Capital and Employment - 1st Edition - ISBN: 9780124962507, 9781483267456

Capital and Employment

1st Edition

A Study of Keynes's Economics

Authors: Murray Milgate
Editors: John Eatwell
eBook ISBN: 9781483267456
Imprint: Academic Press
Published Date: 17th December 1982
Page Count: 232
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Studies in Political Economy: Capital and Employment: A Study of Keynes's Economics focuses on the inquiry into Keynesian economics, particularly the relationship of capital and employment.

The publication first underscores the contemporary position of 'Keynesian' economics, traditional long-period method of economic analysis, and theoretical systems and the long-period method. Discussions focus on the structure of classical economic theory, structure of marginalist economic theory, and the traditional long-period method of economic analysis. The text then ponders on the analysis of deviations from long-period positions, principle of effective demand, and the theory of capital and theory of employment. Topics include Keynes on the 'classical' theory of interest, capital and employment, inflexibility of money-wages, long-period theory of output and employment, and principle of effective demand.

The book takes a look at the theoretical system of the treatise versus the general theory and the method of analysis in the treatise and the general theory, including the conceptual framework of the treatise on money and general theory and the natural rate of interest and level of employment.

The publication is a valuable reference for economists and researchers interested in the relationship of capital and employment.

Table of Contents

Series Editor's Preface


I. Introduction

A. The Contemporary Position of 'Keynesian Economics'

B. The Problem of Interpretation

C. Outline of the Argument

II. Preliminary Definitions and Concepts

A. A Capitalist Economy

B. The 'Object' and 'Method' of Economic Analysis

C. Theory Versus Method: The Explanation of the Object

D. Long-Period and Short-Period Positions

E. The Traditional Long-Period Method of Economic Analysis

F. The Method of 'Intertemporal Equilibrium'

G. Some Terminological Conventions

Part One: The Pre-1936 Orthodoxy and the General Theory

III. The Traditional Long-Period Method of Economic Analysis

A. Natural Prices and the Long-Period Method

B. The Representation of the Persistent Forces of Free Competition Under the Long-Period Method

C. Monetary Forces: Persistent or Transitory?

D. The Stationary-State and the Long-Period Method

E. Reasons for the Supremacy of the Long-Period Method

F. Principal Conclusions and Remaining Questions

IV. Theoretical Systems and the Long-Period Method

A. The Structure of Classical Economic Theory

B. The Structure of Marginalist Economic Theory

C. 'Say's Law' and Classical Economics

D. 'Say's Law' in Marginalist Economic Theory

V. The Analysis of Deviations from Long-Period Positions

A. Short-Period Theory and Long-Period Theory

B. Movement Away from the Quantity Theory in the Analysis of Deviations

C. Wicksell's Cumulative Process

D. Developments in England: Hawtrey, Lavington and Robertson

E. The Argument so Far

VI. The Principle of Effective Demand: The Positive Part of the General Theory

A. The Principle of Effective Demand

B. The Long-Period Theory of Output and Employment

C. Remnants of Orthodoxy

D. Keynes and Marginalist Economic Theory

E. Keynes and Classical Economic Theory

VII. The Theory of Capital and the Theory of Employment: The Negative Part of the General Theory

A. The Inflexibility of Money Wages

B. Keynes on The 'Classical' Theory of Interest: I

C. Keynes on The 'Classical' Theory of Interest: II

D. Reconstructing a Critique

E. Capital and Employment

VIII. The Method of Intertemporal Equilibrium

A. The Trend in Modern 'Keynesian' Economics

B. The Method of Intertemporal Equilibrium

C. The Origin of the Notion of Intertemporal Equilibrium

D. Reasons for the Emergence of the Notion of 'Intertemporal Equilibrium'

E. Historical Reconstruction

F. The Stationary-State Hypothesis

IX. Uncertainty and Expectations

A. The 'Method of Expectations'

B. Statics and Dynamics

C. The Significance of the General Theory

Part Two: The Treatise on Money and the General Theory

X. The Method of Analysis in the Treatise and the General Theory

A. Saving and Investment: Different Decisions or New Theory of Employment?

B. The Conceptual Framework of the Treatise on Money

C. The 'Length' of the Short-Period

D. The Conceptual Framework of the General Theory

E. 'Causal Sequences' and 'Disequilibrium'

Appendix: The Fundemantal Equations: Definitions and Derivation

XI. The Theoretical System of the Treatise Versus the General Theory

A. The Natural Rate of Interest and the Level of Employment: Marginalist Theory

B. The Theoretical Structure of the Treatise on Money

C. The Principle of Effective Demand

D. From the Treatise to the General Theory

Appendix 1: Natural Prices, Persistent Forces and the Concept of Self-Adjustment

Appendix 2: Notes on 'Stocks and Flows', 'Supply-Price' and 'Quasi-Rent'




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© Academic Press 1982
Academic Press
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About the Author

Murray Milgate

About the Editor

John Eatwell

Ratings and Reviews