Economic Heresies: Some Old-fashioned Questions in Economic TheoryWhat has happened to economic theory? Why, more than a generation since the Keynesian liberation, is the "old theology" closing in again? One of the world's great economists, herself a leading Keynesian during the 1930s, here attacks with her customary wit and lucidity the new (Keynesian) economic orthodoxy, which, she argues convincingly, is nothing but old neo-classical orthodoxy supported by Keynesian policies designed to keep investment at full-employment levels. But the "old-fashioned questions" remain, and the new orthodoxy is now coming to a crisis, as one of its cardinal assumptions - the belief that the form of investment is controlled by the principle of maximizing social welfare - is being discredited by growing public awareness of the prevalence of poverty (even hunger), urban decay, and polluted environments in the wealthiest nations. What is needed, and what Professor Robinson's book provides, is a new look at the theory of value, distribution and accumulation. Applying analyses derived from von Neumann, Sraffa, and Kalecki, her volume proposes a fundamental reorientation of economic theory designed to clear away the fog of orthodox obfuscation and enable us to see the problems of modern life as they are. |
Contents
STATIONARY STATES | 3 |
THE SHORT PERIOD | 16 |
INTEREST AND PROFITS | 25 |
Copyright | |
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accumulation argument assumptions capitalists competition concept constant consume consumption degree of monopoly doctrine effective demand employed equal equilibrium expectations factors of production fall finance firms full employment future given growing Harrod's higher hire-price income industry J. K. Galbraith Keynes Keynesian labor force less liquidity preference long-period marginal cost marginal product Marshall Marshall's means of production ment monetary money-wage rates neo-neoclassical neoclassical orthodox output per head perfect competition Pigovian plant prime costs problem productive capacity profit on capital propensity to save proportion pseudoproduction function quantity of money rate of growth rate of interest rate of investment rate of profit rate of return ratio real wage real-wage rate rentiers reward of waiting rise Say's Law sellers short-period stationary stock of capital stock of equipment supposed technical progress technique tion value of capital wage bill wage rate Walras Walrasian wealth Wicksell workers