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Author: John Maynard Keynes
Publisher: Atlantic Publishers & Dist
ISBN: 9788126905911
Category : Business & Economics
Languages : en
Pages : 410
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Book Description
John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
Author: John Maynard Keynes
Publisher: Atlantic Publishers & Dist
ISBN: 9788126905911
Category : Business & Economics
Languages : en
Pages : 410
Get Book Here
Book Description
John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
Author: Jan Toporowski
Publisher: Oxford University Press
ISBN: 0192548220
Category : Business & Economics
Languages : en
Pages : 234
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Book Description
Interest and Capital brings together Michał Kalecki's published fragments on monetary theory and policy to explore his distinctive approach to money and its circulation in the capitalist economy. Toporowski lays out Kalecki's critique of the international monetary arrangements proposed by Keynes and White at Bretton Woods, casting new light on the international monetary imbalances that have since disrupted the international economy. The greater importance of debt management revealed in Kalecki's monetary analysis makes it particularly relevant to the policy dilemmas of developing countries and governments facing high levels of debt in the wake of recent global crises. In Kalecki's theoretical approach, money has both an industrial and a financial circulation. Corporate finance takes its place at the centre of monetary considerations because it is the money of capitalists that is the autonomous determinant of expenditure in the economy. This theory has important implications for the rate of interest, which is not related to the rate of profit, nor to the kind of portfolio adjustments necessary to maintain portfolio equilibrium, but to the kind of financing that may prevail in any given phase of the business cycle.
Author: John Maynard Keynes
Publisher:
ISBN: 9781107677722
Category :
Languages : en
Pages : 0
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Book Description
Author: Mateusz Machaj
Publisher: Lexington Books
ISBN: 1498557554
Category : Business & Economics
Languages : en
Pages : 215
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Book Description
Is macroeconomic equilibrium possible under capitalism? How do economic bubbles develop? How does a monetary system influence the market mechanism? Is the return on capital a beneficial feature of the economic system? How does complexity of a capitalist organization influence the market process? Can output under capitalism be easily measured and modeled? Such questions and many others relate to the central concept discussed in the book: heterogeneous structure of production, an envisioned theoretical connection between stages of the capitalist process. An inquiry into the functioning of a capital structure is necessary to understand the workings of the interest rate, savings, aggregate demand, and economic growth. Additionally it provides a theoretical framework to recognize consequences of monetary regimes and interest rate policies performed by the central banks. Capital structure concepts have their place at the center of economic theory as they can provide a broad range of insights into our understanding of the real world. Money, Interest, and the Structure of Production offers key insights in that direction.
Author: Eugen von Böhm-Bawerk
Publisher: Ludwig von Mises Institute
ISBN: 1610163648
Category : Capital
Languages : en
Pages : 468
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Book Description
Author: Ronald I. McKinnon
Publisher: Brookings Institution Press
ISBN: 9780815718499
Category : Business & Economics
Languages : en
Pages : 204
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Book Description
This books presents a theory of economic development very different from the "stages of growth" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. He suggests a "bootstrap" approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. In addition to challenging much of the conventional wisdom of development, the author's revision of accepted monetary theory may be relevant for mature economies that face monetary problems.
Author: Friedrich August Hayek
Publisher:
ISBN: 9780226320922
Category : Business & Economics
Languages : en
Pages : 196
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Book Description
Author: Knut Wicksell
Publisher: Ludwig von Mises Institute
ISBN: 1610164253
Category : Interest
Languages : en
Pages : 275
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Book Description
Author: Katharina Pistor
Publisher: Princeton University Press
ISBN: 0691208603
Category : Business & Economics
Languages : en
Pages : 315
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Book Description
"Capital is the defining feature of modern economies, yet most people have no idea where it actually comes from. What is it, exactly, that transforms mere wealth into an asset that automatically creates more wealth? The Code of Capital explains how capital is created behind closed doors in the offices of private attorneys, and why this little-known fact is one of the biggest reasons for the widening wealth gap between the holders of capital and everybody else. In this revealing book, Katharina Pistor argues that the law selectively "codes" certain assets, endowing them with the capacity to protect and produce private wealth. With the right legal coding, any object, claim, or idea can be turned into capital - and lawyers are the keepers of the code. Pistor describes how they pick and choose among different legal systems and legal devices for the ones that best serve their clients' needs, and how techniques that were first perfected centuries ago to code landholdings as capital are being used today to code stocks, bonds, ideas, and even expectations--assets that exist only in law. A powerful new way of thinking about one of the most pernicious problems of our time, The Code of Capital explores the different ways that debt, complex financial products, and other assets are coded to give financial advantage to their holders. This provocative book paints a troubling portrait of the pervasive global nature of the code, the people who shape it, and the governments that enforce it."--Provided by publisher.
Author: James Tobin
Publisher: McGraw-Hill/Irwin
ISBN:
Category : Business & Economics
Languages : en
Pages : 360
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Book Description
This long-awaited book, coauthored by Nobel laureate and Yale University emeritus professor Tobin, is the essential guide to monetary theory for those who need the best available, most authoritative economic explanations. This fundamental introduction includes authoritative coverage of the mechanisms of the Federal Reserve and how its policies affect investment activity via interest rates and the credit offered to private borrowers.
