It was not a coincidence, or a misinterpretation of Keynes, that the first great development of the theory by his disciples was the stagnation thesis, that the war was regarded as a superlative demonstration of what could be accomplished to sustain employment by a really adequate volume of effective demand, and that the weight of expectation of Keynesian economists was that we would relapse after the war into mass unemployment unless vigorous antideflation measures were pursued. There is no better short statement of the stagnation thesis than that given by Keynes: “The richer the community, the wider will tend to be the gap between its actual and its potential production; and therefore the more obvious and outrageous the defects of the economic system…. Not only is the marginal propensity to consume weaker in a wealthy community, but, owing to its accumulation of capital being already larger, the opportunities for further investment are less attractive.”
Economia
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- John Stuart Mill
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- Crescimento Econômico - A Discussão Atual
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Edmund Phelps, director of the Center on Capitalism and Society, Columbia University, who won the 2006 Nobel Prize for economics, writes: "What theory can we use to get us out of the impending slump quickly and reliably? To use the “new classical”...
Economia
A grande estagnação que nunca apareceu
Quotation of the Day…
… is from pages 275-276 of John H. Williams’s May 1948 American Economic Review essay “An Appraisal of Keynesian Economics“ (ellipses original to Williams’s essay; Williams’s quotation of Keynes is from page 31 of Keynes’s The General Theory):
loading...
- Ler Os Outros: Keynes And The Moderns - Krugman
É o título da apresentação de Paul Krugman numa conferência em Cambridge, Reino Unido, disponível aqui, um texto que apesar de excessivamente político é estimulantemente provocador e interessante, referindo, por exemplo, que: "inflows of capital...
- Keynes Foi Um Keynesiano?
Was Keynes a Keynesian? Send to Kindle By Stephen Hicks December 29, 2015 1 John Maynard Keynes’s main claim to fame is his advocacy of deficit spending as a tool of economic recovery. In a depressed economy, the argument runs, the...
- John Stuart Mill
Steven Kates, “Reassessing the Political Economy of John Stuart Mill” In this month's Liberty Matters online discussion we reassess the economic ideas of John Stuart Mill as found in his classic work Principles of Political Economy (1st...
- Crescimento Econômico - A Discussão Atual
Joel Mokyr on Growth, Innovation, and Stagnation Joel Mokyr Hosted by Russ Roberts Joel Mokyr of Northwestern University talks with EconTalk host Russ Roberts about the future of the American economy. Mokyr rejects the claims that the we are entering...
- Se Precisa Nova Teoria Econômica
Edmund Phelps, director of the Center on Capitalism and Society, Columbia University, who won the 2006 Nobel Prize for economics, writes: "What theory can we use to get us out of the impending slump quickly and reliably? To use the “new classical”...