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Post Keynesian Economics

Econ 110 Requirement

vi escobin

on 19 March 2010

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Transcript of Post Keynesian Economics

Double click anywhere & add an idea John Maynard Keynes Michal Kalecki Myron Gordon (June 22, 1899 – April 18, 1970)

•Worked at the London School of Economics, University of Cambridge, University of Oxford and Warsaw School of Economics
•Economic advisor to governments of Cuba, Israel, Mexico and India
•“One of the most distinguished economists of the 20th century”
•"Left-wing" John Maynard Keynes
•He developed many of the same ideas as Keynes
•The profit equation
•Business cycles, investment determinants or socialist planning
•Income distribution and the constancy of the share of wages
•Determinants of investment
(June 5, 1883-April 21, 1946)

Best Known As: The British economist who created macroeconomics
Book: General Theory of Employment, Interest and Money (1936), made him the most famous and influential economist since Adam Smith
Keynes's notion that governments should intervene in times of market distress eclipsed Smith's laissez-faire capitalism and has influenced Western democracies since the 1930s
At the close of World War II, Keynes was a key player in the formation of an international banking system
•His general theories about managing free markets on a global scale are considered the foundation of macroeconomics
Since the system, as Keynes saw it, does not tend to seek full employment when left to itself, it is necessary for policy makers to do so
Pierro Sraffa Joan Robinson October 31, 1903 – August 5, 1983

•Monetary economics
•The Economics of Imperfect Competition (1933)
•Assisted with the support and exposition of Keynes' General Theory, writing especially on its employment implications (1936-1937)
•An Essay on Marxian Economics, which concentrated on Karl Marx as an economist (1942)
•Interested in underdeveloped and developing nations
•The Accumulation of Capital, which extended Keynesianism into the long-run (1956)
•China: An Economic Perspective (1958)
•Essays in the Theory of Economic Growth (1962)
•Economic Philosophy: An essay on the progress of economic thought (1962)
•The Cultural Revolution in China (1969)
•Freedom and Necessity: An introduction to the study of society (1970)
•Economic Management in China (1975; 3rd ed., 1976)
Geoff Harcourt Born 1931

Major contributions to the understanding of the ideas of Keynes, Joan Robinson and other Cambridge economists
Made important contributions to Post Keynesian and post Kaleckian theory
Paper entitled “A two-sector model of the distribution of income and the level of employment in the short-run” which is reprinted in The Social Science Imperialists: Selected Essays of G.C. Harcourt (1965)
Interests include all aspects of political economy
Readings in the Concept and Measurement of Income. Cambridge: Cambridge University Press (1969)
Some Cambridge Controversies in the Theory of Capital. Cambridge: Cambridge University Press (1972)
The Social Science Imperialists: Selected Essays. London: Routledge (1982)
Professor Emeritus, University of Adelaide (1988)
Capitalism, Socialism and Post-Keynesianism. Selected Essays of G.C. Harcourt. Cheltenham, Glos: Edward Elgar (1995)
Emeritus Reader in the History of Economic Theory (1998)
50 Years a Keynesian and Other Essays. London: Palgrave (2001)
Richard Kahn 10 August 1905 – 6 June 1989

•Worked at Faculty of Economics and Politics, King’s College (1933)
•Made a Commander of the Order of the British Empire (1946)
•Became Director of Studies for economics students at King's (1947)
•Most notable contribution to economics was his principle of the multiplier
•The multiplier is the relation between the increase in aggregate expenditure and the increase in net national product (output). It is the increase in aggregate expenditure (for example government spending) that causes the increase in output (or income) Alfred Eichner (March 23, 1938 - February 10, 1988)

•Asserted that prices are not set through supply and demand but rather through mark-up pricing
•Historian of culture and of economics
•The Troublesome Presence: The American Democracy and the Negro (1964) Nicholas Kaldor (May 12, 1908 – September 30, 1986)

"Compensation" criteria called Kaldor-Hicks efficiency for welfare comparisons (1939)
Derived the famous cobweb model
Argued that there were certain regularities that are observable as far as economic growth is concerned (Kaldor's growth laws)
Causes of the Slow Rate of Economic Growth in the UK (1966)
The Role of Increasing Returns, Technical Progress and Cumulative Causation (1981, Economie Appliquee)
The Scourge of Monetarism (1982)
The Role of Commodity Prices in Economic Recovery (1983, Lloyds Bank Review)
Keynesian Economics After Fifty Years, (1983)
Economics Without Equilibrium (1985)
Luigi Pasinetti born September 12, 1930

Developed the analytical foundations of Neo-Ricardian economics, including the theory of value and distribution
Analysis on the Kaldorian theory of growth
"Cyclical Fluctations and Economic Growth" (1960)
"Professor Meade's Rate of Profit in a Growing Economy", 1964, Economic Journal
"Switches of Technique and the `Rate of Return' in Capital Theory", 1969, Economic Journal
Growth and Income Distribution: Essays in economic theory, 1974
Lectures on the Theory of Production, 1977
“The Accumulation of Capital”, 1983, Cambridge JE
"Sraffa on Income Distribution", 1988, Cambridge JE
Structural Economic Dynamics: A Theory of the Economic Consequences of Human Learning. 1993
“Economic Theory and Institutions”,1996, in Delorme and Dopfer, eds., The Political Economy of Diversity
“J.M.Keynes's ‘Revolution’ – the major event of twentieth-century economics?”, 1998
Anthony Thirlwall University of Kent lecturer (1966)
Journal of Post Keynesian Economics (Editorial Board)
African Development Review (Editorial Board)
Book: Growth and Development: with Special Reference to Developing Economies (First Edition 1972 - Eighth Edition 2005)
Roy Harrod Evsey Domar February 13, 1900 – March 8, 1978

developed an important economic model now called the Harrod–Domar model
Tutor in economics at Christ Church
“Doctrines of Imperfect Competition”, Quarterly Journal of Economics, 48, May 1934,
“The expansion of Credit in an Advancing Community”, Economica, NS 1, August 1934,
The Trade Cycle (Oxford: Clarendon Press, 1936)
“Mr. Keynes and Traditional Theory, Econometrica, vol 5., January 1937,
“Scope and Method of Economics”, Sept. 1938
"An Essay in Dynamic Theory", Economic Journal IL, March 1939,
Towards a Dynamic Economics"
The Life of John Maynard Keynes (London: Macmillan, 1951)
"Economic Essays" (London: Macmillan, 1952)
The Prof: A Personal Memoir of Lord Cherwell (London, Macmillan, 1959)
“Second Essay in Dynamic Theory”, Economic Journal LXX, June 1960,
“Themes in Dynamic Theory”, Economic Journal VXXIII, September 1963
Sociology, Morals and Mystery, (London: Macmillan, 1970).
•Economic Dynamics (London: Macmillan, 1973).
April 16, 1914 – April 1, 1997

developed an important economic model now called the Harrod–Domar model
was professor at the Carnegie Institute of Technology, The University of Chicago, the Johns Hopkins University and, from 1957 until the end of his career, at the Massachusetts Institute of Technology
contributions in three main areas of economics: economic history, comparative economics and economic growth. In 1946 he advanced the idea that economic growth served to lighten the deficit and the national debt. During the Cold War he was also an expert on Soviet economics
Capital Expansion, Rate of Growth and Employment (1946, Econometrica)
The Problem of Capital Accumulation (1948, AER)
The Effect of Foreign Investment on the Balance of Payments (1950, AER)
A Theoretical Analysis of Economic Growth (1952, AER)
Depreciation, Replacement and Growth (1953, EJ)
Essays in the Theory of Economic Growth (1957)
On the Measurement of Technological Change (1961, EJ)
The Soviet Collective Farm as a Producer Co-Operative (1966, AER)
The Causes of Slavery or Serfdom: A hypothesis (1970, Journal of Economic History)
On The Optimal Compensation of a Socialist Manager (1974, QJE)
Born 1920

Professor Emeritus of Finance at Rotman School of Management of the University of Toronto.
Published a method for valuing a stock or business, now known as Gordon model (1959)
Assistant professor at Carnegie Mellon University (1947-1952)
Associate professor at the Massachusetts Institute of Technology (1952-1962)
Professor at the University of Rochester (1962-1970) prior to joining the University of Toronto in (1970)
Gordon served as President of the American Finance Association (1975-1976)
Basil Moore •Developed and promoted the endogenous money theory
•Horizontalism (money supply curve is horizontal)
•Mechanics of credit creation, particularly lines of credit
Hyman Minsky September 23, 1919 – October 24, 1996

Professor of Economics at Washington University in St. Louis
Explanation of the characteristics of financial crises
Taught at Brown University (1949 to 1958)
An Associate Professor of Economics at the University of California, Berkeley 1957 to 1965
Professor of Economics of Washington University in St Louis (until 1990)
Consultant to the Commission on Money and Credit (1957-1961)
Theories linking financial market fragility, in the normal life cycle of an economy, with speculative investment bubbles endogenous to financial markets
Minsky Moment – slow movement of the financial system from stability to crisis is something for which Minsky is best known
Theories about lending and economic activity, which he laid out in two books: John Maynard Keynes (1975), a classic study of the economist and his contributions, and Stabilizing an Unstable Economy (1986), and more than a hundred professional articles
Victoria Chick Emeritus Professor of Economics at University College London
The Theory of Monetary Policy (1973 and 1977)
Macroeconomics after Keynes: A Reconsideration of The General Theory (1983)
Recent Developments in Post-Keynesian Economics (1992)
Articles on monetary theory and policy, methodology and the economics of Keynes
Currently working on monetary policy with endogenous money
James Meade (1907-1995)

•Worked at the League of Nations (1937-40)
•Chief economist (1945-47) in Britain's first Labour government
•Accepted professorships at the London School of Economics (1947-57) and Cambridge (1957-68)
•An advocate of labor-capital partnership
•Rigorous analyses of the ways that a government's policies on taxes, spending, and interest rates affect trade and the ways that trade policies, in turn, affect economic welfare.
•The Theory of International Economic Policy (2 vol., 1951-55)
•Principles of Political Economy (4 vol., 1965-76)
•The Intelligent Radical's Guide To Economic Policy (1975)
•Work on international trade earned him the Nobel Memorial Prize in Economic Sciences, which he shared with Bertil Ohlin (1977)
Paul Davidson born October 23, 1930

Intervened in important debates on economic policy (natural resources, international monetary system, developing countries' debt)
Taught economics at University of Pennsylvania, Rutgers University, Bristol University, University of Cambridge, and the University of Tennessee
Theories of Aggregate Income Distribution (1960)
"Public Policy Problems of the Domestic Crude Oil Industry" (1963, AER)
"The Importance of the Demand for Finance" (1967)
"The Valuation of Public Goods," (1968)
"Money, Portfolio Balance, Capital Accumulation, and Economic Growth," (1968)
"Money and the Real World" (1972)
"A Keynesian View of Friedman's Theoretical Framework for Monetary Analysis," (1972)
"Market Disequilibrium Adjustments: Marshall Revisited," (1974, Econ Inquiry)
"Oil: Its Time Allocation and Project Independence," (1974)
Founded the Journal of Post Keynesian Economics with Sidney Weintraub (1978)
Editor of the Journal of Post Keynesian Economics
"How To Solve The U.S. Housing Problem and Avoid A Recession: A Revived HOLC and FTC", Schwartz Center For Economic Policy Analysis: Policy Note (2008)
"Securitization, Liquidity, and Market Failure" (2008)
"Is The Current Financial Distress Caused By The Sub Prime Mortgage Crisis A Minsky moment? Or Is It The Result of Attempting To Securitize Illiquid Non Commercial Mortgage Loans?" (2008, JPKE)
The Keynes Solution: The Path to Global Economic Prosperity (2009)
Jan Kregel born 19 April 1944

synthesis, integration and delineation of a Post Keynesian methodology and paradigm (1970-75)
Rate of Profit, Distribution and Growth: Two Views. London: Macmillan; Chicago: Aldine, 1971
The Theory of Economic Growth. London: Macmillan, 1972
The Reconstruction of Political Economy. London: Macmillan, 1973
The Theory of Capital. London: Macmillan, 1976
analysis of decision making under uncertainty, on formation of asset prices and on Keynes analysis of Chapter 17 of the General Theory (mid 1970s until the late 1980s)
Market Shock: An Agenda for Economic and Social Reconstruction of Central and Eastern Europe. Ann Arbor: University of Michigan Press, 1992 (with others)
High Level Expert in International Finance and Macroeconomics in the New York Liaison Office of the United Nations Conference on Trade and Development (UNCTAD) (until 2004)
Professor of Finance and Development at Tallinn University of Technology, Tallinn, Estonia (since 2006)
Sidney Weintraub (April 28, 1914 – June 19, 1983)

Price Theory (1949)
A General Theory of the Price Level, Output and Income Distribution (1959)
was appointed Professor in Economics in the University of Pennsylvania (1952)
A Keynesian Theory of Employment, Growth and Income Distribution (1966)
"Money as Cause and Effect", with P. Davidson (1973, EJ)
"The Price Level in an Open Economy" (1977, Kyklos)
Modern Economic Thought,(ed.) (1977)
Keynes, Keynesians and Monetarists (1978)
Capitalism's Inflation and Unemployment Crisis (1978)
founder and co-editor of the Journal of Post Keynesian Economics
he remained for the rest of his career in the University of Pennsylvania
POST-Keynesian Economists A school of economic thought with its origins in The General Theory of John Maynard Keynes, although its subsequent development was influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor and Paul Davidson. Keynes' biographer Lord Skidelsky writes that the post-Keynesian school has remained closest to the spirit of Keynes' work, particularly in his monetary theory and in rejecting the neutrality of money. other post-keynesian economists:
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