Keynes's General Theory and Accumulation
Keynes's General Theory and Accumulation

Author: Athanasios Asimakopulos

Publisher: Cambridge University Press

Published: 1991-06-28

Total Pages: 232

ISBN-13: 9780521368155

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This book makes Keynes's writing on his General Theory accessible to students by presenting this theory in a careful, consistent manner that is faithful to the original. Keynes's theory continues to be important, because the issues it raised, such as the problems of involuntary unemployment, the volatility of investment, and the complexity of monetary arrangements in modern capitalist economies, are still with us. Keynes's method of analysis, which tries to allow for the complications of dealing with historical time, deserves the careful attention given in this book. Keynes's formal analysis dealt only with a short period of time during which changes in productive capacity as a result of net investment were small relative to initial productive capacity. Roy Harrod and Joan Robinson were the two most prominent followers of Keynes who attempted to extend his analysis to the long period by allowing for the effects of investment on productive capacity as well as on effective demand. The careful examination of their writings on this topic is a natural complement to the presentation of Keynes's General Theory and makes clear the severe limitations on any use of equilibrium concepts in dealing with accumulation in models that try to observe Keynes's warnings about an unknowable future in the type of world we inhabit.

General Theory Of Employment , Interest And Money
General Theory Of Employment , Interest And Money

Author: John Maynard Keynes

Publisher: Atlantic Publishers & Dist

Published: 2016-04

Total Pages: 410

ISBN-13: 9788126905911

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John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning

Keynes and Marx
Keynes and Marx

Author: Bill Dunn

Publisher: Manchester University Press

Published: 2021-07-06

Total Pages: 435

ISBN-13: 1526154919

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Keynes was an elitist and pro-capitalist economist, whom the left should embrace with caution. But his analysis provides a concreteness missing from Marx and engages with critical issues of the modern world that Marx could not have foreseen. This book argues that a critical Marxist engagement can simultaneously increase the power of Keynes’s insight and enrich Marxism. To understand Keynes, whose work is liberally invoked but seldom read, Dunn explores him in the context of the extraordinary times in which he lived, his philosophy, and his politics. By offering a detailed overview of Keynes’s critique of mainstream economics and General Theory, Dunn argues that Keynes provides an enduringly valuable critique of orthodoxy. The book develops a Marxist appropriation of Keynes’s insights, arguing that a Marxist analysis of unemployment, capital and the role of the state can be enriched through such a critical engagement. The point is to change the world, not just to understand it. Thus the book considers the prospects of returning to Keynes, critically reviewing the practices that have come to be known as ‘Keynesianism’ and the limits of the theoretical traditions that have made claim to his legacy.

The Economic Consequences of the Peace
The Economic Consequences of the Peace

Author: John Maynard Keynes

Publisher: Simon Publications LLC

Published: 1920

Total Pages: 312

ISBN-13: 9781931541138

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John Maynard Keynes, then a rising young economist, participated in the Paris Peace Conference in 1919 as chief representative of the British Treasury and advisor to Prime Minister David Lloyd George. He resigned after desperately trying and failing to reduce the huge demands for reparations being made on Germany. The Economic Consequences of the Peace is Keynes' brilliant and prophetic analysis of the effects that the peace treaty would have both on Germany and, even more fatefully, the world.

The Essential Keynes
The Essential Keynes

Author: John Maynard Keynes

Publisher: Penguin UK

Published: 2015-04-30

Total Pages: 654

ISBN-13: 0141397365

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Edited with an introduction by ROBERT SKIDELSKY 'Many of the greatest economic evils of our time are the fruits of risk, uncertainty, and ignorance' John Maynard Keynes was the most influential economist, and one of the most influential thinkers, of the twentieth century. He overturned the orthodoxy that markets were optimally self-regulating, and instead argued for state intervention to ensure full employment and economic stability. This new selection is the first comprehensive single-volume edition of Keynes's writings on economics, philosophy, social theory and policy, including several pieces never before published. Full of irony and wit, they offer a dazzling introduction to a figure whose ideas still have urgent relevance today. John Maynard Keynes (1883-1946) is widely considered to have been the most influential economist of the 20th century. His key books include The Economic Consequences of the Peace (1919); A Treatise on Probability (1921); A Tract on Monetary Reform (1923); A Treatise on Money (1930); and his magnum opus, the General Theory of Employment, Interest, and Money (1936). Robert Skidelsky is Emeritus Professor of Political Economy at Warwick. His three-volume biography of Keynes received numerous awards, including the Lionel Gelber Prize and the Council on Foreign Relations Prize.

Capital, Accumulation, and Money
Capital, Accumulation, and Money

Author: L.D. Taylor

Publisher: Springer Science & Business Media

Published: 2013-03-09

Total Pages: 271

ISBN-13: 1475747098

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Capital, Accumulation, and Money: An Integration of Capital, Growth, and Monetary Theory is a book about capital. A root concept of capital is developed which allows for most existing concepts of capital to be unified and related to one another in consistent fashion. Such a root concept of capital offers a framework for integrating monetary and capital theory, and for analyzing the functioning of an economy, whether that economy is in a steady state of subsistence or in a process of sustainable growth. Specifically, it is shown that a conservation principle emerges that both implies and imposes a variety of constraints on the macro behavior of an economy, constraints which make for straightforward understanding and analysis of such concepts as the real stock of money, real-balance effects, and the general price level. New and illuminating insights are also provided into aggregate supply and demand, natural and money rates of interest, the relationship between real and monetary economies, and economic growth and development.

Keynes Against Capitalism
Keynes Against Capitalism

Author: James Crotty

Publisher: Routledge

Published: 2019-04-29

Total Pages: 411

ISBN-13: 0429877064

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Keynes is one of the most important and influential economists who ever lived. It is almost universally believed that Keynes wrote his magnum opus, The General Theory of Employment, Interest and Money, to save capitalism from the socialist, communist, and fascist forces that were rising up during the Great Depression era. This book argues that this was not the case with respect to socialism. Tracing the evolution of Keynes’s views on policy from WWI until his death in 1946, Crotty argues that virtually all post-WWII "Keynesian" economists misinterpreted crucial parts of Keynes’s economic theory, misunderstood many of his policy views, and failed to realize that his overarching political objective was not to save British capitalism, but rather to replace it with Liberal Socialism. This book shows how Keynes’s Liberal Socialism began to take shape in his mind in the mid-1920s, evolved into a more concrete institutional form over the next decade or so, and was laid out in detail in his work on postwar economic planning at Britain’s Treasury during WWII. Finally, it explains how The General Theory provided the rigorous economic theoretical foundation needed to support his case against capitalism in support of Liberal Socialism. Offering an original and highly informative exposition of Keynes’s work, this book should be of great interest to teachers and students of economics. It should also appeal to a general audience interested in the role the most important economist of the 20th century played in developing the case against capitalism and in support of Liberal Socialism. Keynes Against Capitalism is especially relevant in the context of today’s global economic and political crises.

Keynes
Keynes

Author: Fausto Vicarelli

Publisher: University of Pennsylvania Press

Published: 2015-09-30

Total Pages: 212

ISBN-13: 1512819891

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This book is a volume in the Penn Press Anniversary Collection. To mark its 125th anniversary in 2015, the University of Pennsylvania Press rereleased more than 1,100 titles from Penn Press's distinguished backlist from 1899-1999 that had fallen out of print. Spanning an entire century, the Anniversary Collection offers peer-reviewed scholarship in a wide range of subject areas.

Working with the Grain
Working with the Grain

Author: Brian Levy

Publisher: Oxford University Press

Published: 2014

Total Pages: 285

ISBN-13: 0199363803

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The development discourse has long been dominated by best practices prescriptions for reform, but these are not a useful way of responding to the governance ambiguities of the early 21st century. Working with the Grain draws on both innovative scholarship and Brian Levy's quarter century of experience at the World Bank to lay out an alternative-a practical, analytically grounded, "with-the-grain" approach to reducing poverty and addressing weaknesses in governance. Best practice prescriptions confuse the goals of development with the journey of getting from here to there. A strong rule of law, capable and accountable governments, and a flexible, level playing field business environment are indeed desirable end points. But the ability to describe well-governed states does not conjure them into existence. If the only available actions are all or nothing, then efforts at change will almost certainly fall short, leading to disillusion and despair. By contrast, this book takes as its point of departure the realities of a country's economy, polity and society, and directs attention towards the challenges of initiating and sustaining forward development momentum. The book: -- distinguishes among four broad groups of countries, according to whether polities are dominant or competitive, and whether institutions are personalized or impersonal -- identifies alternative options for governance and policy reform-top down options which endeavor to strengthen formal institutions, and options supporting the emergence of "islands of effectiveness" -- explores how to identify entry points for change where there is a good fit between divergent country contexts and alternative options for reform. Sometimes the binding constraint to forward movement can be institutional, making governance reform the priority; at other times, the priority can better be on inclusive growth. Taking the decade-or-so time horizon of practitioners, the aim is to nudge things along-seeking gains that initially may seem quite modest but sometimes can give rise to a cascading sequence of change for the better.