By A. Thirlwall
ISBN-10: 1137409479
ISBN-13: 9781137409478
This quantity of essays includes 16 papers that the writer has written over the past 40 years on a variety of features of the existence and paintings of John Maynard Keynes and Nicholas Kaldor. The essays hide either theoretical and utilized issues, and spotlight the continuing relevance of Keynesian and Kaldorian principles for knowing the functioning of capitalist economies. Kaldor was once one of many first economists to be switched over to the Keynesian revolution within the mid-1930s, and he by no means misplaced the religion, so there has been a robust affinity among them. yet whereas Keynes revolutionised employment conception, Kaldor's significant challenge within the latter a part of his lifestyles was once with the idea and utilized economics of monetary progress. The papers on Keynes frequently relate to protecting Keynesian economics opposed to his classical and monetarist critics and exhibiting how Keynesian principles relate to constructing economies and the functioning of the area economic system normally. The papers on Kaldor provide a cartoon of his existence and function as coverage consultant, and description his imaginative and prescient of the expansion and improvement approach inside of areas; inside nations, and in addition on the planet economic climate as a complete.
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Additional resources for Essays on Keynesian and Kaldorian Economics
Example text
This was the chief message which Keynes intended to convey. It was also the message which economists found most difficult to accept – at least all those who regarded the Walrasian model of the economy as the valid paradigm of the functioning of a market economy (and they comprised a far wider group than those who actually studied Walras). e. 12) But in the absence of these twin assumptions the mere existence of competition between sellers (‘firms’) will not in itself ensure the full utilization of resources unless all firms expand in concert.
Com - licensed to Monash University - PalgraveConnect - 2015-03-08 38 39 there is an inverse relationship between real wages and employment. There is no mention of imperfect competition or its consequences in the General Theory. 24 Clearly the assumption of the prevalence of involuntary unemployment (which implies that the real wage is in excess of the marginal disutility of labour) is less plausible, or less intuitively obvious, when one assumes that increased employment is associated with lower real wages than when one assumes, on the contrary, that a larger volume of production and employment would be associated with higher real wages.
In a paper published in early 193517 I showed that imperfect competition requires the assumption of falling long run cost curves (increasing returns to scale) up to some minimum level of output which is significant in relation to the size of the market as a whole. Given this fact, the competition of potential new producers will come to a halt when any benefit gained from selling a smaller output at a higher price is offset, or more than offset, by the higher cost per unit of the smaller output – when the demand curve for the products of the firm becomes ‘tangential’ to the cost curve.
Essays on Keynesian and Kaldorian Economics by A. Thirlwall
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