Tag Archives: john maynard keynes

… For those that want to understand how Keynes is relevant for the 21st century I would recommend reading the original books – now in public domain – or modern books from Post-Keynesian/Modern Monetary Theory authors. econoblog 101A short comment on Temin and Vines on KeynesDirk Ehnts | Lecturer at Bard College Berlin

Keeper John Elster quote. Lars P. Syll’s BlogMarx and Keynes on the contradictions of capitalismLars P. Syll | Professor, Malmo University

The first half of the twentieth century was a challenging time for economics. The Great Depression wiped out incomes, investments, and most importantly, optimism. But when the traditional laissez-faire approach proved ineffective, the work of Keynes and FDR showed that there was another way. The New Deal employed American workers directly and restored confidence among business owners. Today, we could benefit from a similar program. It’s time for a new New Deal, or a Job Guarantee Program,...

Insightful post on international finance. Short.The Case for Concerted ActionChristine Lagarde On Germany’s Balance Of Payments V. Ramanan

Interesting Keynes quote. Was Keynes a Postmodernist?Conversable EconomistWhat Economists Need from their Readers: Goodwill, Intelligence Co-operationTimothy Taylor | Managing editor of the Journal of Economic Perspectives, based at Macalester College in St. Paul, Minnesota

Brad rates this as a should-read. For anyone interested in Keynesianism, Post Keynesianism and MMT, the history of economics, or economic theory, it is a must-read. Conventional economists have apparently concluded that they don't need to read it if they even thought about, which most probably haven't, being under the spell of the "normal paradigm" in spite of its poor results empirically.Washington Center for Equitable GrowthJohn Maynard Keynes: Essays In Biography Brad DeLong Here...

Roger Farmer is out with an argument for the optimal level of public debt being 70% of GDP. Ralph provides the MMT answer. It is nicely succinct. MMTers have solved this one. Others are still floundering, in particular Roger Farmer in this NIESR article on the subject, is all over the place far as I can see (1). So I’ll run thru this vexed question for the umpteenth time.... Farmer bills himself as a Keynesian. Ralph reminds us of the answer Keynes himself gave to the question of public...

Fun if you are interested in Joan Robinson, Ludwig Wittgenstein, Cambridge of the Twenties, and enjoy personal anecdotes. Incidentally, I am surprised and not surprised that Joan Robinson confessed to not understand the first propositions of Wittgenstein's Tractatus Logico-Philosophicus. I am not surprised in that they sound like metaphysical statements and many if not most readers are at least initially confused by this appearance.  I am surprised, however, than Robinson did not...

In a recent post, David Glasner tackles an aspect of John Maynard Keynes’ General Theory of Employment, Interest, and Money. In Chapter 11 of the GT (The Marginal Efficiency of Capital), Keynes questions the meaningfulness of the Fisher equation, suggesting that the decomposition of nominal return into its real and expected inflation components may have a (rough) connection to the marginal efficiency of capital but not to the interest rate. David claims this view is inconsistent with...

Geoff Tily in his paper on Keynes (pdf) has this quote (from the Collected Writings): S = I at all rates of investment. Y either definable as C+S or as C+I. S and I were opposite facets of the same phenomenon they did not need a rate of interest to bring them into equilibrium for they were at all times and in all conditions in equilibrium. (CW XXVII, pp 388–9) This is very enlightening. The “General Theory” also contained the issue of savings and investment, but the quote above nails it....