The General Theory of Employment, Interest, and Money
The General Theory of Employment, Interest, and Money

Author: John Maynard Keynes

Publisher: Springer

Published: 2018-07-20

Total Pages: 430

ISBN-13: 3319703447

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

Monetary Theory
Monetary Theory

Author: Alan A. Rabin

Publisher: Edward Elgar Publishing

Published: 2004-01-01

Total Pages: 322

ISBN-13: 1843769794

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This is a valuable and scholarly contribution to modern monetary theory. It keeps alive the ideas of monetary disequilibrium proposed by such writers as Clower, Leijonhufvud, Yeager and Laidler. While so much of monetary theory has focused on aggregate issues of how national income and the rate of inflation are determined, making use of large scale general equilibrium models, this work aims at the more fundamental question of how monetary factors facilitate the realization of gains from trade at the micro level, how they affect adjustment processes that work in individual markets, and how the interaction between these individual adjustment processes determines the performance of the overall economic system. The book is definitely worth the attention of any serious student of money. Peter Howitt, Brown University, US Alan Rabin argues that new Keynesian and new classical macroeconomics, which have dominated the literature and textbooks, have crowded the monetary-disequilibrium hypothesis, or orthodox monetarism, off the intellectual stage. Trying to remedy this imbalance, the author concentrates on what he judges to be the essentials of monetary theory. Emphasizing money s fundamental role in lubricating exchanges and promoting economic coordination, Alan Rabin argues that when the lubricant goes awry, so do the processes being lubricated. Monetary disequilibrium can have repercussions that last months and even years. The book presents the author s interpretation of Yeager s enormous contributions to monetary theory, especially his development of monetary-disequilibrium theory, while also building on the contributions of Patinkin, Clower, Leijonhufvud, Barro and Grossman, and Laidler. A unique hybrid of treatise and graduate text, Monetary Theory fills a tremendous void in the current literature and will be of interest to scholars and students of monetary theory and economic thought.

Jean-Baptiste Say
Jean-Baptiste Say

Author: John Cunningham Wood

Publisher: Taylor & Francis

Published: 2000

Total Pages: 304

ISBN-13: 9780415193443

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Jean-Baptiste Say (1767-1832) is remembered primarily for Say's Law, one of the cornerstones of classical economics. The success of his Traite d'economie Politique made Say the best-known expositor of Adam Smith in Europe and America, and he became France's first professor of political economy.The set covers the following themes: * Say in the history of economics* classical statements on Say's Law* later statements on Say's Law (the prelude to the General Theory)* the Keynesian Revolution and the attack on Say's Law* Lange, Say's Law and the demand for money* modern reconstructions of Say's Law* commentaries on classical views relating to Say's Law* Retrieving the classical understanding of Say's Law.

The Value of Money
The Value of Money

Author: Prabhat Patnaik

Publisher: Columbia University Press

Published: 2009-04-02

Total Pages: 279

ISBN-13: 0231519214

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Why is money more valuable than the paper on which it is printed? Monetarists link the value of money to its supply and demand, believing the latter depends on the total value of the commodities it circulates. According to Prabhat Patnaik, this logic is flawed. In his view, in any nonbarter economy, the value we assign to money is determined independently of its supply and demand. Through an original and provocative critique of monetarism, Patnaik advances a revolutionary understanding of macroeconomics that highlights the "propertyist" position of Karl Marx and John Maynard Keynes. Unlike the usual division between "classical" economists (e.g., David Ricardo and Marx) and the "marginalists" (e.g., Carl Menger, William Stanley Jevons, and Léon Walras), Patnaik places "monetarists," including Ricardo, on one side, while grouping propertyist writers like Marx, Keynes, and Rosa Luxemburg on the other. This second group subscribes to the idea that the value of money is given from outside the realm of supply and demand, therefore making money a form in which wealth is held. The fact that money is held as wealth in turn gives rise to the possibility of deficiency of aggregate demand under capitalism. It is no accident that this possibility was highlighted by Marx and Keynes while going largely unrecognized by Ricardo and contemporary monetarists. At the same time, Patnaik points to a weakness in the Marx-Keynes tradition namely, its lack of any satisfactory explanation of why the value of money, determined from outside the realm of supply and demand, remains relatively stable over long stretches of time. The answer to this question lies in the fact that capitalism is not a self-contained system but is born from a precapitalist setting with which it interacts and where it creates massive labor reserves that, in turn, impart stability to the value of money. Patnaik's theory of money, then, is also a theory of imperialism, and he concludes with a discussion of the contemporary international monetary system, which he terms the "oil-dollar" standard.