Keynesian Revolution and Its Critics

This study examines the pioneering economic work by John Maynard Keynes, "The General Theory of Employment, Interest and Money", and attempts to explain, with constant reference to the original sources, the complexity of Keynes' theories and the critical response they evoked.

Inhalt
Part 1 Money in the economy: the institution of money - an introduction; the monetary economy; money, investment and saving - Keynes' crucial distinction, Say's Law in a monetary economy. Part 2 The Keynesian revolution and its critics - Robertsonian economics: Keynes' revolution; the Robertsonian critique; the principle of effective demand; Keynes' theory of investment and saving; Robertson and Keynes or investment and saving; the finance of investment; the rate of interest; a monetary theory of the rate of interest; the conditions for money as the standard; the market rate of interest and its economic significance; the Keynesian economic problem and its solution. Part 3 The Keynesian revolution and its critics - monetarists and Austrians: the consequences of Mr Keynes?; monetarism - the counter-revolution; - Keynes and the "Keynesians"; - rational expectations; the Austrians - tenets of the faith; - Hayek and the trade cycle; - two routes to serfdom; employment policy; the Keynesian revolution in context.