Download Keynes Betrayed: The General Theory, the Rate of Interest by Geoff Tily PDF

By Geoff Tily

This e-book argues that Keynesian economists have betrayed Keynes' idea and coverage conclusions, and that the realm has been misled approximately these guidelines. Keynesians have concentrated realization on regulations for facing results of financial failure as they come up, while Keynes was once involved in the reason after which the prevention of financial failure.

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Extra info for Keynes Betrayed: The General Theory, the Rate of Interest and 'Keynesian' Economics

Sample text

In his Brief Observations Concerning Trade and the Interest of Money, he examined the prosperity of the Netherlands. He addressed mainly the role of the rate of interest but also identified the role of banks: Their use of BANKS, which are of so immence advantage to them, that some not without good grounds have estimated the profit of them to the Publick to amount to at least one million of pounds sterling per annum. [However, discussion focuses on] The Profit That People have received, and any other may receive, by reducing the Interest of Money to a very Low Rate.

Taking the thirteenth century as a more formal starting point, Homer argues that the blossoming of banking and low interest rates is seen first in Italy, then in the Netherlands and then in Britain. After a discussion of the development of banking and bills of exchange centred in thirteenthto fifteenth-century Genoa and Florence (under the Medicis), Homer looks ahead: ‘In the sixteenth century, Lyons and Antwerp developed as financial centres. In the seventeenth century, Amsterdam assumed much of the leadership It was not until the eighteenth century that London became a dominant financial centre’ (p.

CW XII, pp. 772–3) In Schumpeter’s terminology, each of these policy debates set monetary theory against real theory and in each case real theory and associated policy conclusions won the day. Ricardo’s On the Principles of Political Economy and Taxation was actually published during the first controversy (1817) – a context to his theory not usually emphasised. Nevertheless, in each of these debates certain members of the banking school espoused sophisticated monetary analysis despite Ricardo’s subsequent conquest of academic economics.

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