Search results

1 – 10 of over 4000

Abstract

Details

Documents related to John Maynard Keynes, institutionalism at Chicago & Frank H. Knight
Type: Book
ISBN: 978-1-78350-061-1

Keywords

To view the access options for this content please click here
Book part
Publication date: 16 December 2017

Masazumi Wakatabe

This chapter investigates the nature of the transformation of macroeconomics by focusing on the impact of the Great Depression on economic doctrines. There is no doubt…

Abstract

This chapter investigates the nature of the transformation of macroeconomics by focusing on the impact of the Great Depression on economic doctrines. There is no doubt that the Great Depression exerted an enormous influence on economic thought, but the exact nature of its impact should be examined more carefully. In this chapter, I examine the transformation from a perspective which emphasizes the interaction between economic ideas and economic events, and the interaction between theory and policy rather than the development of economic theory. More specifically, I examine the evolution of what became known as macroeconomics after the Depression in terms of an ongoing debate among the “stabilizers” and their critics. I further suggest using four perspectives, or schools of thought, as measures to locate the evolution and transformation; the gold standard mentality, liquidationism, the Treasury view, and the real-bills doctrine. By highlighting these four economic ideas, I argue that what happened during the Great Depression was the retreat of the gold standard mentality, the complete demise of liquidationism and the Treasury view, and the strange survival of the real-bills doctrine. Each of those transformations happened not in response to internal debates in the discipline, but in response to government policies and real-world events.

Details

Including a Symposium on New Directions in Sraffa Scholarship
Type: Book
ISBN: 978-1-78714-539-9

Keywords

To view the access options for this content please click here
Book part
Publication date: 30 September 2016

Carlo Cristiano

Marshall, Pigou, and Keynes on one side of the Atlantic, and Fisher on the other, had different approaches to the quantity theory of money. But they shared its basic…

Abstract

Marshall, Pigou, and Keynes on one side of the Atlantic, and Fisher on the other, had different approaches to the quantity theory of money. But they shared its basic framework, with the result that theoretical discussions did not prevent some degree of mutual support on policy proposals. If a divergence there was, at this stage, this pertained the feasibility of Fisher’s proposals, because Fisher’s enthusiasm for reform could find no match at Cambridge. This notwithstanding, and although in varying degrees, Marshall, Pigou, and Keynes were sympathetic with Fisher’s battle for “stable money.” Indeed, a fragment from the Keynes Papers shows that, at a very early stage of his career, Keynes paid great attention to Fisher’s empirical research on the relationship between “Appreciation and interest,” taking the relation between nominal and real rates of interest as a possible explanation of the trade cycle. For some time at least, this widened the common ground upon which Fisher’s proposals for “stable money” could find some support at Cambridge.

Details

Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-78560-962-6

Keywords

To view the access options for this content please click here
Book part
Publication date: 19 August 2019

Hélène de Largentaye

The 40-letter correspondence concerning the French translation of The General Theory, between John Maynard Keynes and his translator, Jean de Largentaye, is a testimony of…

Abstract

The 40-letter correspondence concerning the French translation of The General Theory, between John Maynard Keynes and his translator, Jean de Largentaye, is a testimony of their close collaboration, which also involved Piero Sraffa in 1938 and 1939. Largentaye’s lexicon appears at the end of the French edition, providing definitions in French of technical terms used by Keynes. After its publication by Payot in 1942, the French edition of The General Theory was well received in France and no doubt contributed to the economic and social successes of the country in the subsequent 25 years.

Details

Including a Symposium on Ludwig Lachmann
Type: Book
ISBN: 978-1-78769-862-8

Keywords

To view the access options for this content please click here

Abstract

Details

Histories of Economic Thought
Type: Book
ISBN: 978-0-76230-997-9

To view the access options for this content please click here
Article
Publication date: 1 March 1984

Hans E. Jensen

Kendall P. Cochran has claimed that John Maynard Keynes “developed a theory that would try ‘to account for things as they are’. In so doing he became another important…

Abstract

Kendall P. Cochran has claimed that John Maynard Keynes “developed a theory that would try ‘to account for things as they are’. In so doing he became another important social economist.

Details

International Journal of Social Economics, vol. 11 no. 3/4
Type: Research Article
ISSN: 0306-8293

To view the access options for this content please click here
Book part
Publication date: 18 April 2015

Harald Hagemann

The first foreign-language publication of The General Theory of Employment, Interest and Money by John Maynard Keynes was published in German in the same year as the…

Abstract

The first foreign-language publication of The General Theory of Employment, Interest and Money by John Maynard Keynes was published in German in the same year as the English original in 1936. The article discusses some quality problems of the translation, but focuses in particular on the controversies which evolved around interpretations of the Preface Keynes wrote for the German edition. Whereas a margin of doubt remains as to the responsibility for the text which finally appeared in German, any accusations that Keynes had sympathies for or was indifferent to the Nazi regime are clearly rejected.

To view the access options for this content please click here
Book part
Publication date: 8 April 2015

Robert W. Dimand

Although the global economic crisis that began in 2007 has renewed interest in Keynes among the wider educated public, graduate courses in macroeconomics usually teach…

Abstract

Although the global economic crisis that began in 2007 has renewed interest in Keynes among the wider educated public, graduate courses in macroeconomics usually teach little about Keynes and the issues he analyzed, and what little they teach is often wrong (e.g., that Keynes assumed an arbitrarily fixed money wage rate or that he ignored expectations). Consequently, as macroeconomists turn their attention to the possibility, causes and consequences of financial crises and global depression, they do not have access to the insights into these questions produced by earlier generations of economists. The time and attention constraints of theory courses do not allow simply directing the students to the extensive scholarly literature on the economics of Keynes, so this paper offers a suggested introduction to the economics of Keynes for a graduate course in macroeconomics.

To view the access options for this content please click here
Book part
Publication date: 19 August 2019

Christopher Torr

The Austrian economist Ludwig Lachmann claimed that Keynes was a lifelong subjectivist. To evaluate this, we start by distinguishing Keynes’ writings on probability theory…

Abstract

The Austrian economist Ludwig Lachmann claimed that Keynes was a lifelong subjectivist. To evaluate this, we start by distinguishing Keynes’ writings on probability theory from his writings on economics. In the General Theory (1936), Keynes’ treatment of expectations provides the basis for Lachmann’s view that Keynes was a subjectivist at heart. In his Treatise on Probability (1921), Keynes refers explicitly to the subjectivism–objectivism divide in probability theory and pins his colors to the objectivist mast. In this essay, we present the objectivist slant in Keynes’ earlier writings on probability theory. Thereafter, we evaluate the criteria Lachmann employed to cast Keynes as a subjectivist.

Details

Including a Symposium on Ludwig Lachmann
Type: Book
ISBN: 978-1-78769-862-8

Keywords

To view the access options for this content please click here
Article
Publication date: 1 January 1977

JEREMY BRAY

Keynes' criticisms of Tinbergen's pioneering econometric work are traced back to Keynes' concept of “inductive probability logic”. Induction had already been rejected by…

Abstract

Keynes' criticisms of Tinbergen's pioneering econometric work are traced back to Keynes' concept of “inductive probability logic”. Induction had already been rejected by Popper as the basis of scientific method. He argued that theories could be corroborated but not proved by the failure of attempts to falsify them by observation and experiment. Economic theory is proto‐theory, which is not fully falsifiable, but which yields falsifiable results if appropriate econometric methods, or a method‐theory is applied to it. A useful method‐theory needs to go beyond description and forecasting to policy optimisation.

Details

Journal of Economic Studies, vol. 4 no. 1
Type: Research Article
ISSN: 0144-3585

1 – 10 of over 4000