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Tag Archives: Keynesian Revolution

Laissez-faire policies, self-adjusting market system, and neoliberalism

Classical political economics was in part a discourse for the rising bourgeoisie, and as such most of its members – that accepted some version of the labor theory of value and that distribution was conflictive – were for laissez-faire policies. That was certainly the case of the Physiocrats, and of Adam Smith and David Ricardo, the two most accomplished of the British political economists.However, the classical analytical scheme did not assume full employment of labor or that the economic...

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The relevance of Keynes’s General Theory after 80 years

By Thomas Palley, Louis-Philippe Rochon and Matías Vernengo*This year marks two important anniversaries in macroeconomics: the 80th anniversary of the publication of Keynes's The General Theory of Employment, Interest and Money (1936), and the 70th anniversary of Keynes's premature death, at the age of 63. To mark these anniversaries, the first issue of the fourth year of the Review of Keynesian Economics is dedicated to Keynes.The issue contains a symposium of papers titled ‘The...

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Reading Keynes in Buenos Aires

Keynes reading (not the same) New paper just published in the Cambridge Journal of Economics. From the abstract: Keynes had a profound influence on Prebisch in terms of the diagnosis about the main failures of market economies and the need to pursue pro-active and anti-cyclical policies. However, Prebisch was critical of some aspects of Keynes’s General Theory of Employment, Interest and Money, in particular on the theory of interest and the multi- plier. His attitude can be explained by...

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