Keynes's Theoretical Development: From the Tract to the by Toshiaki Hirai

By Toshiaki Hirai

Comprehensive and authoritative, this e-book, written through a well-known authority at the topic explores the contributions to trendy economics via John Maynard Keynes and addresses missed, but the most important facets of the genesis of Keynesian economics.

In this e-book, the writer elucidates Keynes’ improvement as an financial theoretician via an exam of his books, articles, a variety of manuscripts, lecture notes and debatable correspondence. Departing from a story account and interpreting tactics of theory-building and re-building which represent Keynes’s highbrow trip from the Tract to the overall conception, this quantity indicates Keynes’ theoretical improvement as a theoretical hypothesis.

An first-class exposition of Keynes’ contribution, it is a beneficial addition to the bookshelves of all to scholars and researchers attracted to Keynes and extra commonly the heritage of financial suggestion and macroeconomics.

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Extra resources for Keynes's Theoretical Development: From the Tract to the General Theory

Sample text

7 The natural rate of interest is defined as ‘the rate of interest which would be determined by supply and demand if . . all lending were effected in the form of real capital goods’ (Wicksell, 1898, p. 102). It fluctuates incessantly due to technical progress, which belongs to the theory of relative prices. Any change in the natural rate triggers a change in the price level. The banking system is assumed to have no rapid access to the information on changes in the natural rate which industry is taken to have.

Now, this theory can be expressed as the dynamic process consisting of Mechanisms 1, 2 and 3 (see Section I(1(B)) of Chapter 5 of the present book). B After the Treatise, and the General Theory After the Treatise Keynes went on applying ‘Keynes’s own theory’ until mid-1932, disregarding Wicksellian theory. Subsequently, he proposed a simultaneous equation system at the end of 1932. We should note, moreover, that the General Theory rejects the TCP. Rather, he stresses the need to allow for interaction in the working of the economy, and to admit equality of saving and investment (see Section I(1) of Chapter 13 of the present book).

Equations (2)–(6) complete the system. This holds good in each period. Income and the profit margin are subjectively expected concepts. The entrepreneurs determine, based on the profit margin, the amount of investment, which is realised due to ‘freie Valuta’ and is injected into the production stage of intermediate goods. The demand for consumption goods ascertained through equation (2) determines the price level together with the volume of production ascertained through the roundabout production mechanism.

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