Contributions to Modern Economics includes contributions to two great intellectual upheavals in economic theory: the Keynesian Revolution and the revival of the classical theory of profits led by Piero Sraffa. The formation of prices in capitalist and socialist economies and of international trade is also discussed. The evolution of these ideas is linked to the personal and historical events that influenced them. Comprised of 24 chapters, this book begins by describing the second crisis of economic theory, which is related to the first crisis — the great slump of the 1930s. The reader is then introduced to the theory of money and the analysis of output; obstacles to full employment; and the concept of hoarding. Subsequent chapters explore capital, profits, and prices, with emphasis on the theory of capital, imperfect competition, and the theory of value. International trade, capitalism, and beggar-my-neighbor remedies for unemployment are also examined. This monograph should be of interest to economists.
Table of Contents
Preface Reminiscences 1 The Second Crisis of Economic Theory Effective Demand 2 The Theory of Money and the Analysis Of Output 3 Obstacles to Full Employment 4 The Concept of Hoarding 5 The Rate of Interest 6 Kalecki and Keynes 7 Marx, Marshall and Keynes Capital and Profits 8 The Production Function and the Theory of Capital 9 Pre-Keynesian Theory After Keynes 10 Capital Theory Up-To-Date 11 The Meaning of Capital 12 History Versus Eplolibrium Prices 13 A Lecture Delivered at Oxford by a Cambridge Economist 14 The Philosophy of Prices 15 'Imperfect Competition' Revisited 16 The Theory of Value Reconsidered International Trade 17 Beggar-My-Neighbour Remedies For Unemployment 18 The New Mercantilism 19 The Need for a Reconsideraton of the Theory of International Trade Contemporary Reflections 20 Has Capitalism Changed? 21 Latter-Day Capitalism 22 Socialist Affluence 23 What Has Become of Employment Policy? 24 Beauty and the Beast