Results for “Keynes”

…says it will. It says that less consumption means either more growth or less output. It doesn’t say which. John Maynard Keynes, probably the most famous and influential economist of the 20 th century, put this fact of math a special way in his General Theory of 1936. In his analy...

… fire. “In the autumn of 1919, in which I write, we are at the dead season of our fortunes,” the economist John Maynard Keynes wrote after the Paris Peace Conference settled The Great War, dimly aware that an even deader season lay somewhere in the future in the form of another w...

consensus rather than supports one school over another. | think it is the consensus view, as well as Keynes’, that his “attempted saving” means gross saving (gross income less consumption) not invested in new productive assets. That can be written as Keynesian attempted saving...

…says it will. It says that less consumption means either more growth or less output. It doesn’t say which. John Maynard Keynes, probably the most famous and influential economist of the 20" century, put this fact of math a special way in his General Theory of 1936. In his analysi...

… Growth will be less than consumption foregone (remembering the asterisks) if return drops, and more if return rises. Keynes saw slumps as investment deficits. I see them as return deficits. Keynes assumed uncritically, I think, that new investment is the path out of slumps. I...

consumption C means either more investment I or less output Y. It doesn’t say which happens. Investment, for Keynes, meant creation of new productive assets. He was right in seeing that as the goal. But his analysis leaves too much outside. What I miss is a variable for investm...

… fire. “In the autumn of 1919, in which I write, we are at the dead season of our fortunes,” the economist John Maynard Keynes wrote after the Paris Peace Conference settled The Great War, dimly aware that an even deader season lay somewhere in the future in the form of another w...

…ne feudal lord should control thousands of serfs seemed perfectly reasonable to the lords and serfs alike. John Maynard Keynes’ famous line about Egypt - Just because you built the pyramids doesn’t mean you get to use them - marked a whole approach that seemed inarguable for cent...

Marshall’s pupil Keynes was thoroughly a marginalist, as are economists in general today and as am I. One of the features of his General Theory of 1936 was a kind of double-entry accounting for national product. Product was output and equivalently income. Output meant the sum of...

…tting money under the mattress is better than investing at a loss. Zero return is better than negative return. | accept Keynes’ distinction between new investment and transfer payments. But I see the latter as part of the mechanics that ends up in the former. Maximize return, an...

Sadly, Keynes’s predictions did not come true. Although productivity did indeed increase, the system—possibly inherent in a market economy—did not result in humans working much shorter hours. Rather, what happened is what the anthropologist and anarchist David Graeber describes a...

although neither Mill nor Keynes used them

was one of the five economists Keynes invited

and will use Keynes’ notation I for both.

Keynes’s predictions did not come true. Although productivity did indeed