By Toshiaki Hirai
Comprehensive and authoritative, this ebook, written by means of a well-known authority at the topic explores the contributions to trendy economics by way of John Maynard Keynes and addresses overlooked, but an important facets of the genesis of Keynesian economics.
In this booklet, the writer elucidates Keynes’ improvement as an fiscal theoretician via an exam of his books, articles, quite a few manuscripts, lecture notes and arguable correspondence. Departing from a story account and interpreting strategies of theory-building and re-building which represent Keynes’s highbrow trip from the Tract to the final thought, this quantity indicates Keynes’ theoretical improvement as a theoretical hypothesis.
An very good exposition of Keynes’ contribution, it is a worthy addition to the bookshelves of all to scholars and researchers attracted to Keynes and extra greatly the historical past of financial notion and macroeconomics.
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Extra info for Keynes's Theoretical Development: From the Tract to the General Theory
Sample text
1, p. 171) Keynes argues (i) with the ‘second fundamental equation’ in mind. The first point in (ii) is based on the ‘TM supply function’ (to be explained below) in the investment goods sector, the second on the ‘first fundamental equation’. 15 Keynes’s understanding of savings and investment runs as follows. The income of society is partly spent on consumption, the rest being saved. Saving is a passive act of individuals while investment is a positive act of entrepreneurs. Keynes takes investment from the supply side, which reflects the lack in investment theory in the Treatise.
Qxd 20/8/07 8:57 PM Page 27 Wicksell’s influences on Keynes 27 each good increases or decreases. Changes in relative prices apply to consumer goods and various producer goods. Thus there occurs a change in the price margin between successive stages of production. Producer goods consisting of non-specific and specific goods shift so as to be used in higher (lower) stages of production. The production structure becomes longer (shorter), and the volume of output of consumer goods increases (decreases).
Keynes was devoted to his friends, as the following episode – just one of many – illustrates. When Lytton Strachey, Duncan Grant and others had to appear before tribunals as conscientious objectors, Keynes went to great lengths to defend them. qxd 20/8/07 8:57 PM Page 35 The life of Keynes 35 who had been assigned to do agricultural labour: ‘I went to the Pelham this morning, feeling almost as nervous as though it was a Tribunal over again. . The commissioner was very polite, the chairman slightly hostile .