6475:Alan Blinder (Princeton University), Nov. 2014. 6155: 5859: 5835:"Current Global Imbalances and the Keynes Plan" 4193:discretionary fiscal policy and monetary policy 4103:was developed, ultimately becoming- along with 3636:non-accelerating inflation rate of unemployment 2952:), the propensity to consume, whose complement 2712:. Keynes designates its value as a function of 2300:believed that his arguments implicitly assumed 2076: 2048:. Keynesian economics was later redeveloped as 2005:. Keynes' approach was a stark contrast to the 7471:. Basingstoke, Hampshire: Palgrave Macmillan. 4381:Irrelevance of current profits to investment ( 4126: 3673:In Keynes's theory, there must be significant 3343: 10765: 9870: 9330: 8220: 7709: 7528:The collected writings of John Maynard Keynes 7069: 6662:Sweezy, P. M. (1946). "John Maynard Keynes". 4620:. Upper Saddle River: Pearson Prentice Hall. 3843:In July 1933, he published an article in the 2143: 1852: 1017: 7132: 6942:: CS1 maint: multiple names: authors list ( 6851:"Living Without Discretionary Fiscal Policy" 6651:. Princeton Legacy library. pp. 91–108. 4237:—while admitting that there was much in the 4218: 3935:Keynes's ideas became widely accepted after 3642:meant that government and business could be 2889:Later in the same chapter he tells us that: 2853: 2364: 6515:Abel, Andrew; Ben Bernanke (2005). "14.3". 6502:The Stockholm School of Economics Revisited 6487:The Stockholm School of Economics Revisited 4342:, and in particular emphasized the idea of 3688: 3387:Learn how and when to remove these messages 3067: 2119:generalized to general equilibrium theory. 10772: 10758: 9877: 9863: 9337: 9323: 8227: 8213: 7716: 7702: 7158:Hazlitt, Henry; von Mises, Ludwig (1995). 7086:"The Missing Motivation in Macroeconomics" 6647:Michael Charles Howard, John Edward King. 4674:The World Transformed: 1945 to the present 3752:in 1971, with the increasing influence of 2792: 2667: 2255: 1859: 1845: 1024: 1010: 7576:https://doi.org/10.1007/BF02806371Society 7376:A thorough and thoughtful reader's guide. 7328:Study of the evolution of Keynes's ideas. 7282: 6777: 6713:James M. Buchanan and Richard E. Wagner, 6504:. Cambridge University Press. p. 18. 6370:American Economic Journal: Macroeconomics 6310: 6252:"Trash Talk and the Macroeconomic Divide" 6075: 5987:. Second Edition. Thomas Nelson and Sons. 5832: 5263:(1931, English tr. 1935), vol II, p. 202. 4830: 4803: 4734:American Economic Journal: Macroeconomics 4560:. The Concise Encyclopedia of Economics. 3774:The turning point of the Great Depression 3520:Learn how and when to remove this message 3502:Learn how and when to remove this message 3444:Learn how and when to remove this message 2763:Money supply comes into play through the 2745:Determination of income according to the 2666: 7413:A useful collection of critical reviews. 7261: 7234: 6792: 6539: 6489:. Cambridge University Press. p. 5. 6440: 6413:, Palgrave Macmillan UK, pp. 1–24, 6411:Introduction to Post-Keynesian Economics 6360: 6213: 6211: 6202: 5837:. Political Economy Research Institute. 5779:Staff, Investopedia (25 November 2003). 5523:Based on the one in Keynes’s Chapter 14. 5184:Introduction to the Theory of Employment 4724: 4699: 4203:– which many economists credit with the 3531: 3407:This section includes a list of general 3222: 3152: 3096:Introduction to the Theory of Employment 2927: 2740: 2735: 2673: 2527: 2455:(Hansen's term was "leakage"); the only 2445:any addition to spending for any purpose 10632:International Trade Union Confederation 7686:Articles related to Keynesian economics 7570:Stein, Herbert. "Tax cut in Camelot." 7559:John Maynard Keynes: critical responses 7379: 7324:The origins of the Keynesian revolution 7311: 7080: 6999: 6928:Snowdon, Brian, Howard R. Vane (2005). 6927: 6676: 6276: 6249: 5410:. Oxford University Press (OUP). 1980. 5331:, pp83f, quoting the Committee minutes. 5043: 4913:The origins of the Keynesian revolution 4850: 3916: 3540:Keynes argued that the solution to the 3348: 2734: 14: 10923: 10637:International Union of Socialist Youth 7556: 7525: 7464: 7352: 7331: 7321: 7314:Keynes, Pigou and Cambridge Keynesians 7008:. Cambridge University Press. p. 6956: 6679:"Political Aspects of Full Employment" 6661: 6499: 6484: 6408: 6109: 6057: 5648:Keynes, Pigou and Cambridge Keynesians 4797: 4653:from the original on 14 September 2017 4634: 3785:On 5 November 1929, when heard by the 3725:serious consequences. In the words of 2683:is that part of income not devoted to 2615: 2427:Samuelson's treatment closely follows 2339:Prior to Keynes, a situation in which 2066:renewed interest in Keynesian policies 1169:Measures of national income and output 10753: 9858: 9500:Marxian critique of political economy 9318: 8208: 7697: 7684: 7600: 7416: 7034:"The Retreat of Macroeconomic Policy" 6755:It's Time to Face the Fiscal Illusion 6445:. New York: Oxford University Press. 6391:from the original on 18 February 2021 6258:from the original on 5 September 2015 6217: 6208: 6024:from the original on 23 January 2009. 5805: 5778: 5696:Brookings papers on economic activity 4893: 4772: 4755:from the original on 18 February 2021 4564:from the original on 25 February 2021 4252:was generally enthusiastic about the 3769:Views on free trade and protectionism 3146: 2585: 2128:classical theory of the interest rate 2071: 9884: 7485:from the original on 7 November 2017 7446:The making of Keynes' General Theory 7439: 7133:Hazlitt, Henry; Hayek, F.A. (1995). 6588:from the original on 21 October 2012 6286:. New York: Perseus Books. pp. 5904:from the original on 9 December 2017 5841:from the original on 20 January 2021 5806:Staff, Investopedia (3 April 2010). 5722:The Making of Keynes' General Theory 4861:. Taylor & Francis. p. 22. 4785:from the original on 29 January 2012 4671: 4649:. Library of Economics and Liberty. 4594:from the original on 25 October 2015 3556:affordable. A principal function of 3455: 3393: 3352: 2922: 2860: 2803:determines the ruling interest rate 2126:determining the price level and the 2052:, becoming part of the contemporary 2020:Keynesian economics, as part of the 1976:actions taken by the government and 8304:Agent-based computational economics 6871:Democracy in Deficit: Hayek Edition 6812:"The Failure of Keynesian Politics" 6170:from the original on 30 August 2017 5872:from the original on 30 August 2017 5745:from the original on 8 October 2018 5735:"I Think Keynes Mistitled His Book" 5707:P. R. Krugman, Introduction to the 5552:Economics: an introductory analysis 5172:Economics: an introductory analysis 5028: 4775:"Economic Crisis Mounts in Germany" 4640: 4551: 4492:Keynes's theory of wages and prices 4156: 3693:In the last few years of his life, 2921: 2839: 2292:Keynes's younger colleagues of the 24: 7498:Keynes, John Maynard (Feb. 1937). 7422:Critical essays in monetary theory 7403:from the original on 28 March 2017 7386:The critics of Keynesian economics 7316:. Basingstoke: Palgrave Macmillan. 7304: 7160:The Critics of Keynesian Economics 7135:The Critics of Keynesian Economics 6910:The Significance of James Buchanan 6572:"Federal Reserve Bank of Chicago, 6540:Bernanke, Ben (20 February 2004). 5833:Costabile, Lilia (December 2007). 5554:1948 and many subsequent editions. 5416:10.1093/oxfordjournals.cje.a035449 4773:Staff, Spiegel (4 November 2008). 4410: 3413:it lacks sufficient corresponding 3216: 3147: 2871: 2607:(1936). It was written during the 2586: 2528: 2520:(late 1890s), the German/American 2315:At the time that Keynes wrote the 1951:productive capacity of the economy 25: 10962: 9931:Internationalist–defencist schism 7623: 7546:, Oxford University Press, 2006. 7286:Keynes: A Very Short Introduction 6695:from the original on 7 April 2012 6116:(Thesis). Université Bordeaux-IV. 5814:from the original on 23 June 2017 5068:, Liberal Democrat History Group. 4647:Concise Encyclopedia of Economics 4148:Other schools of economic thought 3976:I am now a Keynesian in economics 3368:This section has multiple issues. 2252:sharing the Swedish discoveries. 2068:by governments around the world. 10781:Schools of macroeconomic thought 9996: 9804:History of macroeconomic thought 9629:Neoclassical–Keynesian synthesis 8762:neoclassical–Keynesian synthesis 7592:The fiscal revolution in America 7515:The General Theory of Employment 7235:Coventry, C. J. (January 2023). 7202: 7176: 7151: 7126: 7050: 7026: 6993: 6950: 6921: 6902: 6883: 6863: 6843: 6824: 6805: 6786: 6771: 6744: 6720: 6707: 6670: 6655: 6640: 6600: 6564: 6552:from the original on 7 June 2011 6533: 6508: 6493: 6478: 6434: 6402: 6354: 6334: 6315: 6304: 6250:Krugman, Paul (10 August 2015). 6231:from the original on 12 May 2013 6137:from the original on 15 May 2011 5787:from the original on 2 July 2017 5196:The failure of the new economics 4875:from the original on 9 July 2017 4475: 4313: 4093:mainstream macroeconomic thought 3814:In 1932, in an article entitled 3460: 3398: 3357: 3101:Keynes states that there is ... 3075: 3016:the classical theory of interest 2838: 2543:Keynes pounced on a flaw in the 2417:secondary consumption respending 2365: 2256: 1921:, named after British economist 1876: 1826: 1814: 1055: 991: 979: 9968:Reformist–revolutionary dispute 7557:McCann, Charles R. Jr. (1998). 7245:Federation University Australia 6795:FRB Richmond Economic Quarterly 6270: 6243: 6182: 6149: 6084:from the original on 6 May 2021 6009: 6000: 5991: 5976: 5961: 5946: 5934:from the original on 1 May 2017 5916: 5884: 5853: 5826: 5799: 5772: 5757: 5727: 5714: 5701: 5688: 5675: 5662: 5653: 5640: 5628: 5619: 5610: 5601: 5584: 5575: 5566: 5557: 5544: 5535: 5526: 5517: 5504: 5491: 5482: 5473: 5461: 5448: 5439: 5430: 5386: 5373: 5360: 5347: 5334: 5321: 5308: 5295: 5279: 5266: 5253: 5240: 5227: 5214: 5201: 5189: 5177: 5164: 5151: 5139: 5126: 5110: 5097: 5084: 5071: 5052: 5037: 5022: 5019:in Keynes's Collected Writings. 5009: 4996: 4983: 4970: 4957: 4944: 4931: 4918: 4905: 4887: 4844: 4824: 4618:Economics: Principles in Action 4294:clear that Buchanan was wrong. 4248:, and some other points. While 3981:Beginning in the late 1960s, a 3807:, he wrote an article entitled 3376:or discuss these issues on the 3068: 2642:marginal productivity of labour 27:Group of macroeconomic theories 7723: 7511:Quarterly Journal of Economics 7465:Keynes, John Maynard (2007) . 7334:Journal of Economic Literature 7264:Journal of Economic Literature 7212:. 7 March 2024. Archived from 7186:. 7 March 2024. Archived from 6218:Lewis, Paul (15 August 1976). 6156:Joseph Stiglitz (5 May 2010). 5860:Joseph Stiglitz (5 May 2010). 5670:Quarterly Journal of Economics 5408:Cambridge Journal of Economics 5015:Editorial introduction to the 4766: 4718: 4665: 4616:; Sheffrin, Steven M. (2003). 4606: 4576: 4545: 4285:In response to this argument, 3299:and draw a second curve – the 3082:and is almost as prominent in 2718:marginal efficiency of capital 2616:Keynes and classical economics 2209:, and the American economists 1774:Publications in macroeconomics 13: 1: 10941:Eponymous economic ideologies 10222:Socialism of the 21st century 9794:Critique of political economy 8698:Critique of political economy 8234: 7526:Keynes, John Maynard (1973). 4853:"Attwood, Thomas (1783–1856)" 4538: 4483:Business and economics portal 4175: 3809:Proposal for a Tariff Revenue 3701:in 1944 that established the 3340:Hicks subsequently relapsed. 3055:principle of effective demand 2916:Keynesian models and concepts 2915: 2861: 2854: 2631:Supply creates its own demand 2178:raised the paradox of thrift 2154:Birmingham School (economics) 2062:financial crisis of 2007–2008 2028:during the later part of the 783:Critique of political economy 441:Critique of political economy 10822:Rational expectations theory 10642:Party of European Socialists 10100:Negative and positive rights 9702:Rational expectations theory 7659:Works by John Maynard Keynes 7649:Resources in other libraries 7497: 7312:Ambrosi, G. Michael (2003). 5498: 4806:History of Political Economy 4390:natural rate of unemployment 4320:New classical macroeconomics 4163:Stockholm school (economics) 4105:new classical macroeconomics 4032:) hastened the emergence of 3983:new classical macroeconomics 3707:International Clearing Union 2158:Stockholm school (economics) 2077:Pre-Keynesian macroeconomics 833:Periodizations of capitalism 7: 10946:Schools of economic thought 9799:History of economic thought 9346:Schools of economic thought 7668:"We are all Keynesians now" 7289:. Oxford University Press. 7283:Skidelsky, Robert (2010) . 6344:. Edward Elgar Publishing, 6194:The Economics of Employment 6158:"Reform the euro or bin it" 5983:Crowther, Geoffrey (1948). 5968:Crowther, Geoffrey (1948). 5953:Crowther, Geoffrey (1948). 5862:"Reform the euro or bin it" 5764:Crowther, Geoffrey (1948). 5033:. Kitchener: Batoche Books. 5029:Say, Jean-Baptiste (2001). 4855:. In Glasner, David (ed.). 4468: 4434:: he was not a Keynesian." 4376:permanent income hypothesis 4209:financial crisis of 2007–08 4131:In a 2014 paper, economist 4127:Keynesianism and liberalism 4054:schools of economic thought 3763:financial crisis of 2007–08 3344:Keynesian economic policies 3183:Mr. Keynes and the Classics 2872: 2674: 2095:The classical tradition of 2038:post-war economic expansion 2015:schools of economic thought 529:Simple commodity production 10: 10967: 10844:New neoclassical synthesis 10827:Real business-cycle theory 9719:New neoclassical synthesis 9707:Real business-cycle theory 8836:Real business-cycle theory 7326:. Aldershot: Edward Elgar. 7255: 6361:Woodford, Michael (2009), 4725:Woodford, Michael (2009), 4356:real business-cycle theory 4323: 4317: 4222: 4179: 4160: 4109:new neoclassical synthesis 4070:new neoclassical synthesis 4047: 4026:Real business cycle theory 3920: 3891:Quotas versus depreciation 3675:slack in the labour market 3591:Keynes's ideas influenced 2793: 2594: 2265:A Tract on Monetary Reform 2147: 2144:Precursors of Keynesianism 2097:partial equilibrium theory 2054:new neoclassical synthesis 1525:New neoclassical synthesis 1508:Real business-cycle theory 838:Perspectives on capitalism 10857: 10787: 10724: 10691: 10665: 10657:Young European Socialists 10620: 10235: 10192: 10005: 9994: 9894: 9786: 9530: 9418: 9385: 9378: 9352: 9276: 9234: 8876: 8610: 8359: 8324: 8242: 8178: 8015: 7867: 7749: 7733: 7691: 7644:Resources in your library 7601:Stein, Jerome L. (1982). 7364:. New York: McGraw Hill. 7063:15 September 2017 at the 6856:15 September 2017 at the 6441:Markwell, Donald (2006). 4700:Fletcher, Gordon (1989). 4672:Hunt, Michael H. (2004). 4437: 4383:Modigliani–Miller theorem 4219:Marxism and Public choice 4186:There was debate between 3870:National Self-Sufficiency 3857:National Self-Sufficiency 3849:National Self-Sufficiency 3816:The Pro- and Anti-Tariffs 3217: 2963:The horizontal blue line 2855:Remedies for unemployment 2832: 2381:We can cure unemployment, 2366:Origins of the multiplier 2193:theories associated with 2058:mainstream macroeconomics 2056:, that forms current-day 10849:Saltwater and freshwater 10055:Environmental protection 7670:– Historic article from 7184:"The Mystery of Banking" 7093:American Economic Review 6328:21 November 2015 at the 6190:The Economics of Control 4818:10.1215/00182702-1-2-395 4141:George W. Bush (2001–09) 4066:post-Keynesian economics 3949:Golden Age of Capitalism 3931:Post-Keynesian economics 3845:New Statesman and Nation 3804:New Statesman and Nation 3801:On 7 March 1931, in the 3689:Views on trade imbalance 3069:The Keynesian multiplier 3053:As a consequence of the 2716:as the "schedule of the 2661:quantity theory of money 2652:involuntary unemployment 2227:economic interventionism 2124:Quantity theory of money 2046:stagflation of the 1970s 1530:Saltwater and freshwater 109:Economic interventionism 10652:Socialist International 10127:Revolutionary socialism 9829:Post-autistic economics 8476:Industrial organization 8299:Computational economics 8085:Stephany Griffith-Jones 7322:Dimand, Robert (1988). 6876:11 October 2014 at the 6832:Public choice = Marxism 6689:The Political Quarterly 6419:10.1057/9780230626300_1 6018:"Clearing Up This Mess" 5044:Ricardo, David (1871). 4851:Glasner, David (1997). 4348:New classical economics 4137:Ronald Reagan (1981–89) 4101:New Keynesian economics 4089:neo-Keynesian economics 4062:New Keynesian economics 4058:neo-Keynesian economics 4034:New Keynesian economics 4030:the "Volcker recession" 4019:new classical economics 3927:New Keynesian economics 3923:Neo-Keynesian economics 3911:Bretton Woods Agreement 3428:more precise citations. 3173:in his comments on the 2794:Keynes's economic model 2516:(1896), the Australian 2419:is set in motion by my 2393:Can Lloyd George do it? 2278:velocity of circulation 2257:Keynes's early writings 2239:Chapter 23, Section VII 2050:New Keynesian economics 1937:(total spending in the 1458:International economics 1383:Overlapping generations 778:Criticism of capitalism 10875:Modern Monetary Theory 10212:Evolutionary socialism 9567:Modern Monetary Theory 8681:Modern monetary theory 8346:Experimental economics 8316:Pluralism in economics 8289:Mathematical economics 7897:John Kenneth Galbraith 7505:6 January 2020 at the 7039:2 October 2015 at the 7000:Peacock, Alan (1992). 6837:6 October 2014 at the 6760:2 October 2016 at the 6542:"The Great Moderation" 6471:30 August 2017 at the 6064:L'Actualité Économique 5808:"Trade Liberalization" 5161:General Theory, p. 95. 4459:Australian Labor Party 4340:rational choice theory 4085:neoclassical synthesis 4072:. Keynes's biographer 3879: 3866: 3537: 3482:by rewriting it in an 3338: 3228: 3214: 3158: 3122: 3107: 2933: 2932:Keynes–Samuelson cross 2905: 2896: 2749: 2729: 2668:Keynesian unemployment 2541: 2510: 2482: 2470: 2449: 2425: 2323:and in the writing of 2283:In 1930, he published 2235:Chapter 22, Section IV 2211:William Trufant Foster 2022:neoclassical synthesis 1941:) strongly influences 1801:Mathematical economics 1552:Modern monetary theory 1315:Universal basic income 808:Exploitation of labour 519:Primitive accumulation 10147:Social market economy 10085:Left-wing nationalism 9911:Frankfurt Declaration 9651:Keynes–Marx synthesis 7607:. Oxford: Blackwell. 7596:Online free to borrow 6817:16 April 2015 at the 6500:Jonung, Lars (1991). 6485:Jonung, Lars (1991). 5928:www.india-seminar.com 5059:1929 general election 4837:The Fallacy of Saving 4643:"Keynesian Economics" 4554:"Keynesian Economics" 4404:Ricardian equivalence 4397:rational expectations 4344:rational expectations 4028:) and empirical (see 4015:supply-side economics 3903:comparative advantage 3874: 3861: 3593:Franklin D. Roosevelt 3535: 3330: 3322:curve is horizontal. 3226: 3209: 3156: 3118: 3103: 2931: 2901: 2891: 2744: 2725: 2675:Saving and investment 2537: 2529:Public policy debates 2506: 2474: 2466: 2441: 2423:investment of $ 1000. 2412: 1641:Wesley Clair Mitchell 1616:Thomas Robert Malthus 1453:Development economics 986:Capitalism portal 798:Culture of capitalism 753:Capitalist propaganda 509:Industrial Revolution 499:Commercial Revolution 10647:Progressive Alliance 10202:Democratic socialism 9906:Age of Enlightenment 9839:World-systems theory 9819:Mainstream economics 9759:Technocracy movement 9739:Saltwater/freshwater 8555:Social choice theory 8311:Behavioral economics 8294:Complexity economics 7987:Pavlina R. Tcherneva 7584:17 July 2022 at the 7032:J. Bradford DeLong, 6726:Robert D. McFadden, 6192:(1944) and later in 6110:Maurin, Max (2013). 6058:Maurin, Max (2011). 6020:. 18 November 2008. 5497:Reply to Viner. See 5456:the 'General_Theory' 5134:The Economic Journal 5064:17 July 2022 at the 4455:British Labour Party 4254:Keynesian revolution 4004:'s prediction. This 3917:Postwar Keynesianism 3759:mainstream economics 3750:Bretton Woods system 3703:Bretton Woods system 3349:Active fiscal policy 3307:of total income and 2766:liquidity preference 2736:Liquidity preference 2349:classical economists 2060:. The advent of the 1378:Ramsey–Cass–Koopmans 1218:Liquidity preference 961:Right-libertarianism 891:Classical liberalism 858:Venture philanthropy 494:Capitalism and Islam 489:Age of Enlightenment 84:Capital accumulation 10936:John Maynard Keynes 10931:Keynesian economics 10502:Liebknecht (father) 9978:Revolutions of 1848 9824:Heterodox economics 9552:Capability approach 9428:American (National) 9410:School of Salamanca 8639:American (National) 8339:Economic statistics 8192:Keynesian economics 7741:John Maynard Keynes 7635:Keynesian economics 6971:1936Natur.137..761B 6915:4 July 2015 at the 6896:4 July 2015 at the 6780:The Public Interest 6733:15 May 2013 at the 6664:Science and Society 6382:10.1257/mac.1.1.267 5985:An Outline of Money 5970:An Outline of Money 5955:An Outline of Money 5866:www.theguardian.com 5766:An Outline of Money 5739:The Washington Post 5625:Chapter 18, p. 248. 5616:Chapter 14, p. 184. 5607:Chapter 18, p. 245. 4746:10.1257/mac.1.1.267 4264:implicit assumption 4078:neutrality of money 3787:Macmillan Committee 3746:An Outline of Money 3695:John Maynard Keynes 3652:in this situation. 2553:Macmillan Committee 2549:Sir Richard Hopkins 2333:microeconomic-level 2286:A Treatise on Money 2011:classical economics 1923:John Maynard Keynes 1872:Keynesian economics 1833:Business portal 1769:Macroeconomic model 1646:John Maynard Keynes 1443:Economic statistics 1388:General equilibrium 998:Business portal 114:Economic liberalism 104:Competitive markets 10716:Types of socialism 10705:The Internationale 10137:Social corporatism 9988:Welfare capitalism 9460:English historical 7892:James K. Galbraith 7829:Arthur Melvin Okun 7519:the 1937 QJE paper 7449:. Cambridge: CUP. 7105:10.1257/aer.97.1.5 7082:Akerlof, George A. 7047:, 25 November 2010 6546:federalreserve.gov 6224:The New York Times 6198:Functional Finance 5724:, pp. 160 and 248. 5592:The General Theory 5512:real interest rate 5287:The making of the 5159:The making of the 5118:The making of the 4832:Robertson, John M. 4614:O'Sullivan, Arthur 4091:, which dominated 3964:functional finance 3868:He also writes in 3640:accelerator effect 3538: 3484:encyclopedic style 3471:is written like a 3229: 3159: 3157:The liquidity trap 3148:The liquidity trap 2934: 2752:Keynes viewed the 2750: 2621:Keynes begins the 2547:. Cross-examining 2522:Nicholas Johannsen 2377:David Lloyd George 2310:The General Theory 2137:The General Theory 2072:Historical context 2017:claim his legacy. 1925:) are the various 1721:Edward C. Prescott 1448:Monetary economics 758:Capitalist realism 149:Goods and services 129:Fictitious capital 10951:Social liberalism 10918: 10917: 10912: 10911: 10904:Market monetarism 10747: 10746: 10217:Liberal socialism 10207:Ethical socialism 9983:Utopian socialism 9921:Godesberg Program 9916:French Revolution 9852: 9851: 9814:Political economy 9782: 9781: 9714:New institutional 9687:Neo-Schumpeterian 9495:Marxist economics 9475:German historical 9312: 9311: 8843:New institutional 8202: 8201: 8090:Nobuhiro Kiyotaki 8035:Olivier Blanchard 7992:Anthony Thirlwall 7819:Franco Modigliani 7769:James Duesenberry 7663:Project Gutenberg 7630:Library resources 7614:978-0-631-12908-0 7590:Stein, Herbert. 7574:(1969) 6: 38–44. 7478:978-0-230-00476-4 7456:978-0-521-25373-4 7431:978-0-19-828423-9 7396:978-1-57246-013-3 7371:978-0-07-026046-7 7360:A guide to Keynes 7122:on 3 August 2020. 7045:Project Syndicate 6628:on 25 August 2013 6526:978-0-321-22333-3 6452:978-0-19-829236-4 6297:978-0-201-14519-9 5635:Time in economics 5550:P. A. Samuelson, 5170:P. A. Samuelson, 4868:978-0-8240-0944-1 4711:978-0-312-45260-5 4641:Blinder, Alan S. 4627:978-0-13-063085-8 4552:Blinder, Alan S. 4512:Economic theories 4260:James M. Buchanan 4225:Marxian economics 3998:oil shock of 1973 3974:even proclaimed " 3962:in his theory of 3941:social liberalism 3796:Treatise on Money 3729:, then editor of 3727:Geoffrey Crowther 3601:social-democratic 3568:monetary policy. 3530: 3529: 3522: 3512: 3511: 3504: 3454: 3453: 3446: 3391: 3135: = 1 / 2862:Monetary remedies 2815:; and the income 2758:monetarist school 2385:Treatise on money 2215:Waddill Catchings 2203:Birmingham School 2172:paradox of thrift 2026:developed nations 1972:. In particular, 1869: 1868: 1796:Political economy 1751:N. Gregory Mankiw 1741:Thomas J. Sargent 1586:Market monetarism 1400:Endogenous growth 1230:National accounts 1034: 1033: 853:Spontaneous order 823:History of theory 466:New institutional 436:Market monetarism 371:Economic theories 204:Supply and demand 139:Free price system 16:(Redirected from 10958: 10774: 10767: 10760: 10751: 10750: 10739:Socialism portal 10729:Economics portal 10625: 10507:Liebknecht (son) 10272:Batlle y Ordóñez 10240: 10195: 10070:Internationalism 10050:Environmentalism 10000: 9899: 9889: 9887:Social democracy 9879: 9872: 9865: 9856: 9855: 9844:Economic systems 9383: 9382: 9365:Medieval Islamic 9339: 9332: 9325: 9316: 9315: 8516:Natural resource 8351:Economic history 8277:Mechanism design 8229: 8222: 8215: 8206: 8205: 8190: 8165:Michael Woodford 8155:Lawrence Summers 8110:Maurice Obstfeld 8080:Robert J. Gordon 8002:Sidney Weintraub 7982:G. L. S. Shackle 7718: 7711: 7704: 7695: 7694: 7682: 7681: 7618: 7562: 7540:Markwell, Donald 7531: 7522: 7500:"Reply to Viner" 7494: 7492: 7490: 7460: 7435: 7412: 7410: 7408: 7389:. Van Nostrand. 7375: 7363: 7349: 7327: 7317: 7300: 7279: 7270:(4): 1572–1575. 7249: 7248: 7232: 7226: 7225: 7223: 7221: 7206: 7200: 7199: 7197: 7195: 7180: 7174: 7173: 7155: 7149: 7148: 7130: 7124: 7123: 7121: 7115:. 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Shackle 3070: 2977:aggregate demand 2924: 2923:Aggregate demand 2917: 2874: 2863: 2856: 2841: 2827:leaving that to 2795: 2737: 2676: 2669: 2617: 2609:Great Depression 2591: 2580:Dennis Robertson 2530: 2498:Lyndhurst Giblin 2389:Hubert Henderson 2367: 2341:aggregate demand 2294:Cambridge Circus 2274:opportunity cost 2258: 2246:Stockholm school 2219:aggregate demand 2191:underconsumption 2164:Great Depression 2150:Underconsumption 2030:Great Depression 2007:aggregate supply 1997:Great Depression 1935:aggregate demand 1913: 1908: 1907: 1904: 1903: 1900: 1897: 1894: 1891: 1888: 1885: 1882: 1861: 1854: 1847: 1831: 1830: 1821:Money portal 1819: 1818: 1817: 1731:William Nordhaus 1716:Robert Lucas Jr. 1606:François Quesnay 1242:Nominal rigidity 1213:Demand for money 1191:Microfoundations 1127:Financial crisis 1107:Effective demand 1077:Aggregate supply 1072:Aggregate demand 1059: 1036: 1035: 1026: 1019: 1012: 996: 995: 984: 983: 788:Critique of work 763:Capitalist state 446:Critique of work 329:Regulated market 231:Economic systems 184:Private property 134:Financial market 124:Entrepreneurship 119:Economic surplus 32: 31: 21: 10966: 10965: 10961: 10960: 10959: 10957: 10956: 10955: 10921: 10920: 10919: 10914: 10913: 10908: 10853: 10783: 10778: 10748: 10743: 10734:Politics portal 10720: 10687: 10661: 10621: 10616: 10236: 10231: 10193: 10188: 10152:Socialist state 10095:Nationalization 10013:Civil liberties 10001: 9992: 9895: 9890: 9885: 9883: 9853: 9848: 9778: 9764:Thermoeconomics 9535:21st centuries) 9534: 9532: 9526: 9414: 9374: 9360:Ancient schools 9348: 9343: 9313: 9308: 9305:Business portal 9272: 9271: 9270: 9230: 8994:von Böhm-Bawerk 8882: 8881: 8872: 8644:Ancient thought 8622: 8621: 8615: 8606: 8605: 8604: 8355: 8320: 8272:Contract theory 8257:Decision theory 8238: 8233: 8203: 8198: 8197: 8196: 8195: 8194: 8187: 8174: 8150:Joseph Stiglitz 8145:Andrei Shleifer 8135:Julio Rotemberg 8065:Stanley Fischer 8050:Richard Clarida 8045:Guillermo Calvo 8011: 8007:L. Randall Wray 7997:William Vickrey 7972:Steven Pressman 7927:Nicholas Kaldor 7907:Myron J. Gordon 7869:Post-Keynesians 7863: 7779:Trygve Haavelmo 7745: 7729: 7722: 7687: 7655: 7654: 7653: 7638: 7637: 7633: 7626: 7621: 7615: 7586:Wayback Machine 7507:Wayback Machine 7488: 7486: 7479: 7457: 7432: 7424:. 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Ambrosi, 5645: 5641: 5633: 5629: 5624: 5620: 5615: 5611: 5606: 5602: 5589: 5585: 5580: 5576: 5571: 5567: 5562: 5558: 5549: 5545: 5540: 5536: 5531: 5527: 5522: 5518: 5509: 5505: 5496: 5492: 5487: 5483: 5478: 5474: 5466: 5462: 5453: 5449: 5445:Chapter 2, §II. 5444: 5440: 5435: 5431: 5405: 5404: 5400: 5391: 5387: 5378: 5374: 5366:Cited by Kahn, 5365: 5361: 5352: 5348: 5339: 5335: 5326: 5322: 5313: 5309: 5300: 5296: 5284: 5280: 5271: 5267: 5259:Eli Heckscher, 5258: 5254: 5245: 5241: 5232: 5228: 5219: 5215: 5206: 5202: 5198:, 1959, pp148f. 5194: 5190: 5182: 5178: 5169: 5165: 5156: 5152: 5146:Guide to Keynes 5144: 5140: 5131: 5127: 5115: 5111: 5102: 5098: 5089: 5085: 5076: 5072: 5066:Wayback Machine 5057: 5053: 5042: 5038: 5027: 5023: 5014: 5010: 5006:., pp. 136–141. 5001: 4997: 4988: 4984: 4975: 4971: 4962: 4958: 4949: 4945: 4936: 4932: 4923: 4919: 4911:Robert Dimand, 4910: 4906: 4892: 4888: 4878: 4876: 4869: 4849: 4845: 4829: 4825: 4802: 4798: 4788: 4786: 4771: 4767: 4758: 4756: 4752: 4729: 4723: 4719: 4712: 4698: 4691: 4684: 4670: 4666: 4656: 4654: 4639: 4635: 4628: 4611: 4607: 4597: 4595: 4582: 4581: 4577: 4567: 4565: 4558:www.econlib.org 4550: 4546: 4541: 4536: 4481: 4474: 4471: 4440: 4428:central bankers 4413: 4411:Austrian school 4328: 4322: 4316: 4275:Milton Friedman 4245:deus ex machina 4239:General Theory' 4231: 4221: 4184: 4178: 4165: 4159: 4150: 4129: 4050: 3933: 3921:Main articles: 3919: 3855:. He notes in 3830: 3818:, published in 3780:Alfred Marshall 3776: 3771: 3691: 3574:capital markets 3562:monetary policy 3526: 3515: 3514: 3513: 3508: 3497: 3491: 3488: 3480:help improve it 3477: 3465: 3461: 3450: 3439: 3433: 3430: 3420:Please help to 3419: 3403: 3399: 3362: 3358: 3351: 3346: 3221: 3218:The IS–LM model 3151: 3125: 3088:Guide to Keynes 3072: 3028:Alfred Marshall 2938:Keynesian cross 2926: 2919: 2876: 2873:Fiscal remedies 2865: 2858: 2843: 2833:the IS-LM model 2797: 2739: 2678: 2671: 2629:as the dictum " 2619: 2599: 2593: 2532: 2518:Alfred de Lissa 2369: 2313: 2308:Development of 2302:full employment 2260: 2250:General Theory, 2231:General Theory, 2176:J. M. Robertson 2160: 2146: 2117:Lausanne School 2113:Alfred Marshall 2109:Fleeming Jenkin 2079: 2074: 1978:monetary policy 1943:economic output 1911: 1879: 1875: 1865: 1825: 1815: 1813: 1806: 1805: 1764: 1756: 1755: 1736:Joseph Stiglitz 1696:Milton Friedman 1676:Friedrich Hayek 1601: 1591: 1590: 1473: 1463: 1462: 1433: 1425: 1424: 1410:Mundell–Fleming 1405:Matching theory 1343:Keynesian cross 1328: 1320: 1319: 1290: 1282: 1281: 1067: 1030: 990: 978: 971: 970: 876: 868: 867: 843:Post-capitalism 748:Anti-capitalism 743: 735: 734: 630: 622: 621: 542: 534: 533: 484: 476: 475: 372: 364: 363: 354:State-sponsored 232: 224: 223: 89:Capital markets 54: 28: 23: 22: 15: 12: 11: 5: 10964: 10954: 10953: 10948: 10943: 10938: 10933: 10916: 10915: 10910: 10909: 10907: 10906: 10901: 10900: 10899: 10892:Post-Keynesian 10889: 10884: 10882:Disequilibrium 10879: 10878: 10877: 10867: 10861: 10859: 10855: 10854: 10852: 10851: 10846: 10841: 10836: 10831: 10830: 10829: 10824: 10814: 10809: 10808: 10807: 10802: 10791: 10789: 10785: 10784: 10777: 10776: 10769: 10762: 10754: 10745: 10744: 10742: 10741: 10736: 10731: 10725: 10722: 10721: 10719: 10718: 10713: 10708: 10701: 10695: 10693: 10689: 10688: 10686: 10685: 10680: 10675: 10669: 10667: 10663: 10662: 10660: 10659: 10654: 10649: 10644: 10639: 10634: 10628: 10626: 10618: 10617: 10615: 10614: 10609: 10604: 10599: 10594: 10589: 10584: 10579: 10574: 10569: 10564: 10559: 10554: 10549: 10544: 10539: 10534: 10529: 10524: 10519: 10514: 10509: 10504: 10499: 10494: 10489: 10484: 10479: 10474: 10469: 10464: 10459: 10454: 10449: 10444: 10439: 10434: 10429: 10424: 10419: 10414: 10409: 10404: 10399: 10394: 10389: 10384: 10379: 10374: 10369: 10364: 10359: 10354: 10349: 10344: 10339: 10334: 10329: 10324: 10319: 10314: 10309: 10304: 10299: 10294: 10289: 10284: 10279: 10274: 10269: 10264: 10259: 10254: 10249: 10243: 10241: 10233: 10232: 10230: 10229: 10224: 10219: 10214: 10209: 10204: 10198: 10196: 10190: 10189: 10187: 10186: 10181: 10176: 10171: 10166: 10165: 10164: 10159: 10149: 10144: 10142:Social justice 10139: 10134: 10129: 10124: 10123: 10122: 10117: 10107: 10102: 10097: 10092: 10087: 10082: 10077: 10072: 10067: 10062: 10057: 10052: 10047: 10042: 10041: 10040: 10035: 10033:Representative 10030: 10025: 10015: 10009: 10007: 10003: 10002: 9995: 9993: 9991: 9990: 9985: 9980: 9975: 9970: 9965: 9960: 9959: 9958: 9953: 9943: 9941:Labor movement 9938: 9933: 9928: 9923: 9918: 9913: 9908: 9902: 9900: 9892: 9891: 9882: 9881: 9874: 9867: 9859: 9850: 9849: 9847: 9846: 9841: 9836: 9831: 9826: 9821: 9816: 9811: 9806: 9801: 9796: 9790: 9788: 9784: 9783: 9780: 9779: 9777: 9776: 9771: 9766: 9761: 9756: 9751: 9746: 9741: 9736: 9731: 9726: 9724:Organizational 9721: 9716: 9711: 9710: 9709: 9704: 9694: 9689: 9684: 9679: 9674: 9672:Neo-Malthusian 9669: 9668: 9667: 9657: 9656: 9655: 9654: 9653: 9648: 9638: 9633: 9632: 9631: 9616: 9611: 9606: 9601: 9596: 9591: 9589:Disequilibrium 9586: 9581: 9579:Constitutional 9576: 9571: 9570: 9569: 9559: 9554: 9549: 9544: 9538: 9536: 9528: 9527: 9525: 9524: 9519: 9518: 9517: 9507: 9502: 9497: 9492: 9487: 9482: 9477: 9472: 9467: 9465:French liberal 9462: 9457: 9452: 9451: 9450: 9440: 9435: 9430: 9424: 9422: 9416: 9415: 9413: 9412: 9407: 9402: 9397: 9391: 9389: 9380: 9376: 9375: 9373: 9372: 9367: 9362: 9356: 9354: 9350: 9349: 9342: 9341: 9334: 9327: 9319: 9310: 9309: 9307: 9302: 9297: 9292: 9287: 9282: 9277: 9274: 9273: 9269: 9268: 9263: 9253: 9248: 9242: 9241: 9240: 9238: 9232: 9231: 9229: 9228: 9221: 9216: 9211: 9206: 9201: 9196: 9191: 9186: 9181: 9176: 9171: 9166: 9161: 9156: 9151: 9146: 9141: 9136: 9131: 9126: 9121: 9116: 9111: 9106: 9101: 9096: 9091: 9086: 9081: 9076: 9071: 9066: 9061: 9056: 9051: 9046: 9041: 9036: 9031: 9026: 9021: 9016: 9011: 9006: 9001: 8996: 8991: 8986: 8981: 8976: 8971: 8966: 8961: 8956: 8951: 8946: 8941: 8936: 8931: 8926: 8921: 8916: 8911: 8906: 8901: 8896: 8891: 8885: 8883: 8877: 8874: 8873: 8871: 8870: 8865: 8860: 8855: 8850: 8845: 8840: 8839: 8838: 8828: 8827: 8826: 8816: 8811: 8806: 8805: 8804: 8794: 8789: 8784: 8783: 8782: 8781: 8780: 8770: 8765: 8750: 8745: 8740: 8735: 8730: 8725: 8720: 8715: 8710: 8708:Disequilibrium 8705: 8700: 8695: 8690: 8685: 8684: 8683: 8673: 8668: 8663: 8658: 8657: 8656: 8646: 8641: 8636: 8631: 8625: 8623: 8611: 8608: 8607: 8603: 8602: 8597: 8592: 8587: 8582: 8577: 8572: 8567: 8562: 8557: 8548: 8543: 8538: 8533: 8528: 8523: 8521:Organizational 8518: 8513: 8508: 8503: 8498: 8493: 8488: 8483: 8478: 8473: 8468: 8463: 8458: 8453: 8448: 8443: 8438: 8433: 8428: 8423: 8418: 8413: 8408: 8403: 8398: 8393: 8388: 8383: 8378: 8373: 8367: 8366: 8365: 8363: 8357: 8356: 8354: 8353: 8348: 8343: 8342: 8341: 8330: 8328: 8322: 8321: 8319: 8318: 8313: 8308: 8307: 8306: 8296: 8291: 8286: 8284:Macroeconomics 8281: 8280: 8279: 8274: 8269: 8264: 8259: 8252:Microeconomics 8248: 8246: 8240: 8239: 8232: 8231: 8224: 8217: 8209: 8200: 8199: 8186: 8185: 8183: 8182: 8180: 8176: 8175: 8173: 8172: 8167: 8162: 8160:John B. Taylor 8157: 8152: 8147: 8142: 8140:Robert Shiller 8137: 8132: 8127: 8125:Kenneth Rogoff 8122: 8117: 8112: 8107: 8102: 8097: 8092: 8087: 8082: 8077: 8072: 8067: 8062: 8057: 8052: 8047: 8042: 8037: 8032: 8027: 8025:George Akerlof 8021: 8019: 8017:New Keynesians 8013: 8012: 8010: 8009: 8004: 7999: 7994: 7989: 7984: 7979: 7974: 7969: 7964: 7959: 7954: 7952:Abba P. Lerner 7949: 7944: 7939: 7934: 7932:Michał Kalecki 7929: 7924: 7919: 7917:Michael Hudson 7914: 7912:Geoff Harcourt 7909: 7904: 7899: 7894: 7889: 7884: 7879: 7877:Victoria Chick 7873: 7871: 7865: 7864: 7862: 7861: 7856: 7851: 7849:Paul Samuelson 7846: 7841: 7836: 7831: 7826: 7824:Robert Mundell 7821: 7816: 7811: 7806: 7804:Lawrence Klein 7801: 7796: 7791: 7786: 7781: 7776: 7771: 7766: 7764:William Baumol 7761: 7759:Gardner Ackley 7755: 7753: 7751:Neo-Keynesians 7747: 7746: 7744: 7743: 7737: 7735: 7731: 7730: 7727: 7721: 7720: 7713: 7706: 7698: 7692: 7689: 7688: 7679: 7678: 7665: 7652: 7651: 7646: 7640: 7639: 7628: 7627: 7625: 7624:External links 7622: 7620: 7619: 7613: 7598: 7588: 7568: 7565:General Theory 7554: 7537: 7534:General Theory 7523: 7495: 7477: 7462: 7455: 7437: 7430: 7414: 7395: 7381:Hazlitt, Henry 7377: 7370: 7350: 7340:(3): 1115–71. 7329: 7319: 7308: 7306: 7303: 7302: 7301: 7295: 7280: 7257: 7254: 7251: 7250: 7243:(PhD thesis). 7227: 7201: 7175: 7168: 7150: 7143: 7125: 7068: 7056:Paul Krugman, 7049: 7025: 7018: 6992: 6949: 6932:. p. 155. 6920: 6908:Daniel Kuehn, 6901: 6889:Daniel Kuehn, 6882: 6869:Daniel Kuehn, 6862: 6849:Paul Krugman, 6842: 6830:John Quiggin, 6823: 6804: 6785: 6770: 6768:, 5 March 2011 6766:New York Times 6743: 6739:New York Times 6719: 6706: 6684:Monthly Review 6669: 6654: 6639: 6614:(March 2012). 6599: 6563: 6532: 6525: 6517:Macroeconomics 6507: 6492: 6477: 6458: 6451: 6433: 6427: 6401: 6353: 6333: 6314: 6311:Skidelsky 2010 6303: 6296: 6269: 6242: 6207: 6181: 6148: 6119: 6095: 6027: 6008: 5999: 5990: 5975: 5960: 5945: 5915: 5883: 5852: 5825: 5798: 5781:"Deregulation" 5771: 5756: 5726: 5720:Richard Kahn, 5713: 5709:General Theory 5700: 5687: 5674: 5661: 5652: 5639: 5627: 5618: 5609: 5600: 5583: 5574: 5565: 5556: 5543: 5534: 5525: 5516: 5514:and inflation. 5503: 5490: 5481: 5472: 5468:General Theory 5460: 5447: 5438: 5436:Chapter 2, §I. 5429: 5398: 5385: 5372: 5359: 5346: 5333: 5320: 5307: 5294: 5289:General Theory 5278: 5265: 5252: 5239: 5237:, pp. 107–110. 5226: 5213: 5200: 5188: 5176: 5163: 5150: 5148:(1953), p. 88. 5138: 5125: 5120:General Theory 5109: 5096: 5083: 5070: 5051: 5036: 5021: 5017:General Theory 5008: 4995: 4982: 4969: 4956: 4943: 4930: 4917: 4904: 4886: 4867: 4843: 4823: 4812:(2): 395–400. 4796: 4765: 4717: 4710: 4689: 4682: 4664: 4633: 4626: 4605: 4575: 4543: 4542: 4540: 4537: 4535: 4534: 4529: 4524: 4522:Invisible hand 4519: 4514: 4509: 4504: 4499: 4494: 4488: 4487: 4486: 4470: 4467: 4463:British Malaya 4447:C. J. Coventry 4439: 4436: 4412: 4409: 4408: 4407: 4400: 4393: 4386: 4379: 4364:Phillips curve 4332:Lucas critique 4326:Lucas critique 4318:Main article: 4315: 4312: 4250:Michał Kalecki 4220: 4217: 4213:liquidity trap 4180:Main article: 4177: 4174: 4161:Main article: 4158: 4155: 4149: 4146: 4128: 4125: 4049: 4046: 4002:Phillips curve 3956:David Colander 3918: 3915: 3887:Marcus Fleming 3829: 3826: 3775: 3772: 3770: 3767: 3690: 3687: 3681:is justified. 3625:interest rates 3553: 3552: 3549: 3528: 3527: 3510: 3509: 3468: 3466: 3459: 3452: 3451: 3406: 3404: 3397: 3392: 3366: 3365: 3363: 3356: 3350: 3347: 3345: 3342: 3334:General Theory 3220: 3215: 3175:General Theory 3163:liquidity trap 3150: 3145: 3071: 3066: 3065: 3064: 3061: 3058: 3041:) = 3006:) = 2942:Paul Samuelson 2925: 2920: 2918: 2913: 2909:General Theory 2880:General Theory 2875: 2870: 2864: 2859: 2857: 2852: 2842: 2837: 2796: 2791: 2772:interest rates 2747:General Theory 2738: 2733: 2693:General Theory 2677: 2672: 2670: 2665: 2623:General Theory 2618: 2613: 2595:Main article: 2592: 2589:General Theory 2584: 2576:General Theory 2531: 2526: 2368: 2363: 2317:General Theory 2312: 2306: 2270:General Theory 2259: 2254: 2223:overproduction 2207:Thomas Attwood 2199:Thomas Malthus 2184:general theory 2145: 2142: 2082:Macroeconomics 2078: 2075: 2073: 2070: 2044:and resulting 1986:private sector 1982:business cycle 1962:market economy 1867: 1866: 1864: 1863: 1856: 1849: 1841: 1838: 1837: 1836: 1835: 1823: 1808: 1807: 1804: 1803: 1798: 1793: 1791:Microeconomics 1788: 1787: 1786: 1776: 1771: 1765: 1762: 1761: 1758: 1757: 1754: 1753: 1748: 1743: 1738: 1733: 1728: 1723: 1718: 1713: 1708: 1706:Lawrence Klein 1703: 1701:Paul Samuelson 1698: 1693: 1688: 1683: 1678: 1673: 1668: 1663: 1658: 1656:Michał Kalecki 1653: 1648: 1643: 1638: 1633: 1628: 1623: 1618: 1613: 1608: 1602: 1597: 1596: 1593: 1592: 1589: 1588: 1583: 1578: 1576:Disequilibrium 1573: 1572: 1571: 1564:Post-Keynesian 1561: 1556: 1555: 1554: 1544: 1533: 1532: 1527: 1522: 1517: 1512: 1511: 1510: 1500: 1495: 1494: 1493: 1488: 1474: 1469: 1468: 1465: 1464: 1461: 1460: 1455: 1450: 1445: 1440: 1434: 1432:Related fields 1431: 1430: 1427: 1426: 1423: 1422: 1417: 1412: 1407: 1402: 1397: 1396: 1395: 1385: 1380: 1375: 1370: 1365: 1360: 1358:Phillips curve 1355: 1350: 1345: 1340: 1335: 1329: 1326: 1325: 1322: 1321: 1318: 1317: 1312: 1307: 1302: 1297: 1291: 1288: 1287: 1284: 1283: 1280: 1279: 1274: 1269: 1264: 1259: 1254: 1249: 1244: 1239: 1238: 1237: 1227: 1222: 1221: 1220: 1210: 1208:Money creation 1205: 1204: 1203: 1193: 1188: 1187: 1186: 1181: 1176: 1166: 1164:Liquidity trap 1161: 1156: 1151: 1150: 1149: 1144: 1134: 1129: 1124: 1123: 1122: 1117: 1109: 1104: 1099: 1094: 1089: 1084: 1082:Business cycle 1079: 1074: 1068: 1066:Basic concepts 1065: 1064: 1061: 1060: 1052: 1051: 1049:Macroeconomics 1045: 1044: 1032: 1031: 1029: 1028: 1021: 1014: 1006: 1003: 1002: 1001: 1000: 988: 973: 972: 969: 968: 963: 958: 953: 951:Ordoliberalism 948: 943: 938: 933: 928: 923: 918: 913: 908: 903: 898: 893: 888: 883: 877: 874: 873: 870: 869: 866: 865: 860: 855: 850: 845: 840: 835: 830: 828:Market economy 825: 820: 815: 810: 805: 800: 795: 790: 785: 780: 775: 770: 765: 760: 755: 750: 744: 742:Related topics 741: 740: 737: 736: 733: 732: 727: 722: 717: 712: 707: 702: 697: 692: 687: 682: 677: 672: 667: 662: 657: 652: 647: 642: 637: 631: 628: 627: 624: 623: 620: 619: 614: 612:State monopoly 609: 604: 599: 594: 589: 584: 579: 574: 569: 564: 559: 554: 549: 543: 540: 539: 536: 535: 532: 531: 526: 521: 516: 511: 506: 501: 496: 491: 485: 482: 481: 478: 477: 474: 473: 468: 463: 458: 453: 448: 443: 438: 433: 432: 431: 426: 421: 411: 406: 401: 396: 395: 394: 384: 379: 373: 370: 369: 366: 365: 362: 361: 356: 351: 346: 341: 336: 331: 326: 321: 316: 311: 306: 301: 296: 291: 286: 281: 276: 271: 264: 259: 254: 249: 244: 239: 233: 230: 229: 226: 225: 222: 221: 216: 211: 206: 201: 196: 191: 186: 181: 176: 171: 169:Liberalization 166: 161: 159:Invisible hand 156: 151: 146: 141: 136: 131: 126: 121: 116: 111: 106: 101: 96: 91: 86: 81: 76: 74:Businessperson 71: 69:Business cycle 66: 61: 55: 52: 51: 48: 47: 41: 40: 26: 9: 6: 4: 3: 2: 10963: 10952: 10949: 10947: 10944: 10942: 10939: 10937: 10934: 10932: 10929: 10928: 10926: 10905: 10902: 10898: 10895: 10894: 10893: 10890: 10888: 10885: 10883: 10880: 10876: 10873: 10872: 10871: 10868: 10866: 10863: 10862: 10860: 10856: 10850: 10847: 10845: 10842: 10840: 10837: 10835: 10832: 10828: 10825: 10823: 10820: 10819: 10818: 10817:New classical 10815: 10813: 10810: 10806: 10803: 10801: 10798: 10797: 10796: 10793: 10792: 10790: 10786: 10782: 10775: 10770: 10768: 10763: 10761: 10756: 10755: 10752: 10740: 10737: 10735: 10732: 10730: 10727: 10726: 10723: 10717: 10714: 10712: 10709: 10706: 10702: 10700: 10697: 10696: 10694: 10690: 10684: 10683:United States 10681: 10679: 10676: 10674: 10671: 10670: 10668: 10664: 10658: 10655: 10653: 10650: 10648: 10645: 10643: 10640: 10638: 10635: 10633: 10630: 10629: 10627: 10624: 10623:Organizations 10619: 10613: 10610: 10608: 10605: 10603: 10600: 10598: 10595: 10593: 10590: 10588: 10585: 10583: 10580: 10578: 10575: 10573: 10570: 10568: 10565: 10563: 10560: 10558: 10555: 10553: 10550: 10548: 10545: 10543: 10540: 10538: 10535: 10533: 10530: 10528: 10525: 10523: 10520: 10518: 10515: 10513: 10510: 10508: 10505: 10503: 10500: 10498: 10495: 10493: 10490: 10488: 10485: 10483: 10480: 10478: 10475: 10473: 10470: 10468: 10465: 10463: 10460: 10458: 10455: 10453: 10450: 10448: 10445: 10443: 10440: 10438: 10435: 10433: 10430: 10428: 10425: 10423: 10420: 10418: 10415: 10413: 10410: 10408: 10405: 10403: 10400: 10398: 10395: 10393: 10390: 10388: 10385: 10383: 10380: 10378: 10375: 10373: 10370: 10368: 10365: 10363: 10360: 10358: 10355: 10353: 10350: 10348: 10345: 10343: 10340: 10338: 10335: 10333: 10330: 10328: 10325: 10323: 10320: 10318: 10315: 10313: 10310: 10308: 10305: 10303: 10300: 10298: 10295: 10293: 10290: 10288: 10285: 10283: 10280: 10278: 10275: 10273: 10270: 10268: 10265: 10263: 10260: 10258: 10255: 10253: 10250: 10248: 10245: 10244: 10242: 10239: 10234: 10228: 10225: 10223: 10220: 10218: 10215: 10213: 10210: 10208: 10205: 10203: 10200: 10199: 10197: 10191: 10185: 10184:Welfare state 10182: 10180: 10177: 10175: 10172: 10170: 10167: 10163: 10160: 10158: 10155: 10154: 10153: 10150: 10148: 10145: 10143: 10140: 10138: 10135: 10133: 10130: 10128: 10125: 10121: 10118: 10116: 10113: 10112: 10111: 10108: 10106: 10105:Progressivism 10103: 10101: 10098: 10096: 10093: 10091: 10090:Mixed economy 10088: 10086: 10083: 10081: 10078: 10076: 10073: 10071: 10068: 10066: 10063: 10061: 10058: 10056: 10053: 10051: 10048: 10046: 10043: 10039: 10036: 10034: 10031: 10029: 10026: 10024: 10021: 10020: 10019: 10016: 10014: 10011: 10010: 10008: 10004: 9999: 9989: 9986: 9984: 9981: 9979: 9976: 9974: 9971: 9969: 9966: 9964: 9961: 9957: 9954: 9952: 9949: 9948: 9947: 9944: 9942: 9939: 9937: 9934: 9932: 9929: 9927: 9924: 9922: 9919: 9917: 9914: 9912: 9909: 9907: 9904: 9903: 9901: 9898: 9893: 9888: 9880: 9875: 9873: 9868: 9866: 9861: 9860: 9857: 9845: 9842: 9840: 9837: 9835: 9832: 9830: 9827: 9825: 9822: 9820: 9817: 9815: 9812: 9810: 9807: 9805: 9802: 9800: 9797: 9795: 9792: 9791: 9789: 9785: 9775: 9774:Social credit 9772: 9770: 9767: 9765: 9762: 9760: 9757: 9755: 9752: 9750: 9749:Structuralist 9747: 9745: 9742: 9740: 9737: 9735: 9732: 9730: 9729:Public choice 9727: 9725: 9722: 9720: 9717: 9715: 9712: 9708: 9705: 9703: 9700: 9699: 9698: 9697:New classical 9695: 9693: 9692:Neoliberalism 9690: 9688: 9685: 9683: 9682:Neo-Ricardian 9680: 9678: 9675: 9673: 9670: 9666: 9663: 9662: 9661: 9658: 9652: 9649: 9647: 9644: 9643: 9642: 9639: 9637: 9634: 9630: 9627: 9626: 9625: 9622: 9621: 9620: 9617: 9615: 9614:Institutional 9612: 9610: 9607: 9605: 9602: 9600: 9597: 9595: 9592: 9590: 9587: 9585: 9582: 9580: 9577: 9575: 9572: 9568: 9565: 9564: 9563: 9560: 9558: 9555: 9553: 9550: 9548: 9545: 9543: 9540: 9539: 9537: 9529: 9523: 9520: 9516: 9513: 9512: 9511: 9508: 9506: 9503: 9501: 9498: 9496: 9493: 9491: 9488: 9486: 9483: 9481: 9478: 9476: 9473: 9471: 9468: 9466: 9463: 9461: 9458: 9456: 9453: 9449: 9446: 9445: 9444: 9441: 9439: 9436: 9434: 9431: 9429: 9426: 9425: 9423: 9421: 9417: 9411: 9408: 9406: 9403: 9401: 9398: 9396: 9393: 9392: 9390: 9388: 9384: 9381: 9377: 9371: 9370:Scholasticism 9368: 9366: 9363: 9361: 9358: 9357: 9355: 9351: 9347: 9340: 9335: 9333: 9328: 9326: 9321: 9320: 9317: 9306: 9303: 9301: 9298: 9296: 9293: 9291: 9288: 9286: 9283: 9281: 9278: 9275: 9267: 9264: 9261: 9257: 9254: 9252: 9249: 9247: 9244: 9243: 9239: 9237: 9233: 9227: 9226: 9222: 9220: 9217: 9215: 9212: 9210: 9207: 9205: 9202: 9200: 9197: 9195: 9192: 9190: 9187: 9185: 9182: 9180: 9177: 9175: 9172: 9170: 9167: 9165: 9162: 9160: 9157: 9155: 9152: 9150: 9147: 9145: 9142: 9140: 9137: 9135: 9132: 9130: 9127: 9125: 9122: 9120: 9117: 9115: 9112: 9110: 9107: 9105: 9102: 9100: 9097: 9095: 9092: 9090: 9087: 9085: 9082: 9080: 9077: 9075: 9072: 9070: 9067: 9065: 9062: 9060: 9057: 9055: 9052: 9050: 9047: 9045: 9042: 9040: 9037: 9035: 9032: 9030: 9027: 9025: 9022: 9020: 9017: 9015: 9012: 9010: 9007: 9005: 9002: 9000: 8997: 8995: 8992: 8990: 8987: 8985: 8982: 8980: 8977: 8975: 8972: 8970: 8967: 8965: 8962: 8960: 8957: 8955: 8952: 8950: 8947: 8945: 8942: 8940: 8937: 8935: 8932: 8930: 8927: 8925: 8922: 8920: 8917: 8915: 8912: 8910: 8907: 8905: 8902: 8900: 8897: 8895: 8892: 8890: 8889:de Mandeville 8887: 8886: 8884: 8880: 8875: 8869: 8866: 8864: 8861: 8859: 8856: 8854: 8851: 8849: 8846: 8844: 8841: 8837: 8834: 8833: 8832: 8831:New classical 8829: 8825: 8822: 8821: 8820: 8817: 8815: 8812: 8810: 8807: 8803: 8800: 8799: 8798: 8795: 8793: 8790: 8788: 8787:Malthusianism 8785: 8779: 8776: 8775: 8774: 8771: 8769: 8766: 8763: 8759: 8756: 8755: 8754: 8751: 8749: 8748:Institutional 8746: 8744: 8741: 8739: 8736: 8734: 8731: 8729: 8726: 8724: 8721: 8719: 8716: 8714: 8711: 8709: 8706: 8704: 8701: 8699: 8696: 8694: 8691: 8689: 8686: 8682: 8679: 8678: 8677: 8674: 8672: 8669: 8667: 8664: 8662: 8659: 8655: 8652: 8651: 8650: 8647: 8645: 8642: 8640: 8637: 8635: 8632: 8630: 8627: 8626: 8624: 8619: 8614: 8609: 8601: 8598: 8596: 8593: 8591: 8588: 8586: 8583: 8581: 8578: 8576: 8573: 8571: 8568: 8566: 8563: 8561: 8558: 8556: 8552: 8551:Public choice 8549: 8547: 8544: 8542: 8539: 8537: 8534: 8532: 8529: 8527: 8526:Participation 8524: 8522: 8519: 8517: 8514: 8512: 8509: 8507: 8504: 8502: 8499: 8497: 8494: 8492: 8489: 8487: 8486:Institutional 8484: 8482: 8479: 8477: 8474: 8472: 8469: 8467: 8464: 8462: 8459: 8457: 8454: 8452: 8449: 8447: 8444: 8442: 8439: 8437: 8436:Expeditionary 8434: 8432: 8429: 8427: 8426:Environmental 8424: 8422: 8419: 8417: 8414: 8412: 8409: 8407: 8404: 8402: 8399: 8397: 8394: 8392: 8389: 8387: 8384: 8382: 8379: 8377: 8374: 8372: 8369: 8368: 8364: 8362: 8358: 8352: 8349: 8347: 8344: 8340: 8337: 8336: 8335: 8332: 8331: 8329: 8327: 8323: 8317: 8314: 8312: 8309: 8305: 8302: 8301: 8300: 8297: 8295: 8292: 8290: 8287: 8285: 8282: 8278: 8275: 8273: 8270: 8268: 8265: 8263: 8260: 8258: 8255: 8254: 8253: 8250: 8249: 8247: 8245: 8241: 8237: 8230: 8225: 8223: 8218: 8216: 8211: 8210: 8207: 8193: 8189: 8181: 8177: 8171: 8168: 8166: 8163: 8161: 8158: 8156: 8153: 8151: 8148: 8146: 8143: 8141: 8138: 8136: 8133: 8131: 8128: 8126: 8123: 8121: 8118: 8116: 8115:Edmund Phelps 8113: 8111: 8108: 8106: 8103: 8101: 8098: 8096: 8093: 8091: 8088: 8086: 8083: 8081: 8078: 8076: 8073: 8071: 8068: 8066: 8063: 8061: 8058: 8056: 8053: 8051: 8048: 8046: 8043: 8041: 8038: 8036: 8033: 8031: 8028: 8026: 8023: 8022: 8020: 8018: 8014: 8008: 8005: 8003: 8000: 7998: 7995: 7993: 7990: 7988: 7985: 7983: 7980: 7978: 7977:Joan Robinson 7975: 7973: 7970: 7968: 7965: 7963: 7962:Bill Mitchell 7960: 7958: 7955: 7953: 7950: 7948: 7945: 7943: 7940: 7938: 7935: 7933: 7930: 7928: 7925: 7923: 7920: 7918: 7915: 7913: 7910: 7908: 7905: 7903: 7900: 7898: 7895: 7893: 7890: 7888: 7885: 7883: 7882:Paul Davidson 7880: 7878: 7875: 7874: 7872: 7870: 7866: 7860: 7857: 7855: 7852: 7850: 7847: 7845: 7844:William Poole 7842: 7840: 7839:Bill Phillips 7837: 7835: 7832: 7830: 7827: 7825: 7822: 7820: 7817: 7815: 7814:Lloyd Metzler 7812: 7810: 7807: 7805: 7802: 7800: 7797: 7795: 7794:Walter Heller 7792: 7790: 7787: 7785: 7782: 7780: 7777: 7775: 7774:Robert Eisner 7772: 7770: 7767: 7765: 7762: 7760: 7757: 7756: 7754: 7752: 7748: 7742: 7739: 7738: 7736: 7732: 7728: 7725: 7719: 7714: 7712: 7707: 7705: 7700: 7699: 7696: 7690: 7683: 7676: 7674: 7669: 7666: 7664: 7660: 7657: 7656: 7650: 7647: 7645: 7642: 7641: 7636: 7631: 7616: 7610: 7606: 7605: 7599: 7597: 7593: 7589: 7587: 7583: 7580: 7577: 7573: 7569: 7566: 7560: 7555: 7553: 7552:9780198292364 7549: 7545: 7541: 7538: 7535: 7529: 7524: 7520: 7516: 7512: 7508: 7504: 7501: 7496: 7484: 7480: 7474: 7470: 7469: 7463: 7458: 7452: 7448: 7447: 7442: 7441:Khan, Richard 7438: 7433: 7427: 7423: 7419: 7415: 7402: 7398: 7392: 7388: 7387: 7382: 7378: 7373: 7367: 7362: 7361: 7355: 7354:Hansen, Alvin 7351: 7347: 7343: 7339: 7335: 7330: 7325: 7320: 7315: 7310: 7309: 7298: 7296:9780199591640 7292: 7288: 7287: 7281: 7277: 7273: 7269: 7265: 7260: 7259: 7246: 7242: 7241: 7238: 7231: 7215: 7211: 7205: 7189: 7185: 7179: 7171: 7169:1-57246-013-X 7165: 7161: 7154: 7146: 7144:1-57246-013-X 7140: 7136: 7129: 7118: 7114: 7110: 7106: 7102: 7098: 7094: 7087: 7083: 7077: 7075: 7073: 7066: 7062: 7059: 7053: 7046: 7042: 7038: 7035: 7029: 7021: 7019:9780521430074 7015: 7011: 7006: 7005: 6996: 6988: 6984: 6980: 6976: 6972: 6968: 6965:(3471): 761. 6964: 6960: 6953: 6945: 6939: 6931: 6924: 6918: 6914: 6911: 6905: 6899: 6895: 6892: 6886: 6879: 6875: 6872: 6866: 6859: 6855: 6852: 6846: 6840: 6836: 6833: 6827: 6820: 6816: 6813: 6808: 6800: 6796: 6789: 6781: 6774: 6767: 6763: 6759: 6756: 6752: 6747: 6740: 6736: 6732: 6729: 6723: 6716: 6710: 6694: 6690: 6686: 6685: 6680: 6673: 6665: 6658: 6650: 6643: 6624: 6617: 6613: 6609: 6608:Henry Farrell 6603: 6584: 6577: 6575: 6567: 6551: 6547: 6543: 6536: 6528: 6522: 6518: 6511: 6503: 6496: 6488: 6481: 6474: 6470: 6467: 6462: 6454: 6448: 6444: 6437: 6430: 6428:9781349283378 6424: 6420: 6416: 6412: 6405: 6387: 6383: 6379: 6376:(1): 267–79, 6375: 6371: 6364: 6357: 6351: 6350:1-84542-208-2 6347: 6343: 6337: 6331: 6327: 6324: 6318: 6312: 6307: 6299: 6293: 6289: 6285: 6284: 6279: 6273: 6257: 6253: 6246: 6230: 6226: 6225: 6221: 6214: 6212: 6204: 6203:Colander 1984 6199: 6195: 6191: 6185: 6169: 6165: 6164: 6159: 6152: 6136: 6132: 6126: 6124: 6115: 6114: 6106: 6104: 6102: 6100: 6083: 6078: 6073: 6069: 6065: 6061: 6054: 6052: 6050: 6048: 6046: 6044: 6042: 6040: 6038: 6036: 6034: 6032: 6023: 6019: 6012: 6003: 5994: 5986: 5979: 5971: 5964: 5956: 5949: 5933: 5929: 5925: 5919: 5900: 5893: 5887: 5871: 5867: 5863: 5856: 5840: 5836: 5829: 5813: 5809: 5802: 5786: 5782: 5775: 5767: 5760: 5744: 5740: 5736: 5730: 5723: 5717: 5710: 5704: 5697: 5691: 5684: 5678: 5671: 5665: 5656: 5649: 5643: 5636: 5631: 5622: 5613: 5604: 5597: 5593: 5587: 5578: 5569: 5560: 5553: 5547: 5538: 5529: 5520: 5513: 5507: 5500: 5494: 5485: 5476: 5470:, pp. 63, 61. 5469: 5464: 5457: 5451: 5442: 5433: 5425: 5421: 5417: 5413: 5409: 5402: 5395: 5389: 5382: 5376: 5369: 5363: 5356: 5350: 5343: 5337: 5330: 5324: 5317: 5311: 5304: 5298: 5291: 5288: 5282: 5275: 5269: 5262: 5256: 5249: 5243: 5236: 5230: 5223: 5217: 5210: 5204: 5197: 5192: 5185: 5180: 5173: 5167: 5160: 5154: 5147: 5142: 5135: 5132:Published in 5129: 5122: 5119: 5113: 5106: 5100: 5093: 5087: 5080: 5074: 5067: 5063: 5060: 5055: 5047: 5040: 5032: 5025: 5018: 5012: 5005: 4999: 4992: 4986: 4979: 4973: 4966: 4960: 4953: 4947: 4940: 4934: 4927: 4921: 4914: 4908: 4900: 4896: 4895:Ohlin, Bertil 4890: 4874: 4870: 4864: 4860: 4859: 4854: 4847: 4839: 4838: 4833: 4827: 4819: 4815: 4811: 4807: 4800: 4784: 4780: 4776: 4769: 4751: 4747: 4743: 4740:(1): 267–79, 4739: 4735: 4728: 4721: 4713: 4707: 4703: 4696: 4694: 4685: 4683:9780199371020 4679: 4675: 4668: 4652: 4648: 4644: 4637: 4629: 4623: 4619: 4615: 4609: 4593: 4589: 4585: 4579: 4563: 4559: 4555: 4548: 4544: 4533: 4530: 4528: 4527:Job guarantee 4525: 4523: 4520: 4518: 4515: 4513: 4510: 4508: 4507:Crisis theory 4505: 4503: 4500: 4498: 4495: 4493: 4490: 4489: 4484: 4478: 4473: 4466: 4464: 4460: 4456: 4452: 4448: 4445: 4435: 4433: 4429: 4425: 4421: 4417: 4405: 4401: 4398: 4394: 4391: 4387: 4384: 4380: 4377: 4373: 4372: 4371: 4368: 4365: 4359: 4357: 4353: 4352:microeconomic 4349: 4345: 4341: 4337: 4336:microeconomic 4333: 4327: 4321: 4314:New classical 4311: 4308: 4304: 4300: 4297: 4292: 4288: 4283: 4281: 4280:Alex Tabarrok 4276: 4272: 4268: 4265: 4261: 4257: 4255: 4251: 4247: 4246: 4240: 4236: 4230: 4229:Public choice 4226: 4216: 4214: 4210: 4206: 4202: 4196: 4194: 4189: 4183: 4173: 4170: 4164: 4154: 4145: 4142: 4138: 4134: 4124: 4120: 4117: 4112: 4110: 4106: 4102: 4098: 4094: 4090: 4086: 4081: 4079: 4075: 4071: 4067: 4063: 4059: 4055: 4045: 4043: 4042:share economy 4037: 4035: 4031: 4027: 4022: 4020: 4016: 4012: 4007: 4003: 3999: 3994: 3992: 3988: 3987:sticky prices 3984: 3979: 3977: 3973: 3972:Richard Nixon 3967: 3965: 3961: 3957: 3952: 3950: 3946: 3942: 3938: 3932: 3928: 3924: 3914: 3912: 3908: 3904: 3898: 3896: 3892: 3888: 3884: 3878: 3873: 3871: 3865: 3860: 3858: 3854: 3853:protectionism 3850: 3846: 3841: 3837: 3833: 3825: 3823: 3822: 3817: 3812: 3810: 3806: 3805: 3799: 3797: 3791: 3788: 3783: 3781: 3766: 3764: 3760: 3755: 3751: 3747: 3742: 3739: 3734: 3732: 3731:The Economist 3728: 3722: 3720: 3716: 3710: 3708: 3704: 3700: 3696: 3686: 3682: 3680: 3676: 3671: 3669: 3668: 3662: 3658: 3653: 3651: 3647: 3646: 3641: 3637: 3632: 3630: 3626: 3622: 3621:profitability 3618: 3613: 3609: 3604: 3602: 3598: 3594: 3589: 3587: 3582: 3579: 3575: 3569: 3567: 3563: 3559: 3558:central banks 3550: 3547: 3546: 3545: 3543: 3534: 3524: 3521: 3506: 3503: 3495: 3485: 3481: 3475: 3474: 3469:This section 3467: 3458: 3457: 3448: 3445: 3437: 3427: 3423: 3417: 3416: 3410: 3405: 3396: 3395: 3390: 3388: 3381: 3380: 3375: 3374: 3369: 3364: 3355: 3354: 3341: 3337: 3335: 3329: 3327: 3326:Joan Robinson 3323: 3321: 3317: 3312: 3310: 3306: 3302: 3298: 3294: 3290: 3286: 3282: 3278: 3274: 3270: 3266: 3262: 3258: 3254: 3250: 3246: 3241: 3239: 3235: 3225: 3213: 3208: 3205: 3203: 3199: 3195: 3191: 3186: 3184: 3180: 3177:, but it was 3176: 3172: 3166: 3164: 3155: 3144: 3142: 3138: 3134: 3129: 3121: 3117: 3115: 3111: 3106: 3102: 3099: 3097: 3093: 3092:Joan Robinson 3089: 3085: 3081: 3077: 3062: 3059: 3056: 3052: 3051: 3050: 3048: 3044: 3040: 3036: 3033:The equation 3031: 3029: 3025: 3021: 3017: 3013: 3009: 3005: 3001: 2998:The equation 2996: 2994: 2990: 2986: 2982: 2978: 2974: 2970: 2966: 2961: 2959: 2955: 2951: 2947: 2943: 2940:" devised by 2939: 2930: 2912: 2910: 2904: 2900: 2895: 2890: 2887: 2885: 2881: 2869: 2851: 2849: 2840:Wage rigidity 2836: 2834: 2830: 2824: 2822: 2818: 2814: 2810: 2806: 2802: 2790: 2788: 2784: 2780: 2776: 2773: 2768: 2767: 2761: 2759: 2755: 2748: 2743: 2732: 2728: 2724: 2721: 2719: 2715: 2711: 2705: 2702: 2696: 2694: 2690: 2686: 2682: 2664: 2662: 2656: 2654: 2653: 2647: 2643: 2638: 2636: 2635:laissez faire 2632: 2628: 2624: 2612: 2610: 2606: 2605: 2598: 2590: 2583: 2581: 2577: 2573: 2569: 2565: 2563: 2557: 2554: 2550: 2546: 2545:Treasury view 2540: 2536: 2525: 2523: 2519: 2515: 2509: 2505: 2503: 2502:mercantilists 2499: 2493: 2491: 2487: 2481: 2479: 2473: 2469: 2465: 2461: 2458: 2454: 2448: 2446: 2440: 2438: 2437:Henry Hazlitt 2432: 2430: 2429:Joan Robinson 2424: 2422: 2418: 2411: 2409: 2404: 2402: 2398: 2394: 2390: 2386: 2382: 2378: 2374: 2373:Liberal Party 2362: 2360: 2356: 2355: 2350: 2346: 2342: 2337: 2334: 2328: 2326: 2325:David Ricardo 2322: 2318: 2311: 2305: 2303: 2299: 2298:Ralph Hawtrey 2295: 2290: 2288: 2287: 2281: 2279: 2275: 2271: 2267: 2266: 2253: 2251: 2247: 2242: 2240: 2236: 2232: 2228: 2224: 2220: 2216: 2212: 2208: 2204: 2200: 2196: 2192: 2187: 2185: 2181: 2177: 2173: 2169: 2168:general gluts 2165: 2159: 2155: 2151: 2141: 2139: 2138: 2133: 2129: 2125: 2120: 2118: 2114: 2110: 2107:developed by 2106: 2105:demand curves 2102: 2098: 2093: 2091: 2087: 2086:interest rate 2083: 2069: 2067: 2063: 2059: 2055: 2051: 2047: 2043: 2039: 2035: 2031: 2027: 2023: 2018: 2016: 2012: 2008: 2004: 2003: 1998: 1993: 1991: 1987: 1983: 1979: 1975: 1974:fiscal policy 1971: 1967: 1963: 1958: 1956: 1952: 1948: 1944: 1940: 1936: 1932: 1929:theories and 1928: 1927:macroeconomic 1924: 1920: 1916: 1915: 1906: 1873: 1862: 1857: 1855: 1850: 1848: 1843: 1842: 1840: 1839: 1834: 1829: 1824: 1822: 1812: 1811: 1810: 1809: 1802: 1799: 1797: 1794: 1792: 1789: 1785: 1782: 1781: 1780: 1777: 1775: 1772: 1770: 1767: 1766: 1760: 1759: 1752: 1749: 1747: 1744: 1742: 1739: 1737: 1734: 1732: 1729: 1727: 1726:Peter Diamond 1724: 1722: 1719: 1717: 1714: 1712: 1711:Edmund Phelps 1709: 1707: 1704: 1702: 1699: 1697: 1694: 1692: 1689: 1687: 1686:Richard Stone 1684: 1682: 1679: 1677: 1674: 1672: 1671:Joan Robinson 1669: 1667: 1666:Simon Kuznets 1664: 1662: 1661:Gunnar Myrdal 1659: 1657: 1654: 1652: 1649: 1647: 1644: 1642: 1639: 1637: 1636:Irving Fisher 1634: 1632: 1631:Knut Wicksell 1629: 1627: 1624: 1622: 1619: 1617: 1614: 1612: 1609: 1607: 1604: 1603: 1600: 1595: 1594: 1587: 1584: 1582: 1579: 1577: 1574: 1570: 1567: 1566: 1565: 1562: 1560: 1557: 1553: 1550: 1549: 1548: 1545: 1543: 1540: 1539: 1538: 1537: 1531: 1528: 1526: 1523: 1521: 1518: 1516: 1513: 1509: 1506: 1505: 1504: 1503:New classical 1501: 1499: 1496: 1492: 1489: 1487: 1484: 1483: 1482: 1479: 1478: 1477: 1472: 1467: 1466: 1459: 1456: 1454: 1451: 1449: 1446: 1444: 1441: 1439: 1436: 1435: 1429: 1428: 1421: 1418: 1416: 1413: 1411: 1408: 1406: 1403: 1401: 1398: 1394: 1391: 1390: 1389: 1386: 1384: 1381: 1379: 1376: 1374: 1371: 1369: 1366: 1364: 1361: 1359: 1356: 1354: 1351: 1349: 1346: 1344: 1341: 1339: 1336: 1334: 1331: 1330: 1324: 1323: 1316: 1313: 1311: 1308: 1306: 1303: 1301: 1298: 1296: 1293: 1292: 1286: 1285: 1278: 1275: 1273: 1270: 1268: 1265: 1263: 1260: 1258: 1257:Shrinkflation 1255: 1253: 1250: 1248: 1245: 1243: 1240: 1236: 1233: 1232: 1231: 1228: 1226: 1223: 1219: 1216: 1215: 1214: 1211: 1209: 1206: 1202: 1199: 1198: 1197: 1194: 1192: 1189: 1185: 1182: 1180: 1177: 1175: 1172: 1171: 1170: 1167: 1165: 1162: 1160: 1157: 1155: 1154:Interest rate 1152: 1148: 1145: 1143: 1140: 1139: 1138: 1135: 1133: 1130: 1128: 1125: 1121: 1118: 1116: 1113: 1112: 1111:Expectations 1110: 1108: 1105: 1103: 1100: 1098: 1095: 1093: 1090: 1088: 1085: 1083: 1080: 1078: 1075: 1073: 1070: 1069: 1063: 1062: 1058: 1054: 1053: 1050: 1047: 1046: 1042: 1038: 1037: 1027: 1022: 1020: 1015: 1013: 1008: 1007: 1005: 1004: 999: 994: 989: 987: 982: 977: 976: 975: 974: 967: 964: 962: 959: 957: 954: 952: 949: 947: 944: 942: 941:Neoliberalism 939: 937: 934: 932: 929: 927: 924: 922: 919: 917: 914: 912: 909: 907: 904: 902: 899: 897: 894: 892: 889: 887: 886:Authoritarian 884: 882: 879: 878: 872: 871: 864: 861: 859: 856: 854: 851: 849: 846: 844: 841: 839: 836: 834: 831: 829: 826: 824: 821: 819: 816: 814: 813:Globalization 811: 809: 806: 804: 801: 799: 796: 794: 791: 789: 786: 784: 781: 779: 776: 774: 773:Crisis theory 771: 769: 766: 764: 761: 759: 756: 754: 751: 749: 746: 745: 739: 738: 731: 728: 726: 723: 721: 718: 716: 713: 711: 708: 706: 703: 701: 698: 696: 693: 691: 688: 686: 683: 681: 678: 676: 673: 671: 668: 666: 663: 661: 658: 656: 653: 651: 648: 646: 643: 641: 638: 636: 633: 632: 629:Intellectuals 626: 625: 618: 617:Technological 615: 613: 610: 608: 605: 603: 600: 598: 595: 593: 590: 588: 585: 583: 580: 578: 575: 573: 570: 568: 565: 563: 560: 558: 555: 553: 550: 548: 545: 544: 538: 537: 530: 527: 525: 522: 520: 517: 515: 512: 510: 507: 505: 502: 500: 497: 495: 492: 490: 487: 486: 480: 479: 472: 469: 467: 464: 462: 459: 457: 454: 452: 449: 447: 444: 442: 439: 437: 434: 430: 427: 425: 422: 420: 417: 416: 415: 412: 410: 409:Institutional 407: 405: 402: 400: 397: 393: 390: 389: 388: 385: 383: 380: 378: 375: 374: 368: 367: 360: 357: 355: 352: 350: 347: 345: 342: 340: 337: 335: 332: 330: 327: 325: 322: 320: 317: 315: 312: 310: 307: 305: 302: 300: 297: 295: 292: 290: 287: 285: 282: 280: 277: 275: 272: 270: 269: 268:Laissez-faire 265: 263: 260: 258: 255: 253: 250: 248: 245: 243: 242:Authoritarian 240: 238: 235: 234: 228: 227: 220: 217: 215: 212: 210: 209:Surplus value 207: 205: 202: 200: 197: 195: 192: 190: 189:Privatization 187: 185: 182: 180: 177: 175: 172: 170: 167: 165: 162: 160: 157: 155: 152: 150: 147: 145: 142: 140: 137: 135: 132: 130: 127: 125: 122: 120: 117: 115: 112: 110: 107: 105: 102: 100: 97: 95: 92: 90: 87: 85: 82: 80: 77: 75: 72: 70: 67: 65: 62: 60: 57: 56: 50: 49: 46: 43: 42: 38: 34: 33: 30: 19: 10794: 10080:Labor rights 9963:Nordic model 9936:Keynesianism 9935: 9618: 9599:Evolutionary 9531:Contemporary 9510:Neoclassical 9455:Distributist 9400:Mercantilism 9387:Early modern 9300:Publications 9256:Publications 9223: 8819:Neoclassical 8809:Mercantilism 8752: 8718:Evolutionary 8580:Sociological 8553: / 8451:Geographical 8431:Evolutionary 8406:Digitization 8371:Agricultural 8334:Econometrics 8262:Price theory 8170:Janet Yellen 8120:Ricardo Reis 8095:Paul Krugman 8075:Mark Gertler 8040:Alan Blinder 8030:Ben Bernanke 7957:Hyman Minsky 7922:Richard Kahn 7902:Wynne Godley 7854:Robert Solow 7834:Don Patinkin 7784:Alvin Hansen 7724: 7672: 7634: 7603: 7591: 7572:Trans-action 7571: 7564: 7561:. Routledge. 7558: 7543: 7533: 7527: 7518: 7514: 7510: 7487:. Retrieved 7467: 7445: 7421: 7405:. Retrieved 7385: 7359: 7337: 7333: 7323: 7313: 7285: 7267: 7263: 7240: 7237: 7230: 7218:. Retrieved 7214:the original 7204: 7192:. Retrieved 7188:the original 7178: 7159: 7153: 7134: 7128: 7117:the original 7096: 7092: 7052: 7044: 7028: 7003: 6995: 6962: 6958: 6952: 6929: 6923: 6904: 6885: 6865: 6845: 6826: 6807: 6798: 6794: 6788: 6779: 6773: 6765: 6746: 6738: 6722: 6714: 6709: 6697:. Retrieved 6682: 6672: 6663: 6657: 6648: 6642: 6630:. Retrieved 6623:the original 6612:John Quiggin 6602: 6590:. Retrieved 6576:, June 2007" 6573: 6566: 6554:. Retrieved 6545: 6535: 6516: 6510: 6501: 6495: 6486: 6480: 6461: 6442: 6436: 6410: 6404: 6393:, retrieved 6373: 6369: 6356: 6341: 6336: 6317: 6306: 6282: 6272: 6262:10 September 6260:. Retrieved 6245: 6233:. Retrieved 6222: 6193: 6189: 6184: 6172:. Retrieved 6161: 6151: 6139:. Retrieved 6112: 6086:. 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Retrieved 5738: 5729: 5721: 5716: 5708: 5703: 5695: 5690: 5683:Econometrica 5682: 5677: 5669: 5664: 5655: 5647: 5642: 5634: 5630: 5621: 5612: 5603: 5595: 5591: 5586: 5577: 5568: 5559: 5551: 5546: 5537: 5528: 5519: 5506: 5493: 5484: 5475: 5467: 5463: 5450: 5441: 5432: 5407: 5401: 5393: 5388: 5380: 5375: 5367: 5362: 5354: 5349: 5341: 5336: 5328: 5323: 5315: 5310: 5302: 5297: 5290: 5286: 5281: 5273: 5268: 5261:Mercantilism 5260: 5255: 5250:, pp105-107. 5247: 5242: 5234: 5229: 5221: 5220:See Dimand, 5216: 5208: 5203: 5195: 5191: 5183: 5179: 5171: 5166: 5158: 5153: 5145: 5141: 5133: 5128: 5121: 5117: 5112: 5104: 5099: 5091: 5086: 5078: 5073: 5054: 5045: 5039: 5030: 5024: 5016: 5011: 5003: 4998: 4990: 4985: 4977: 4972: 4964: 4959: 4951: 4946: 4938: 4933: 4925: 4920: 4912: 4907: 4898: 4889: 4877:. Retrieved 4857: 4846: 4836: 4826: 4809: 4805: 4799: 4787:. Retrieved 4778: 4768: 4757:, retrieved 4737: 4733: 4720: 4701: 4673: 4667: 4655:. Retrieved 4646: 4636: 4617: 4608: 4596:. Retrieved 4587: 4578: 4566:. Retrieved 4557: 4547: 4450: 4441: 4424:inflationism 4414: 4369: 4360: 4329: 4307:Paul Krugman 4301: 4291:Paul Krugman 4287:John Quiggin 4284: 4269: 4258: 4243: 4238: 4232: 4197: 4185: 4166: 4151: 4133:Alan Blinder 4130: 4121: 4113: 4087:", yielding 4082: 4051: 4038: 4023: 3995: 3980: 3968: 3953: 3937:World War II 3934: 3899: 3890: 3880: 3875: 3869: 3867: 3862: 3856: 3848: 3844: 3842: 3838: 3834: 3831: 3821:The Listener 3819: 3815: 3813: 3808: 3802: 3800: 3795: 3792: 3784: 3777: 3745: 3743: 3735: 3723: 3718: 3714: 3711: 3692: 3683: 3672: 3665: 3661:public goods 3654: 3648:rather than 3643: 3633: 3612:neoclassical 3605: 3597:World War II 3590: 3583: 3577: 3570: 3566:expansionary 3565: 3561: 3554: 3539: 3516: 3498: 3492:October 2015 3489: 3470: 3440: 3434:October 2015 3431: 3412: 3384: 3377: 3371: 3370:Please help 3367: 3339: 3333: 3331: 3324: 3319: 3315: 3313: 3308: 3304: 3300: 3296: 3292: 3288: 3284: 3280: 3276: 3272: 3268: 3264: 3260: 3256: 3252: 3248: 3242: 3237: 3233: 3230: 3210: 3206: 3201: 3197: 3193: 3189: 3187: 3174: 3167: 3160: 3140: 3136: 3132: 3130: 3123: 3119: 3112: 3108: 3104: 3100: 3095: 3087: 3084:Alvin Hansen 3079: 3073: 3054: 3046: 3042: 3038: 3034: 3032: 3023: 3019: 3011: 3007: 3003: 2999: 2997: 2992: 2988: 2984: 2980: 2972: 2968: 2964: 2962: 2957: 2953: 2949: 2945: 2935: 2908: 2906: 2902: 2897: 2892: 2888: 2883: 2879: 2877: 2866: 2844: 2825: 2820: 2816: 2812: 2808: 2804: 2800: 2798: 2786: 2782: 2778: 2774: 2764: 2762: 2754:money supply 2751: 2746: 2730: 2726: 2722: 2713: 2709: 2706: 2700: 2697: 2692: 2679: 2657: 2650: 2639: 2634: 2622: 2620: 2602: 2600: 2588: 2575: 2572:Unemployment 2571: 2566: 2561: 2558: 2542: 2538: 2533: 2514:Julius Wulff 2511: 2507: 2494: 2489: 2483: 2477: 2475: 2471: 2467: 2462: 2456: 2452: 2450: 2444: 2442: 2433: 2426: 2420: 2416: 2413: 2405: 2401:Alvin Hansen 2397:Richard Kahn 2392: 2384: 2380: 2370: 2354:general glut 2352: 2338: 2329: 2314: 2309: 2291: 2284: 2282: 2269: 2263: 2261: 2249: 2243: 2230: 2188: 2183: 2161: 2136: 2121: 2094: 2080: 2034:World War II 2019: 2000: 1994: 1970:central bank 1959: 1919:Keynesianism 1918: 1917:; sometimes 1871: 1870: 1746:Paul Krugman 1691:Hyman Minsky 1651:Alvin Hansen 1535: 1534: 1480: 1475: 1438:Econometrics 1415:Overshooting 1368:Harrod–Domar 1363:Arrow–Debreu 1310:Central bank 1277:Unemployment 1267:Supply shock 1225:Money supply 1102:Disinflation 1097:Demand shock 863:Wage slavery 803:Evergreening 514:Mercantilism 461:Neoclassical 413: 289:Mercantilist 266: 199:Rent seeking 164:Visible hand 29: 18:Keynesianism 10839:Supply-side 10174:Tripartisme 10169:Trade union 10075:Land reform 9956:Revisionist 9754:Supply-side 9677:Neo-Marxian 9490:Marginalism 9420:Late modern 9405:Physiocrats 9094:von Neumann 8863:Supply-side 8848:Physiocracy 8792:Marginalism 8481:Information 8421:Engineering 8401:Development 8396:Demographic 8267:Game theory 8244:Theoretical 8130:David Romer 8105:Marc Melitz 8100:Greg Mankiw 8055:Brad DeLong 7967:Basil Moore 7947:Marc Lavoie 7887:Evsey Domar 7859:James Tobin 7809:James Meade 7418:Hicks, John 7407:28 November 7099:(1): 5–36. 6751:Tyler Cowen 6395:5 September 6141:20 November 6088:20 November 6070:: 109–129. 5541:Chapter 18. 5532:Chapter 10. 5479:Chapter 11. 4779:Der Spiegel 4759:5 September 4588:www.imf.org 4517:Game theory 4502:Consumerism 4432:(Karl) Marx 4303:Brad DeLong 4296:James Tobin 4235:Paul Sweezy 4201:Taylor rule 4188:monetarists 4097:stagflation 4006:stagflation 3960:Abba Lerner 3883:James Meade 3650:substitutes 3645:complements 3426:introducing 3318:, then the 3245:IS-LM model 2685:consumption 2568:A. C. Pigou 2564:newspaper. 2490:culs-de-sac 2486:James Meade 2457:culs-de-sac 2132:marginalist 1990:depressions 1626:Léon Walras 1520:Supply-side 1353:Accelerator 1262:Stagflation 1247:Price level 1142:Demand-pull 946:Objectivism 931:Libertarian 848:Speculation 768:Consumerism 602:Progressive 541:Development 524:Physiocracy 471:Supply-side 279:Libertarian 257:Free-market 237:Anglo-Saxon 219:Wage labour 174:Marginalism 144:Free market 99:Corporation 10925:Categories 10897:Circuitism 10870:Chartalism 10812:Monetarism 10788:Mainstream 10607:Woodsworth 10432:Hilferding 10292:Betancourt 10282:Ben-Gurion 10157:Capitalism 10132:Secularism 10065:Gradualism 10060:Fair trade 10028:Industrial 9734:Regulation 9660:Monetarism 9646:Circuitism 9594:Ecological 9562:Chartalism 9542:Behavioral 9485:Manchester 9480:Malthusian 9438:Birmingham 9395:Cameralism 9379:Modern era 9353:Pre-modern 9251:Economists 9124:Schumacher 9029:Schumpeter 8999:von Wieser 8919:von Thünen 8879:Economists 8778:Circuitism 8743:Humanistic 8738:Historical 8713:Ecological 8703:Democratic 8676:Chartalism 8666:Behavioral 8629:Mainstream 8590:Statistics 8585:Solidarity 8506:Managerial 8471:Humanistic 8466:Historical 8411:Ecological 8376:Behavioral 8070:Jordi Galí 7942:Jan Kregel 7937:Steve Keen 7799:John Hicks 7789:Roy Harrod 7726:Keynesians 7489:7 November 6666:: 398–405. 6592:2 February 6235:7 February 5845:8 November 5711:..., 2008. 5563:Chapter 3. 5488:Chapter 8. 4598:2 November 4539:References 4497:Adam Smith 4449:argues in 4416:F.A. Hayek 4362:posited a 4324:See also: 4223:See also: 4182:Monetarism 4176:Monetarism 4068:, and the 4011:monetarism 3907:Free Trade 3754:Monetarist 3409:references 3373:improve it 3227:IS–LM plot 3179:John Hicks 2884:multiplier 2848:wage units 2829:John Hicks 2701:propensity 2689:investment 2478:pari passu 2453:cul-de-sac 2408:multiplier 2148:See also: 2090:real terms 2036:, and the 1966:recessions 1681:John Hicks 1611:Adam Smith 1569:Circuitism 1559:Ecological 1547:Chartalism 1498:Monetarism 1476:Mainstream 1373:Solow–Swan 1348:Multiplier 1305:Commercial 1201:Endogenous 1159:Investment 926:Liberalism 911:Humanistic 896:Democratic 875:Ideologies 710:Schumpeter 456:Monetarist 387:Chartalism 334:Regulatory 309:Neoliberal 262:Humanistic 45:Capitalism 10858:Heterodox 10834:Stockholm 10795:Keynesian 10711:Socialism 10699:Communism 10666:By region 10612:Zhordania 10552:Plekhanov 10517:MacDonald 10512:Luxemburg 10407:Gaitskell 10367:Daszyński 10327:Callaghan 10287:Bernstein 10227:Third Way 10162:Socialism 10120:Socialism 10110:Reformism 10045:Dirigisme 10018:Democracy 9973:Socialism 9809:Economics 9744:Stockholm 9619:Keynesian 9584:Cracovian 9533:(20th and 9522:Socialist 9505:Mutualism 9448:Ricardian 9443:Classical 9169:Greenspan 9134:Samuelson 9114:Galbraith 9084:Tinbergen 9024:von Mises 9019:Heckscher 8979:Edgeworth 8858:Stockholm 8853:Socialist 8753:Keynesian 8733:Happiness 8693:Classical 8654:Mutualism 8649:Anarchist 8634:Heterodox 8531:Personnel 8491:Knowledge 8456:Happiness 8446:Financial 8416:Education 8391:Democracy 8326:Empirical 8236:Economics 8060:Huw Dixon 7594:(1969) 7383:(1995) . 6938:cite book 6782:: 92–105. 6323:pp. 88–89 5749:13 August 5424:1464-3545 5383:, p. 193. 5370:, p. 193. 5292:, p. 101. 5276:, pp117f. 5094:, p. 119. 5081:, pp102f. 4980:., p. 38. 4954:., p. 36. 4928:., p. 23. 4789:13 August 4657:23 August 4052:Multiple 3996:With the 3847:entitled 3617:crowd out 3608:classical 3379:talk page 3080:Economics 2627:Say's Law 2562:The Times 2359:deflation 2321:Say's law 2042:oil shock 2009:-focused 1955:inflation 1947:inflation 1779:Economics 1621:Karl Marx 1536:Heterodox 1515:Stockholm 1481:Keynesian 1252:Recession 1147:Cost-push 1137:Inflation 1092:Deflation 966:Third Way 956:Privatism 916:Inclusive 901:Dirigisme 695:von Mises 582:Illiberal 562:Corporate 557:Community 504:Feudalism 414:Keynesian 404:Classical 247:Corporate 59:Austerity 10865:Austrian 10577:Stauning 10497:Lévesque 10482:Lassalle 10462:Kerensky 10452:Katayama 10417:González 10352:Crosland 10332:Cárdenas 10317:Branting 10247:Ambedkar 10194:Variants 10023:Economic 10006:Concepts 9951:Orthodox 9926:Humanism 9834:Degrowth 9769:Virginia 9609:Freiburg 9604:Feminist 9557:Carnegie 9547:Buddhist 9515:Lausanne 9470:Georgism 9433:Austrian 9280:Category 9260:journals 9246:Glossary 9199:Stiglitz 9164:Rothbard 9144:Buchanan 9129:Friedman 9119:Koopmans 9109:Leontief 9089:Robinson 8974:Marshall 8824:Lausanne 8728:Georgism 8723:Feminist 8671:Buddhist 8661:Austrian 8560:Regional 8536:Planning 8511:Monetary 8441:Feminist 8386:Cultural 8381:Business 7675:magazine 7582:Archived 7503:Archived 7483:Archived 7443:(1984). 7420:(1967). 7401:Archived 7356:(1953). 7113:55652693 7084:(2007). 7061:Archived 7037:Archived 6913:Archived 6894:Archived 6874:Archived 6854:Archived 6835:Archived 6815:Archived 6758:Archived 6731:Archived 6693:Archived 6583:Archived 6556:15 April 6550:Archived 6469:Archived 6386:archived 6326:Archived 6280:(1987). 6256:Archived 6229:Archived 6168:Archived 6135:Archived 6082:Archived 6022:Archived 5932:Archived 5899:Archived 5892:"Inicio" 5870:Archived 5839:Archived 5812:Archived 5785:Archived 5743:Archived 5659:On p115. 5396:, p. 76. 5394:op. cit. 5392:Dimand, 5381:op. cit. 5368:op. cit. 5355:op. cit. 5353:Dimand, 5342:op. cit. 5329:op. cit. 5316:op. cit. 5303:op. cit. 5274:op. cit. 5272:Dimand, 5248:op. cit. 5246:Dimand, 5235:op. cit. 5233:Dimand, 5222:op. cit. 5107:, pp92f. 5105:op. cit. 5103:Dimand, 5092:op. cit. 5079:op. cit. 5077:Dimand, 5062:Archived 5002:Dimand, 4993:., p133. 4989:Dimand, 4976:Dimand, 4963:Dimand, 4950:Dimand, 4937:Dimand, 4924:Dimand, 4873:Archived 4834:(1892). 4783:Archived 4750:archived 4651:Archived 4592:Archived 4568:13 March 4562:Archived 4469:See also 4153:theory. 2646:friction 2195:John Law 2064:sparked 1763:See also 1542:Austrian 1300:Monetary 1289:Policies 1120:Rational 1115:Adaptive 1041:a series 1039:Part of 793:Cronyism 705:Rothbard 680:Marshall 665:Friedman 597:Merchant 552:Consumer 547:Advanced 382:Austrian 377:American 304:National 299:Monopoly 252:Dirigist 154:Investor 64:Business 53:Concepts 37:a series 35:Part of 10887:Marxian 10692:Related 10678:Germany 10673:Austria 10597:Whitlam 10587:Den Uyl 10567:Sanders 10562:Russell 10532:Morales 10522:Mandela 10457:Kautsky 10442:Jenkins 10422:Goulart 10377:Douglas 10267:Awolowo 10252:Allende 10179:Welfare 10038:Marxist 9946:Marxism 9897:History 9787:Related 9574:Chicago 9295:Outline 9266:Schools 9258: ( 9219:Piketty 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