Classical Macroeconomics: Some Modern Variations and DistortionsRoutledge, 2003 M05 22 - 272 páginas John Maynard Keynes failed to correctly interpret classic economic concepts, and dismissed the classical explanations and conclusions as being irrelevant to the world in which we live. The trauma of the Great Depression and Keynes's changed definition of economic concepts, aided by Eugen Bhm-Bawerk, have made it difficult for modern economists to |
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... labor markets, the price (cost) of loanable "capital" or interest rates at different degrees of risk associated with borrowers, as well as the value of money (currency) itself or the price level. The classical economists also believed ...
... labor markets, the price (cost) of loanable "capital" or interest rates at different degrees of risk associated with borrowers, as well as the value of money (currency) itself or the price level. The classical economists also believed ...
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... labor" (316), is an unhelpful diversion from Smith's own analysis. Both productive and unproductive laborers have the same need for food and water to live. Supply is determined by the labor and toil (costs) involved in bringing a ...
... labor" (316), is an unhelpful diversion from Smith's own analysis. Both productive and unproductive laborers have the same need for food and water to live. Supply is determined by the labor and toil (costs) involved in bringing a ...
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... , Smith also relies on the notion of opportunity costs - what is to be had in place of another - taking into account community values of the worth of productive factors, including labor, "capital" 1 ( ) The classical theory of value.
... , Smith also relies on the notion of opportunity costs - what is to be had in place of another - taking into account community values of the worth of productive factors, including labor, "capital" 1 ( ) The classical theory of value.
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... labor, "capital" (loanable funds out of savings), and land. Thus, Smith explains: There is in every society or ... labor theory of value, which claims that it is only the quantity of labor employed in producing a commodity that ...
... labor, "capital" (loanable funds out of savings), and land. Thus, Smith explains: There is in every society or ... labor theory of value, which claims that it is only the quantity of labor employed in producing a commodity that ...
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Contenido
1 | |
7 | |
On the definition of money Classical vs modern | 29 |
The classical theories of interest the price level and inflation | 57 |
Keyness misinterpretation of the classical theory of interest | 79 |
The Austrians capital and the classical theory of interest | 96 |
Wicksell on the classical theories of money credit interest and the price level | 114 |
Fisher the classics and modern macroeconomics | 133 |
Full employment Keyness mistaken attribution to the classics | 158 |
Hicks the ISLM model and the success of Keyness distortions of classical macroeconomics | 177 |
The mythology of the Keynesian multiplier | 192 |
Conclusion | 211 |
Notes | 220 |
Bibliography | 234 |
Index | 245 |
The classical theory of growth and Keyness paradox of thrift | 144 |
Otras ediciones - Ver todas
Classical Macroeconomics: Some Modern Variations and Distortions James C.W. Ahiakpor Vista previa limitada - 2003 |
Classical Macroeconomics: Some Modern Variations and Distortions James C. W. Ahiakpor Vista previa limitada - 2003 |
Classical Macroeconomics: Some Modern Variations and Distortions James C. W. Ahiakpor Sin vista previa disponible - 2006 |
Términos y frases comunes
A.C. Pigou Adam Smith Ahiakpor Alfred Marshall argues Austrian bank deposits Bohm-Bawerk borrowers central bank changes Chapter claim classical arguments classical economics classical economists classical macroeconomics classical theory commodities consumption spending criticism David Ricardo definition of money demand and supply demand for capital demand for money demand theory determination economic growth emphasis added employed equilibrium exchange value explains financial assets Fisher full employment Hawtrey Hayek Hicks hoarding of cash ibid income inflation IS-LM model italics in original J.S. Mill Keynes Keynesian multiplier labor lend loanable funds loans long run Malthus Marshall's measure of value modern macroeconomics money cash money currency paper money paradox of thrift Pigou price level profits purchase quantity of money quantity theory rate of interest recognize restatement rise Robertson Say's Law short run Smith WN supply and demand supply of money theory of interest theory of value tion value of money wages Wicksell Wicksell's