A History of Post Keynesian Economics Since 1936

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Edward Elgar Publishing, Apr 26, 2002 - Business & Economics - 316 pages
This text provides a history of the post Keynesian approach to economics since 1936. The author locates the origins of these economics in the conflicting interpretations of Keynes' General Theory and in the complementary work of Michael Kalecki.

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Contents

I
1
II
12
IV
15
V
18
VI
25
VII
30
VIII
35
X
39
XLII
145
XLIII
149
XLIV
152
XLV
155
XLVI
159
XLVII
161
XLIX
165
L
172

XI
42
XII
46
XIII
49
XIV
53
XV
56
XVII
59
XVIII
64
XIX
67
XX
71
XXI
77
XXII
79
XXIV
85
XXV
90
XXVI
95
XXVII
100
XXVIII
103
XXX
105
XXXI
110
XXXII
114
XXXIII
121
XXXV
123
XXXVI
125
XXXVII
132
XXXVIII
136
XXXIX
139
XLI
141
LI
174
LII
179
LIII
181
LV
184
LVI
189
LVII
192
LVIII
197
LIX
203
LXI
206
LXII
209
LXIII
211
LXIV
214
LXV
219
LXVI
221
LXVIII
223
LXIX
225
LXX
229
LXXI
233
LXXII
240
LXXIV
246
LXXV
255
LXXVI
261
LXXVII
299
LXXVIII
305
Copyright

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Page 121 - Autobiography, sadly remarked that "a new scientific truth does not triumph by convincing its opponents and making them see the light, but rather because its opponents eventually die, and a new generation grows up that is familiar with it.
Page 33 - Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world. It is compelled to be this, because, unlike the typical natural science, the material to which it is applied is, in too many respects, not homogeneous through time.
Page 31 - The whole object of the accumulation of wealth is to produce results, or potential results, at a comparatively distant, and sometimes at an indefinitely distant, date. Thus the fact that our knowledge of the future is fluctuating, vague and uncertain, renders wealth a peculiarly unsuitable subject for the methods of the classical economic theory.
Page 32 - The sense in which I am using the term is that in which the prospect of a European war is uncertain, or the price of copper and the rate of interest twenty years hence, or the obsolescence of a new invention, or the position of private wealth owners in the social system in 1970. About these matters there is no scientific basis on which to form any calculable probability whatever. We simply do not know.
Page 38 - Now, it is clear that they may decide to consume and to invest more in a certain short period than in the preceding period, but they cannot decide to earn more. It is therefore their investment and consumption decisions which determine profits, and not the other way round.
Page 93 - ... period of production' an independent measure of the quantity of capital which could be used, without arguing in a circle, for the determination of prices and of the shares in distribution. But the case just considered seems conclusive in showing the impossibility of aggregating the 'periods...
Page 63 - innovating entrepreneur," whom we dismissed so summarily and rather contemptuously at the beginning, is found, after all, to have an honourable place, or even a key role, in the drama — even though we prefer to endow him with a rather more variegated character. He is a promoter, a speculator, a gambler, the purveyor of economic expansion generally, and not just of the " new " techniques of production.1 NICHOLAS KALDOR King's College, Cambridge.
Page 47 - Indeed, under a regime of permanent full employment, " the sack " would cease to play its role as a disciplinary measure. The social position of the boss would be undermined and the self assurance and class consciousness of the working class would grow.
Page 13 - Even apart from the instability due to speculation, there is the instability due to the characteristic of human nature that a large proportion of our positive activities depend on spontaneous optimism rather than on a mathematical expectation, whether moral or hedonistic or economic. Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as a result of animal spirits - of a spontaneous urge to action rather...
Page 52 - The primary aim of modern warfare (in accordance with the principles of doublethink, this aim is simultaneously recognized and not recognized by the directing brains of the Inner Party) is to use up the products of the machine without raising the general standard of living.

About the author (2002)

J.E. King is Professor of Economics in the Department of Economics and Finance at La Trobe University, Australia

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