Retrospectives Lord Keynes and Mr. Say: A Proximity of Ideas (original) (raw)
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Contemporary Post Keynesian Analysis
Produce, supply, sell, buy: the inflection of a few verbs is sufficient to express the essential phenomena of a mercantile economy. This simplicity is, however, illusory. Even though these actions are carried out self-confidently by individuals, the conjugation of the verbs, in the discourse of economists, is far from being a trivial task. Impasses and controversies surround issues which can only be deemed basic. There is, for instance, an insuperable disagreement regarding the definition of the essential properties of a mercantile economy. Mercantile, and therefore monetary, according to Marxists, Institutionalists, and Post-Keynesians (monetary and therefore non-ergodic, the latter would add; see Davidson, 1982). Nevertheless, the hegemonic tradition intrepidly proceeds, clinging to the conception of the mercantile economy as being essentially an economy of direct exchanges (see, for instance, the assessment by Hahn, 1982). The law of markets is one of the recurrent themes in economic debate. Over the last decades, a large number of interpreters have sought to establish the 'final truth' regarding it. The debate carried out by the mainstream proceeded, essentially, to rehabilitate the law, exempting it from the criticism of Keynes. In Schumpeter (1954), it becomes a precursor of Keynesian Macroeconomics. In Becker and Baumol (1960) it coincides with the notion, essential to the neoclassical synthesis, of the existence of a price level compatible with general equilibrium. It is 'the beginning of sound thinking in macroeconomics', for Blaug (1962:149) and, in the opinion of Clower and Leijonhufuvd (1973), it is an essential proposition for the elaboration of any economic theory. In its more recent transmutation, it is seen as a predecessor to the New Keynesian theories on economic fluctuations or as a full-fledged classical theory of recession and involuntary unemployment, perversely disfigured by Keynes' interpretation (see Jonsson, 1997, and Kates, 1997, 1998).
ON THE HISTORY OF ECONOMIC THOUGHT
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History of Economic Thought Economics 970
Mailbox: 2nd floor of Littauer Office Hours: By appointment Course Description This sophomore tutorial is an intensive course in the intellectual history of political economy. It will focus on exposing students to the great figures in the development of our discipline through a careful reading of their major works. Through this experience, students will not only improve their understanding of economic reasoning and analysis, but also gain a unique appreciation of how modern economics evolved into its present form. The first third of the course is devoted to classical economics. To set the scene for the rise of modern political economy, we will briefly discuss political debates on foreign trade and the national economy and early efforts at economic analysis in the 17th and 18th centuries, covering Mun, Petty, Hume, and Quesnay. We will then spend four weeks reading major works by Smith, Ricardo, Malthus, Say, Mill, and Marx. This section of the course will pay particular attention to classical ideas of price and value, distribution and social classes, population growth, economic growth and long-run trends, gluts and economic crises, the economic role of the state, and international trade. The second third of the course covers the rise of neoclassicism. We will read works by Jevons, Menger, Marshall, Edgeworth, Cournot, Walras, Pareto, Pigou, and others. In the process, we will seek to understand the new vision, tools of analysis, and assumptions that defined neoclassical economics, and we will relate this material both to the first part of the course and to what students have learned in their intermediate theory classes. Among other topics, we will discuss marginalism, general equilibrium, and welfare economics.
Analysis of J. Keynes's Contribution in the Development of Economic Theory
Proceedings of Scientific Works of Cherkasy State Technological University Series Economic Sciences
The article describes the educational and scientific university environment in which Keynes's talent was formed, as well as the Bloomsbury Circle of Intellectuals, in which Keynes occupied a prominent place. The formation of Keynes's specific approach to economic problems, which combine the analysis of real problems, theory and formulation of the practical proposals, is considered on the example of the early work of Keynes in the 1910s. The article argues that Keynesianism is the real engine of the modern economy. Keynes developed methods and apparatus by which the conceptual vision of economics is transformed into concrete representations of the economic theory. After a long journey, shown in his works ("General Theory of Employment, Interest and Money"), Keynes developed his vision of economic and social phenomena as an analytically functional analysis, and finally destroyed the logical capacity of people's faith in the ability of a free market economy to aut...
Topics in the history of economic thought. Winter semester 2024/25
The seminar is divided in three distinct sections that focus on the historical and methodological dimensions of economics as an autonomous social science. The first section is intended to provide an overview of the history of economic ideas, from ancient and medieval to modern economic thought. The second section explores the methodological controversies accompanying the rise of Economics to the status of an autonomous and well-articulated academic discipline during the late 18th, 19th and early 20th centuries. The third part investigates a set of contemporary critical and heterodox approaches that seek to challenge established paradigms and research traditions that dominated the field and more specifically, the assumptions of mainstream, neoclassical economics.