On interpreting Keynes [[electronic resource] ] : a study in reconciliation / / Bruce Littleboy

• Record Nr.: UNINA9910451213203321
• Autore: Littleboy Bruce <1956->
• Pubbl/distr/stampa: London, : Routledge, 1990
• ISBN: 1-299-28473-6; 1-134-94952-9; 1-282-37311-0; 9786612373114; 0-203-01154-6
• Descrizione fisica: 1 online resource (353 p.)
• Disciplina: 330.15/6
• Soggetti: Keynesian economics; Schools of economics; Electronic books.
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Includes indexes.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Front Cover; On Interpreting Keynes; Copyright Page; Contents; Preface; Acknowledgements; Part one; 1 Introduction; The inherited literature; Why historians of thought disagree: psychological and methodological factors; Vision and the process of interpretation; Fundamentalism and reductionism: similarities and differences; The role of uncertainty and the significance of conventions; Part two; 2 Leijonhufvud on unemployment and effective demand; Leijonhufvud's interpretation: a preliminary overview; The response to Leijonhufvud's challenge; Leijonhufvud on unemployment; Leijonhufvud's evidence from Keynes Some objections to Leijonhufvud's portrayal of expectations; The behaviour of producers; The real wage and the marginal product of labour; Instantaneous versus sticky wage adjustment; 3 Involuntary unemployment in the history of economic thought; Keynes and Mill; The role of money; Keynes and Pigou; Money illusion; Money illusion in Keynes; Money illusion in classical economics; Money illusion and the post-Keynesians; Some modern views on involuntary unemployment; 4 Effective demand: a theoretical ; and historical perspective; Grossman's critique; Monetary versus barter economies Some theoretical developments; Liquidity constraints: Clower and Leijonhufvud versus Davidson et al.; Concluding remarks; Part three; 5IS-LM and the interest-rate dynamics; Introduction; Some examples; The 'Finance-your-losses' approach; The role of IS-LM; 6On bootstraps and traps; Introduction; Conventions and interest rates; Theoretical foundations of the trap; The liquidity trap in Keynes; Some concluding remarks on the trap; 7 Expenditure and the interest rate; An overview; The aggregation question: evaluating Leijonhufvud; Investment and the rate of interest The stability of the MEI curve; Keynes on monetary policy; Keynes versus Robertson on monetary policy; 8 Recovery in the long run?; Long-run recovery in theory and in practice; Wealth effects; Part four; 9 Conventions; Overview; The wealth holders; The investors; The speculators; Some remarks on cognitive dissonance; The producers; The consumer; The labourer; Conventional zones; Perspectives on conventional conduct; A Hume connection?; Fundamentalism in perspective; Fundamentalism and rational expectations; A concluding remark; References; Author index; Subject index
• Sommario/riassunto: There is discontent with how the textbooks have come to reinterpret Keynes but there is little communication between the most prominent schools of criticism. This book argues that this lack of dialogue is mistaken and damaging. A synthesis is possible as many of the arguments between them can be traced to simple misunderstandings and differences of emphasis.