Keynes’s General Theory Reconsidered in the Context of the Japanese Economy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Keynes’s General Theory Reconsidered in the Context of the Japanese Economy write by Masayuki Otaki. This book was released on 2016-05-18. Keynes’s General Theory Reconsidered in the Context of the Japanese Economy available in PDF, EPUB and Kindle. This book reconsiders Keynes’s The General Theory of Employment, Interest and Money and establishes a new interpretation. In contrast to the existing models, this book finds that the stickiness in the nominal wage is not crucial for his theory. Moreover, the author has also succeeds in capturing the concept of liquidity in a rigorous mathematical model. In conjunction with the development of the concept of liquidity, the separation of the decision between savings and capital investment, which plays a key role in the principle of effective demand and denies Say’s law, is exactly and originally formulated. The theory thus developed is applicable to elucidating some serious political economic causes that entrap the long-stagnated Japanese economy. For example, an analytical explanation is provided about why disinflation/deflation incessantly progresses despite the exorbitant expansionary monetary policy (ijigen kin-yuu seisaku) by the Bank of Japan. This phenomenon is an unsolvable question from the quantity-theoretic approaches (e.g., monetarism and new Keynesianism) which, although they differ in assumptions concerning the length of adjustment periods, commonly assume that the price level sooner or later rises in proportion to the quantity of money. Owing much to Keynes, the author’s approach considers that the price level is mainly governed by its marginal prime cost which is equal to the nominal wage as a first approximation. As such, the drastically sagging wages during the past 10 years provoke serious disinflation/deflation. It should be noted that this discussion never depends on the quantity of money.
Speculative Bubbles and Monetary Policy
Speculative Bubbles and Monetary Policy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Speculative Bubbles and Monetary Policy write by Masayuki Otaki. This book was released on 2018-12-17. Speculative Bubbles and Monetary Policy available in PDF, EPUB and Kindle. This book works at the intersection of economic theory history. It presents a Keynesian theory with a rigorous dynamic microeconomic foundation that entirely differs from new Keynesian theory and applies it to the Japanese economic history from the 1980s to 2010s.
The General Theory of Employment, Interest, and Money
The General Theory of Employment, Interest, and Money - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The General Theory of Employment, Interest, and Money write by John Maynard Keynes. This book was released on 2021-03. The General Theory of Employment, Interest, and Money available in PDF, EPUB and Kindle. The General Theory of Employment, Interest and Money is Keynes' masterpiece published right after the Great Depression. It sought to bring about a revolution, commonly referred to as the "Keynesian Revolution", in the way economists thought - especially challenging the proposition that a market economy tends naturally to restore itself to full employment on its own. Regarded widely as the cornerstone of Keynesian thought, this book challenged the established classical economics and introduced new concepts. It remains a relevant topic of debate to this day, perhaps more than ever. Given the economic turmoil of recent years, this debate is more heated than ever, between the Keynesian model of economics of Bush and Obama which favors bailouts and other government intervention to try to stabilize the market, and the Austrian school of economics which sees government intervention as detrimental and favors letting the market sort itself out on its own with minimal government interference. You decide.
The General Theory of Employment, Interest and Money by John Maynard Keynes AND Essays In Persuasion by John Maynard Keynes
The General Theory of Employment, Interest and Money by John Maynard Keynes AND Essays In Persuasion by John Maynard Keynes - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The General Theory of Employment, Interest and Money by John Maynard Keynes AND Essays In Persuasion by John Maynard Keynes write by John Maynard Keynes. This book was released on 2009-08-11. The General Theory of Employment, Interest and Money by John Maynard Keynes AND Essays In Persuasion by John Maynard Keynes available in PDF, EPUB and Kindle. This new edition of Keynes' classic text includes a foreword by Paul Krugman.
The General Theory of Employment, Interest, and Money
The General Theory of Employment, Interest, and Money - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The General Theory of Employment, Interest, and Money write by John Maynard Keynes. This book was released on 2017-04-30. The General Theory of Employment, Interest, and Money available in PDF, EPUB and Kindle. The General Theory of Employment, Interest, and Money John Maynard Keynes This book is chiefly addressed to my fellow economists. I hope that it will be intelligible to others. But its main purpose is to deal with difficult questions of theory, and only in the second place with the applications of this theory to practice. For if orthodox economics is at fault, the error is to be found not in the superstructure, which has been erected with great care for logical consistency, but in a lack of clearness and of generality in the pre misses. Thus I cannot achieve my object of persuading economists to re-examine critically certain of their basic assumptions except by a highly abstract argument and also by much controversy. I wish there could have been less of the latter. But I have thought it important, not only to explain my own point of view, but also to show in what respects it departs from the prevailing theory. Those, who are strongly wedded to what I shall call 'the classical theory', will fluctuate, I expect, between a belief that I am quite wrong and a belief that I am saying nothing new. It is for others to determine if either of these or the third alternative is right. My controversial passages are aimed at providing some material for an answer; and I must ask forgiveness If, in the pursuit of sharp distinctions, my controversy is itself too keen. I myself held with conviction for many years the theories which I now attack, and I am not, I think, ignorant of their strong points.
