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| | Keynesian economics - Wikipedia, the free encyclopedia |
 | | According to the Stability and Growth Pact, the countries of the Eurozone in theory have limited possibilities to follow Keynesian fiscal policy since they are required to have an annual budget deficit lower than 3% of GDP. | | | Further, Keynesianism recommends counter-cyclical policies, for example raising taxes when there is abundant demand-side growth to cool the economy and to prevent inflation, even if there is a budget surplus. | | | The Keynesian response is that such fiscal policy is only appropriate when unemployment is persistently high, above what is now termed the "NAIRU". |
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http://en.wikipedia.org/wiki/Keynesian_economics
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| | Christianity and Economics - The Fall of Keynesian Economics |
| | Keynesians attributed the inflation to expansionary budget deficits. | | | Both Keynesians and monetarists agree that it obviously does not benefit the economy if the government pays for the new spending by raising taxes – then the decrease in demand from higher taxes offsets the increase in demand from new spending. | | | In the Keynesian terminology nominal wages are “sticky,” and employers cannot cut their employee’s wages.[xx] Since wages will not adjust downwards, and businesses must pay their employees the same wages they did when the nation had a much higher income, the economy will stay stuck in a recession if left to its own devices. |
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http://www.evangelsociety.org/sherk/keynes.html
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| | Keynesian |
| | Keynesian economics suggest the use of government intervention (expansionary fiscal policy) in times of necessity and this was clearly one of those times. | | | There was a failure on the part of the government to use fiscal policy to regenerate the economy. | | | The federal government expenditures increased from the period of 1933 to 1939 but so did the tax rates in an attempt to balance the federal government’s deficit. |
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http://www.dickinson.edu/~bissingh/Keynesian.htm
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| | TOPIC 15 — KEYNESIAN MACRO-ECONOMICS |
| | Keynesians of varying stripes remain unconvinced while monetarists, new classicals, supply siders, and others argue with varying degrees of conviction that markets are functional and that the economy will tend automatically to find an equilibrium at some level of output consistent with a "natural" rate of unemployment without the help of well-intentioned policy makers. | | | The basic Keynesian model identifies a relationship between total (planned) spending in the economy and the level of total income it will generate. | | | The simple expenditure version of the Keynesian system explains how the equilibrium level of (real) GDP is determined by the relationship between total planned spending and the level of current GDP assuming some given level of all prices. |
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http://www.chass.utoronto.ca/~reak/eco100/100_15.htm
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| | The Keynesian Revolution |
| | Keynesian economics attempts to understand an economy in which everything happens at once and in which money serves as a store of value. | | | The Depression and Keynesianism brought about governments that were also responsible for maintaining high levels of economic growth, low levels of unemployment and a less inequitable distribution of income than would result from market forces alone. | | | Many Keynesians are skeptical of the usefulness of monetary policy in a depression or deep recession. |
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http://distance-ed.bcc.ctc.edu/econ100/ksttext/keynes/keynes.htm
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| | Economics Interactive |
| | Traditional Keynesians subscribe to a school of thought that favors macroeconomic stabilization and management of aggregate demand by government through changes to federal spending and tax policies. | | | The Keynesian monetary transmission mechanism is the idea that changes in the nominal money supply affect consumer spending only indirectly; money à interest rate à investment à income represents the chain of events emanating from a change in the money supply’s rate of growth. | | | The Keynesian structuralist approach to Phillips curves hypothesizes that as unemployment falls and full employment is approached, it becomes increasingly costly to produce extra output; and emphasizes production bottlenecks as foundations for the Phillips curve. |
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http://www.unc.edu/depts/econ/byrns_web/Economicae/EconomicaeK.htm
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| | KEYNESIAN MYTHS |
| | To be consistent with the basic Keynesian vision, an increase in income of, say, ten percent must imply an increase in the employment of labor of ten percent plus corresponding increases in the employment of both land and capital. | | | In the political arena, Keynesian ideas have served as a justification for bridling the market economy with fiscal and monetary policies. | | | The Full-Employment Act of 1946 and much subsequent legislation have allowed policymakers to use the powers of taxing, spending, and money creation in their attempts to achieve the prosperity and stability that is supposedly out of the market's unassisted reach. |
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http://www.auburn.edu/~garriro/fk1hdale.htm
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| | IS MILTON FRIEDMAN A KEYNESIAN? |
| | A sudden collapse in the demand for investment funds, triggered by an irrational and unexplainable loss of confidence in the business community, is followed by multiple rounds of decreased spending and income. | | | The nearly exclusive focus on this particular channel of effects, together with the belief that investment demand is interest-inelastic, accounts for the Keynesian preference for fiscal policy over monetary policy as a means of stimulating or retarding economic activity. | | | Keynesians conceive of a narrowly channeled mechanism through which monetary policy affects national income. |
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http://www.auburn.edu/~garriro/fm2friedman.htm
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| | The Death of Keynesian Economics and New Keynesian Economics |
| | New Keynesian economists spend much of their time trying to determine how policy makers should conduct monetary policy. | | | The challenge for New Keynesian economists is to show that menu costs can be large enough to account for large macroeconomic fluctuations. | | | Menu costs refer to the cost that firms incur when changing their prices. |
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http://darkwing.uoregon.edu/~pshea/Teaching/Econ_313/Lecture_Notes/New_Keynes.html
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| | Milton Friedman, Ex-Keynesian |
| | In Capitalism and Freedom, Friedman challenges the effectiveness of the Keynesian multiplier and declares that the federal budget is the "most unstable component of national income in the postwar period." | | | His reply, couched in Keynesian ideology, mentioned several options: cutting government spending, raising taxes, and imposing price controls. | | | According to Friedman, monetary policy (manipulation of the money supply and interest rates) influences economic activity far more than fiscal policy (taxes and government spending). |
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http://www.mskousen.com/Books/Articles/exkeynes.html
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| | Eastern Economic Journal: impossibility of involuntary unemployment in new Keynesian efficiency wage models, The |
| | Thus, the ability of New Keynesians to explain involuntary unemployment with neoclassical microfoundations seems to collapse to contending that competition is not sufficient to keep firms from unjustly dismissing workers. | | | More specifically, in various New Keynesian efficiency wage models, lower wages (1) increase shirking by reducing the opportunity cost of dismissal, (2) raise turnover costs, (3) adversely affect the quality of job applicants, or (4) invite a "gift" from workers of lower productivity [Gordon, 990, 1157]. | | | Thus, employers in a labor market do not cut wages in light of a fall in labor demand because the consequent loss in productivity would raise unit labor costs and reduce profits. |
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http://www.findarticles.com/p/articles/mi_qa3620/is_199407/ai_n8711557
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| | The Keynesian Model |
| | The "Keynesian Revolution" emphasized markets for goods and services as the source of macroeconomic disturbance and de-emphasized monetary and financial sources. | | | These readings explore the mechanics and implications of the simplest "Keynesian" models that economists have used to explain problems of unemployment and recession. | | | In contrast, the quantity theory of money assumed that the interesting action took place in the market for money balances, and the market for goods and services adjusted. |
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http://ingrimayne.saintjoe.edu/econ/Keynes/Overview12ma.html
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| | Modern Keynesian Macroeconomics -- An Assault on the Human Mind by Andrew West -- Capitalism Magazine |
| | The largest recent experiment in Keynesian policy, Japan's massive public works spending, failed because it was "small and timid," not due to failure of Keynesian theory. | | | Even top professional Keynesian economists predict the future with about the same accuracy as Miss Cleo, though at far greater expense. | | | Whatever hurts "rich people" most and expands the size and scope of the government in the economy is generally the "correct" answer in Keynesian analysis. |
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http://www.capmag.com/article.asp?ID=1452
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| | Eastern Economic Journal: Post Keynesian Economics: Debt, Distribution and the Macro Economy |
| | Following the chapter on endogenous money, Palley throws out the tantalizing notion of "endogenous finance." While one would expect that a theory of the creation of a full range of financial assets is waiting, Palley limits his discussion to the role of trade credit as an alternative to bank loan financing. | | | It attempts to combine endogenous bank lending with asset and liability management decisions of banks. | | | Post Keynesian Economics: Debt, Distribution and the Macro Economy. |
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http://www.findarticles.com/p/articles/mi_qa3620/is_199904/ai_n8845085
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| | Keynesian Theory of Economics |
| | He argued that the economy could settle at any equilibrium level of income at any time, and it was the government job to use appropriate policies to ensure that this equilibrium was a good one for the economy. | | | This means that they recommend that the government gets actively involved in the economy to manage the level of demand. | | | He argued that increases in the money supply would not inevitably lead to increases in inflation. |
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http://interzone.com/~cheung/SUM.dir/econthyk1.html
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| | Krugman the Keynesian - Mises Institute |
| | Krugman is one who believes that "aggregate demand" fueled by consumer spending is economic salvation, so anything that actually cuts the tax rates for highest income earners is heresy to him. | | | Tax cuts must always be undertaken in order to "stimulate aggregate demand," which means they must always be targeted toward those groups who pay the least in taxes. | | | Today, the nation is left with massive public debt, white elephant projects, and rising unemployment and economic uncertainty.) |
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http://www.mises.org/fullstory.asp?control=1318
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| | An Encyclopedia of Keynesian Economics |
| | An alternative story could be told that the U.S. example is one of fiscal demand stimulus (under the banner of supply-side economics), followed by a cyclically balanced budget as the Clinton tax-plan and output increases pushed up tax revenue. | | | Meanwhile the macroeconomy marches forward and policy analysis has become the province of non-economist policy analysts and low-status (within the economics profession) government staff economists. | | | Similar complaints apply to the entries on "Money," "Neutrality of Money: The Keynesian Challenge," "Monetary Policy," and "Business Cycles." |
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http://www.eh.net/bookreviews/library/0182.shtml
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| | NEOCLASSICAL-KEYNESIAN SYNTHESIS |
| | Abba Lerner (1944, 1951) was among the first to recognize the implications of the Keynesian system for government macroeconomic policy: by appropriate fiscal and monetary policies, a government could "steer" the economy away from extremes and thus smooth out the business cycle. | | | Later on, the Neo-Keynesians added the infamous Phillips Curve (Phillips, 1958; Lipsey, 1960) to the system in order to enable them to account for inflation. | | | One of the startling results of the IS-LM model was that it was unable to obtain the Keynesian result of an "unemployment equilibrium". |
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http://cepa.newschool.edu/het/schools/synthesis.htm
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| | Malaspina Great Books - John Maynard Keynes (1883) |
| | He is particularly remembered for advocating interventionist government policy, by which the government would use fiscal and monetary measures to aim to mitigate the adverse effects of economics recessions and booms. | | | His ideas have been further developed by the school of Keynesian economics. |
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http://www.malaspina.org/home.asp?topic=./search/details&lastpage=./search/results&ID=278
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| | Economics - Open Encyclopedia |
| | This includes observable forms of economic activity: money, consumption, preferences, buying, selling, prices etc. Some of the models are simple accounting models, while others postulate specific kinds of economic behavior, such as utility or profit maximization. | | | An example of a model which illustrates both of these aspects, is the classical mathematical formulation of the Keynesian system involving the consumption function and the national income identity. | | | Important schools of thought are Classical economics, Marxian economics, Keynesian economics, Neoclassical economics and New classical economics. |
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http://open-encyclopedia.com/Economics
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| | Chapter 25 |
| | In this way, we integrate the monetary system into the Keynesian approach, gain more understanding of influences on investment spending, and provide a basis for the "Pigou Curve" or "Aggregate Demand Curve." | | | Changes in The Supply and Demand for Loans | | | This chapter extends the Keynesian model to include the interest rate as a link between the quantity of money and investment. |
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http://william-king.www.drexel.edu/top/prin/txt/complete/Ch23ToC.html
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| | Sala-i-Martin's Keynesian Economics |
| | It is commonly agreed that Keynes came up with the idea that public works are the best way to help the economy during a recession. | | | As a result, Keynesian economists seem to have developed a blind faith in the government in general, and in the system of public works in particular. | | | I do not share the same faith in the government. |
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http://www.columbia.edu/~xs23/keynes/keynes1.htm
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| | Eastern Economic Journal: Unemployment, Imperfect Competition, and Macroeconomics: Essays in the Post Keynesian ... |
| | But, the analysis in this chapter incorporates so many features (Eichnerian ideas on the interaction between accumulation and pricing, Kaleckian ideas on the degree of monopoly, Sraffian ideas about equalization of profits, and ideas on debt finance and labor markets) that the role of each feature is left somewhat obscure. | | | Here Sawyer reacts to claims made by Kaldor and others that the economics of Keynes requires the assumption of imperfect competition. | | | A third group of papers (Chapters 6 and 7) deals with the relationship between Keynesian economics and imperfect competition. |
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http://www.findarticles.com/p/articles/mi_qa3620/is_199607/ai_n8733591
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| | networkideas.org - Pricing Theory in Post Keynesian Economics : A Realist Approach |
| | The evidence presented by the author will raise substantial questions about neoclassical accounts of pricing. | | | This book explores the defining features of post Keynesian economics through an examination of pricing, and empirically investigates pricing behaviour from the post Keynesian point of view. | | | The author critically reviews and extends both the econometric and the non-econometric evidence as a basis of understanding the causal processes of pricing. |
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http://www.networkideas.org/book/apr2003/bk08_PPE.htm
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| | Economics [encyclopedia] |
| | After 1945, the main aim of economic policy was to maintain high employment levels. | | | Inflationary pressures were a test of Keynesian economics: monetarist theories were popular in the 1970s as an attempt to reduce inflation, but these are now believed to have contributed to the high levels of unemployment seen in the early 1980s. | | | Microeconomics is the study of the economic problems of firms and individuals, and the way individual elements in an economy behave (such as specific products, commodities, or consumers). |
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http://artzia.com/Society/Economics
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| | A New Guide to Post-Keynesian Economics - Stephen Pressman - Microsoft Reader eBook |
| | Covering such areas as methodology, uncertainty and expectations, distribution, pricing, tax incidence, macrodynamics, inflation, labour and unemployment, theory of the state and international trade, this book provides an outstanding introduction for undergraduate and graduate students to the post keynesian view on how today's economy works and how to improve economic performance. | | | The New Guide reflects the changes that have occurred in post Keynesian thought as well as developments that have taken place in the world economy since the 1970s. | | | A sequel t Alfred S. Eichner's seminal 198 volume, A Guide to Post Keynesian Economics, this edited volume provides a comprehensive introduction to the Post Keynesian position on key issues confronting economists and public policy makers. |
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http://www.ebookmall.com/ebook/82028-ebook.htm
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| | bibkeynes |
| | Is critical realism the appropriate basis for Post Keynesianism? | | | The role of the gold standard in Keynesian monetary theory | | | Lee, Frederic S. Pricing, the Pricing Model and Post-Keynesian Price Theory |
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http://www.econ.utah.edu/hesa/bibliography/bibkeynesv2.htm
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| | EconPapers: Technology Shocks in the New Keynesian Model |
| | New Economics Papers: this item is included in nep-dge | | | These results weaken the links between the current generation of New Keynesian models and the real business cycle models from which they were originally derived; they also suggest that Federal Reserve ocials have often faced dicult trade-offs in conducting monetary policy. | | | Abstract: In a New Keynesian model, technology and cost-push shocks compete as terms that stochastically shift the Phillips curve. |
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http://econpapers.repec.org/paper/bocbocoec/536.htm
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| | The Eighth International Post Keynesian Workshop, June 19-29 - www.ezboard.com |
| | The summer school will be of particular interest to graduate students and recent graduates. | | | Well-known Post Keynesian economists from around the world will be the teaching staff at the school. | | | The Journal of Post Keynesian Economics, the University of Missouri, Kansas City and the Center for Full Employment and Price Stability are pleased to host the Eighth International Post Keynesian Workshop in 2004. |
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http://p200.ezboard.com/ficapefrm7.showMessage?topicID=12.topic
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| | SSRN-Epistemic Causality and Hard Uncertainty: A Keynesian Approach by Alessandro Vercelli |
| | The Keynesian approach is extended by observing that a change in the weight of causal arguments represents a sort of "second-order epistemic causality" that may become a possible independent source of empiric causality. | | | Keywords: probabilistic causality, economic causality, weight of argument, Keynesian economics | | | SSRN-Epistemic Causality and Hard Uncertainty: A Keynesian Approach by Alessandro Vercelli |
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http://papers.ssrn.com/sol3/papers.cfm?abstract_id=304070
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| | PRODOS.COM internet radio - Ayn Rand, Science, Lateral Thinking, Rights, Capitalism, Art, Humour |
| | As well as its Communist and authoritarian traditions, the Chinese language lacks the words/concepts necessary to grasp the ideas of liberty, individualism, free choice, etc. And the Western concepts it has picked up are Kantian and Keynesian. | | | CHINA: WHERE IS China has some deep problems. |
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http://www.prodos.com/index.html
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| | [No title] |
| | In the Keynesian Model, where is the Equilibrium level of GDP? ¡ ? P ? |
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http://www.swlearning.com/economics/tucker/97it19.ppt
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