Naslov
Leijonhufvud's interpretation of J.M.Keynes (monetary economics) revisited

Autori
Letunić, Stijepo ; Dragičević, Marija

Vrsta, podvrsta i kategorija rada
Poglavlja u knjigama, znanstveni

Knjiga
DAAAM Scientific Book 2015

Urednik/ci
Katalinić, Branko

Izdavač
DAAAM International Vienna

Grad
Beč

Godina
2015

Raspon stranica
31-39

ISBN
978-3-902734-05-1

Ključne riječi
Keynes, (Neo) Classicals, Monetary Theory, Price Vector, Neo-Keynesianism

Sažetak
Liberation from Say's law (by Keynes) resulted in macroeconomics as economics sub-discipline. Keynes's „General theory“ can be regarded as a special case of the Classical theory. At Keynes present are two revolutions. Consequences of the General Theory were to establish "Keynesianism" as a third body of analysis antithetical to traditional monetary approaches and unrelated to value theory. In general competitive equilibrium theory present is "absence of money illusion“. Keynes' diagnosis of depressions is - the general level of long-term asset prices is lower than warranted. Keynes assumes that wealth effect affects current consumption in the same direction as the substitution effect. Speculative activity plays large role. Keynes' critics have cast him in the mold of a "static and non-historical" system. At Neo - Keynesianism premise is that there are institutional barriers to prices flexibility which lead to imbalance vectors.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

Napomena
DOI: 10.2507/daaam.scibook.2015.03.

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