Gesetzliche Mindestlöhne aus der Sicht der Neoklassik und des Keynesianismus (German Edition)

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Alfred Marshall begged Keynes to become an economist,[25] although Keynes's own inclinations drew him towards philosophy — especially the ethical system of G. Keynes joined the Pitt Club[26] and was an active member of the semi-secretive Cambridge Apostles society, a debating club largely reserved for the brightest students. Like many members, Keynes retained a bond to the club after graduating and continued to attend occasional meetings throughout his life.

In May , he received a first class B. Aside from a few months spent on holidays with family and friends, Keynes continued to involve himself with the university over the next two years. He took part in debates, further studied philosophy and attended economics lectures informally as a graduate student for one term, which constituted his only formal education in the subject. He also studied for Tripos in and, the following year took civil service exams.

The economist Harry Johnson wrote that the optimism imparted by Keynes's early life is a key to understanding his later thinking. According to Skidelsky, the sense of cultural unity current in Britain from the 19th century to the end of World War I provided a framework with which the well-educated could set various spheres of knowledge in relation to each other and to life, enabling them to confidently draw from different fields when addressing practical problems.

By Keynes had published his first professional economics article in the Economics Journal, about the effect of a recent global economic downturn on India. Keynes's earnings rose further as he began to take on pupils for private tuition. On being elected a fellow in Keynes was made editor of The Economic Journal. By he had published his first book, Indian Currency and Finance. His written work was published under the name "J M Keynes", though to his family and friends he was known as Maynard.

His father, John Neville Keynes, was also always known by his middle name. While he did not formally re-join the civil service in , Keynes travelled to London at the government's request a few days before hostilities started. Bankers had been pushing for the suspension of specie payments — the convertibility of banknotes into gold — but with Keynes's help the Chancellor of the Exchequer then Lloyd George was persuaded that this would be a bad idea, as it would hurt the future reputation of the city if payments were suspended before absolutely necessary.

In January , Keynes took up an official government position at the Treasury. Among his responsibilities were the design of terms of credit between Britain and its continental allies during the war, and the acquisition of scarce currencies. According to economist Robert Lekachman, Keynes's "nerve and mastery became legendary" because of his performance of these duties, as in the case where he managed to assemble — with difficulty — a small supply of Spanish pesetas.

The secretary of the Treasury was delighted to hear Keynes had amassed enough to provide a temporary solution for the British Government. But Keynes did not hand the pesetas over, choosing instead to sell them all to break the market: He was also appointed Officer of the Belgian Order of Leopold. Keynes was initially wary of the "Welsh Wizard," preferring his rival Asquith, but was impressed with Lloyd George at Versailles; this did not prevent Keynes from painting a scathing picture of the then-Prime Minister in his Economic Consequences of the Peace. Keynes's experience at Versailles was influential in shaping his future outlook, yet it was not a successful one for him.

Keynes's main interest had been in trying to prevent Germany's compensation payments being set so high it would traumatise innocent German people, damage the nation's ability to pay and sharply limit her ability to buy exports from other countries — thus hurting not just Germany's own economy but that of the wider world. Unfortunately for Keynes, conservative powers in the coalition that emerged from the coupon election were able to ensure that both Keynes himself and the Treasury were largely excluded from formal high-level talks concerning reparations.

Their place was taken by the Heavenly Twins — the judge Lord Sumner and the banker Lord Cunliffe whose nickname derived from the "astronomically" high war compensation they wanted to demand from Germany. Keynes was forced to try to exert influence mostly from behind the scenes. Lloyd George did however win some loyalty from Keynes with his actions at the Paris conference by intervening against the French to ensure the dispatch of much-needed food supplies to German civilians.

Clemenceau also pushed for high reparations; generally France argued for an even more severe settlement than Britain. To Keynes's dismay, Lloyd George and Clemenceau were able to pressure Wilson to agree to very high repayments being imposed. Towards the end of the conference, Keynes came up with a plan that he argued would not only help Germany and other impoverished central European powers but also be good for the world economy as a whole.

It involved the writing down of war debts which would have the effect of increasing international trade all round. Lloyd George agreed it might be acceptable to the British electorate. However, America was against it; the US was then the largest creditor and by this time Wilson had started to believe in the merits of a harsh peace as a warning to future aggressors.

Hence despite his best efforts, the end result of the conference was a treaty which disgusted Keynes both on moral and economic grounds, and led to his resignation from the Treasury. Keynes's analysis on the predicted damaging effects of the treaty appeared in the highly influential book, The Economic Consequences of the Peace, published in In addition to economic analysis, the book contained pleas to the reader's sense of compassion: I cannot leave this subject as though its just treatment wholly depended either on our own pledges or on economic facts.

The policy of reducing Germany to servitude for a generation, of degrading the lives of millions of human beings, and of depriving a whole nation of happiness should be abhorrent and detestable, —abhorrent and detestable, even if it were possible, even if it enriched ourselves, even if it did not sow the decay of the whole civilised life of Europe. Also present was striking imagery such as "year by year Germany must be kept impoverished and her children starved and crippled" along with bold predictions which were later justified by events: If we aim deliberately at the impoverishment of Central Europe, vengeance, I dare predict, will not limp.

Nothing can then delay for very long that final war between the forces of Reaction and the despairing convulsions of Revolution, before which the horrors of the late German war will fade into nothing. However the historian Ruth Henig claims that "most historians of the Paris peace conference now take the view that, in economic terms, the treaty was not unduly harsh on Germany and that, while obligations and damages were inevitably much stressed in the debates at Paris to satisfy electors reading the daily newspapers, the intention was quietly to give Germany substantial help towards paying her bills, and to meet many of the German objections by amendments to the way the reparations schedule was in practice carried out".

The Economic Consequences of the Peace gained Keynes international fame, but also caused him to be regarded as anti-establishment — it was not until after the outbreak of World War II that Keynes was offered a directorship of a major British Bank, or an acceptable offer to return to government with a formal job. However, Keynes was still able to influence government policy making through his network of contacts, his published works and by serving on government committees; this included attending high-level policy meetings as a consultant.

Keynes had completed his A Treatise on Probability before the war, but published it in Keynes developed the first upper-lower probabilistic interval approach to probability in chapters 15 and 17 of this book, as well as having developed the first decision weight approach with his conventional coefficient of risk and weight, c, in chapter In addition to his academic work, the s saw Keynes active as a journalist selling his work internationally and working in London as a financial consultant.

In Keynes wrote an obituary for his former tutor Alfred Marshall which Schumpeter called "the most brilliant life of a man of science I have ever read. Britain suffered from high unemployment through most of the s, leading Keynes to recommend the depreciation of sterling to boost jobs by making British exports more affordable. From he was also advocating a fiscal response, where the government could create jobs by spending on public works.

Keynes advised it was no longer a net benefit for countries such as Britain to participate in the gold standard, as it ran counter to the need for domestic policy autonomy. It could force countries to pursue deflationary policies at exactly the time when expansionary measures were called for to address rising unemployment. The Treasury and Bank of England were still in favour of the gold standard and in they were able to convince the then Chancellor Winston Churchill to re-establish it, which had a depressing effect on British industry.

Keynes responded by writing The Economic Consequences of Mr. Churchill and continued to argue against the gold standard until Britain finally abandoned it in Keynes had begun a theoretical work to examine the relationship between unemployment, Money and prices back in the s. A central idea of the work was that if the amount of Money being saved exceeds the amount being invested — which can happen if interest rates are too high — then unemployment will rise.

This is in part a result of people not wanting to spend too high a proportion of what employers pay out, making it difficult, in aggregate, for employers to make a profit. In particular he criticised the justification of Britain's return to the Gold Standard in at pre-war valuation by reference to the wholesale price index. He argued that the index understated the effects of changes in the costs of services and of labour. Keynes was deeply critical of the British government's austerity measures during the Great Depression.

He believed that budget deficits were a good thing, a product of recessions. He wrote, "For Government borrowing of one kind or another is nature's remedy, so to speak, for preventing business losses from being, in so severe a slump as to present one, so great as to bring production altogether to a standstill. The Means to Prosperity contains one of the first mentions of the multiplier effect. While it was addressed chiefly to the British Government, it also contained advice for other nations affected by the global recession.

A copy was sent to the newly elected President Roosevelt and other world leaders. The work was taken seriously by both the American and British governments, and according to Skidelsky, helped pave the way for the later acceptance of Keynesian ideas, though it had little immediate practical influence. In the London Economic Conference opinions remained too diverse for a unified course of action to be agreed upon.

In , he received considerable support for his views on counter-cyclical public spending in Chicago, then America's foremost centre for economic views alternative to the mainstream. It was researched and indexed by one of Keynes's favourite students, later the economist David Bensusan-Butt.

The General Theory challenged the earlier neoclassical economic paradigm, which had held that provided it was unfettered by government interference, the market would naturally establish full employment equilibrium. In doing so Keynes was partly setting himself against his former teachers Marshall and Pigou.

Keynes believed the classical theory was a "special case" that applied only to the particular conditions present in the 19th century, his own theory being the general one. Classical economists had believed in Say's law, which, simply put, states that "supply creates its own demand", and that in a free market workers would always be willing to lower their wages to a level where employers could profitably offer them jobs.

An innovation from Keynes was the concept of price stickiness — the recognition that in reality workers often refuse to lower their wage demands even in cases where a classical economist might argue it is rational for them to do so. Due in part to price stickiness, it was established that the interaction of "aggregate demand" and "aggregate supply" may lead to stable unemployment equilibria — and in those cases, it is the state, and not the market, that economies must depend on for their salvation.

Caricature by David Low, The General Theory argues that demand, not supply, is the key variable governing the overall level of economic activity. Aggregate demand, which equals total un-hoarded income in a society, is defined by the sum of consumption and investment. In a state of unemployment and unused production capacity, one can only enhance employment and total income by first increasing expenditures for either consumption or investment.

Without government intervention to increase expenditure, an economy can remain trapped in a low employment equilibrium — the demonstration of this possibility has been described as the revolutionary formal achievement of the work. It is precisely with these plants and these men that we shall afford them. Few senior American economists agreed with Keynes through most of the s.

In The General Theory and later, Keynes responded to the socialists and left-wing liberals who argued, especially during the Depression of the s, that capitalism caused war. He argued that if capitalism were managed, domestically and internationally with coordinated international Keynesian policies, an international monetary system that didn't pit the interests of countries against each other, and a high degree of freedom of trade , then this system of managed capitalism could promote peace rather than conflict between countries. His plans during World War II for post- war international economic institutions and policies which contributed to the creation at Bretton Woods of the International Monetary Fund and the World Bank, and later to the creation of the General Agreement on Tariffs and Trade and eventually the World Trade Organization were aimed to give effect to this vision.

Compulsory saving would act to dampen domestic demand, assist in channelling additional output towards the war efforts, would be fairer than punitive taxation and would have the advantage of helping to avoid a post war slump by boosting demand once workers were allowed to withdraw their savings.

In September he was proposed to fill a vacancy in the Court of Directors of the Bank of England, and subsequently carried out a full term from the following April. The Keynes-plan, concerning an international clearing- union argued for a radical system for the management of currencies. He proposed the creation of a common world unit of currency, the bancor, and new global institutions — a world central bank and the International Clearing Union.

Keynes envisaged these institutions managing an international trade and payments system with strong incentives for countries to avoid substantial trade deficits or surpluses.

(School of Economics and Management, University of Hannover)

The USA's greater negotiating strength, however, meant that the final outcomes accorded more closely to the more conservative plans of Harry Dexter White. According to US economist Brad Delong, on almost every point where he was overruled by the Americans, Keynes was later proved correct by events.

There would be no incentives for states to avoid a large trade surplus; instead, the burden for correcting a trade imbalance would continue to fall only on the deficit countries, which Keynes had argued were least able to address the problem without inflicting economic hardship on their populations. Yet, Keynes was still pleased when accepting the final agreement, saying that if the institutions stayed true to their founding principles, "the brotherhood of man will have become more than a phrase.

He succeeded in obtaining preferential terms from the United States for new and outstanding debts to facilitate the rebuilding of the British economy. Keynesian Revolution From the end of the Great Depression to the mids, Keynes provided the main inspiration for economic policy makers in Europe, America and much of the rest of the world. According to economist John Kenneth Galbraith then a US government official charged with controlling inflation , in the rebound of the economy from wartime spending, "one could not have had a better demonstration of the Keynesian ideas.

Despite his popularity as a war hero Churchill suffered a landslide defeat to Clement Attlee whose government's economic policy continued to be influenced by Keynes's ideas. In the late s and s, economists notably John Hicks, Franco Modigliani, and Paul Samuelson attempted to interpret and formalise Keynes's writings in terms of formal mathematical models. In a process termed "the neoclassical synthesis", they combined Keynesian analysis with neoclassical economics to produce Neo-Keynesian Economics, which came to dominate mainstream macroeconomic thought for the next 40 years.

By the s, Keynesian policies were adopted by almost the entire developed world and similar measures for a mixed economy were used by many developing nations. By then, Keynes's views on the economy had become mainstream in the world's universities. Throughout the s and s, the developed and emerging free capitalist economies enjoyed exceptionally high growth and low unemployment.

President Richard Nixon that "We are all Keynesians now". The article described the exceptionally favourable economic conditions then prevailing, and reported that "Washington's economic managers scaled these heights by their adherence to Keynes's central theme: Post-war displacement of Keynesianism Keynesian Economics were officially discarded by the British Government in , but forces had begun to gather against Keynes's ideas over 30 years earlier. Friedrich Hayek had formed the Mont Pelerin Society in , with the explicit intention of nurturing intellectual currents to one day displace Keynesianism and other similar influences.

Initially the society had little impact on the wider world — Hayek was to say it was as if Keynes had been raised to sainthood after his death and that people refused to allow his work to be questioned. On the practical side of economic life, big government had appeared to be firmly entrenched in the s but the balance began to shift towards private power in the s.

Keynes had written against the folly of allowing "decadent and selfish" speculators and financiers the kind of influence they had enjoyed after World War I. International speculation was severely restricted by the capital controls in place after Bretton Woods. Journalists Larry Elliott and Dan Atkinson say was a pivotal year when power shifted in the favour of private agents such as currency speculators.

They pick out a key event as being when America suspended the conversion of the dollar into gold except on request of foreign governments, which they identify as when the Bretton Woods system first began to break down. Keynes himself had included few formulas and no explicit mathematical models in his General Theory. Nevertheless, many models were developed by Keynesian economists, with a famous example being the Phillips curve which predicted an inverse relationship between unemployment and inflation.

It implied that unemployment could be reduced by government stimulus with a calculable cost to inflation. In Milton Friedman published a paper arguing that the fixed relationship implied by the Philips curve did not exist. In the early s stagflation appeared in both the US and Britain just as Friedman had predicted, with economic conditions deteriorating further after the oil crisis.

Aided by the prestige gained from his successful forecast, Friedman led increasingly successful criticisms against the Keynesian consensus, convincing not only academics and politicians but also much of the general public with his radio and television broadcasts. The academic credibility of Keynesian Economics was further undermined by additional criticism from other Monetarists trained in the Chicago school of economics, by the Lucas critique and by criticisms from Hayek's Austrian School.

In Alan Blinder was writing about a "Keynesian Restoration" as work based on Keynes's ideas had to some extent become fashionable once again in academia, though in the mainstream it was highly synthesised with Monetarism and other neoclassical thinking. In the world of policy making, free-market influences broadly sympathetic to Monetarism remained very strong at government level — in powerful normative institutions like the World Bank, IMF and US Treasury, and in prominent opinion-forming media such as the Financial Times and The Economist.

In March , Martin Wolf, chief economics commentator at the Financial Times, announced the death of the dream of global free-market capitalism. Galbraith used the 25th Annual Milton Friedman Distinguished Lecture to launch a sweeping attack against the consensus for monetarist economics and argued that Keynesian Economics were far more relevant for tackling the emerging crises.

In October, the British Chancellor of the Exchequer referred to Keynes as he announced plans for substantial fiscal stimulus to head off the worst effects of recession, in accordance with Keynesian economic thought. In February Shiller and George Akerlof published Animal Spirits, a book where they argue the current US stimulus package is too small as it does not take into account Keynes's insight on the importance of confidence and expectations in determining the future behaviour of businessmen and other economic agents.

Hans-Werner Sinn | IDEAS/RePEc

In a March speech entitled Reform the International Monetary System, Zhou Xiaochuan, the governor of the People's Bank of China came out in favour of Keynes's idea of a centrally managed global reserve currency. Stimulus plans have been credited for contributing to a better than expected economic outlook by both the OECD[] and the IMF,[][] in reports published in June and July Both organisations warned global leaders that recovery is likely to be slow, so counter recessionary measures ought not be rolled back too early.

While the need for stimulus measures has been broadly accepted among policy makers, there has been much debate over how to fund the spending. Some leaders and institutions such as Angela Merkel[] and the European Central Bank[] have expressed concern over the potential impact on inflation, national debt and the risk that a too large stimulus will create an unsustainable recovery. Among professional economists the revival of Keynesian Economics has been even more divisive.

Although many economists, such as George Akerlof, Paul Krugman, Robert Shiller, and Joseph Stiglitz, support Keynesian stimulus, others do not believe higher government spending will help the United States economy recover from the Great Recession. Some economists, such as Robert Lucas, questioned the theoretical basis for stimulus packages.

On a personal level, Keynes's charm was such that he was generally well received wherever he went — even those who found themselves on the wrong side of his occasionally sharp tongue rarely bore a grudge. The world will be a very much poorer place without him. Lionel Robbins, former head of the economics department at the London School of Economics, who had many heated debates with Keynes in the s, had this to say after observing Keynes in early negotiations with the Americans while drawing up plans for Bretton Woods: Keynes was in his most lucid and persuasive mood: At such moments, I often find myself thinking that Keynes must be one of the most remarkable men that have ever lived — the quick logic, the birdlike swoop of intuition, the vivid fancy, the wide vision, above all the incomparable sense of the fitness of words, all combine to make something several degrees beyond the limit of ordinary human achievement.

This is the most beautiful creature I have ever listened to. Does he belong to our species? Or is he from some other order? There is something mythic and fabulous about him. I sense in him something massive and sphinx like, and yet also a hint of wings. Bertrand Russell[] named Keynes one of the most intelligent people he had ever known, commenting: When I argued with him, I felt that I took my life in my hands, and I seldom emerged without feeling something of a fool.

Keynes's obituary in The Times included the comment: He was a humane man genuinely devoted to the cause of the common good. Critiques As a man of the centre described by some as having the greatest impact of any 20th-century economist,[42] Keynes attracted considerable criticism from both sides of the political spectrum. In the "red s", many young economists favoured Marxist views, even in Cambridge,[29] and while Keynes was engaging principally with the right to try to persuade them of the merits of more progressive policy, the most vociferous criticism against him came from the left, who saw him as a supporter of capitalism.

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From the s and onwards, most of the attacks against Keynes have again been from the right. What we need therefore, in my opinion, is not a change in our economic programmes, which would only lead in practice to disillusion with the results of your philosophy; but perhaps even the contrary, namely, an enlargement of them.

Your greatest danger is the probable practical failure of the application of your philosophy in the United States. On the pressing issue of the time, whether deficit spending could lift a country from depression, Keynes[] replied to Hayek's criticism in the following way: I should say that what we want is not no planning, or even less planning, indeed I should say we almost certainly want more. But the planning should take place in a community in which as many people as possible, both leaders and followers wholly share your own moral position.

Moderate planning will be safe enough if those carrying it out are rightly oriented in their own minds and hearts to the moral issue. Hayek explained the letter by saying: His basic ideas were still those of individual freedom. He did not think systematically enough to see the conflicts. According to some observers, Hayek felt that the post-World War II "Keynesian orthodoxy" gave too much power to the state and led toward socialism. Macroeconomic policy, Friedman argues, can reliably influence only the nominal. More to Friedman's taste was the Tract on Monetary Reform , which he regarded as Keynes's best work because of its focus on maintaining domestic price stability.

He was among the first reviewers to argue that Keynes's General Theory was not a General Theory, but was in fact a special case. After Keynes's death Schumpeter wrote a brief biographical piece called Keynes the Economist — on a personal level he was very positive about Keynes as a man, praising his pleasant nature, courtesy and kindness.

He assessed some of Keynes biographical and editorial work as among the best he'd ever seen. Yet Schumpeter remained critical about Keynes's economics, linking Keynes's childlessness to what Schumpeter saw as an essentially short term view. He considered Keynes to have a kind of unconscious patriotism that caused him to fail to understand the problems of other nations. For Schumpeter[] "Practical Keynesianism is a seedling which cannot be transplanted into foreign soil: Writing in his "Short View of Russia" published after a trip in Russia that there is "beastliness on the Russian and Jewish natures when, as now, they are allied together".

He also accused Russian nation for "cruelty and stupidity" saying that "Out of the cruelty and stupidity of the Old Russia nothing could ever emerge, but Keynes's private letters express portraits and descriptions, some of which can be characterized as antisemitic, others as philosemitic. Keynes was a supporter of Zionism, serving on committees supporting the cause.

As a lifelong pacifist he had initially favoured peaceful containment, yet he began to advocate a forceful resolution while many conservatives were still arguing for appeasement. After the war started he roundly criticised the Left for losing their nerve to confront Hitler: The intelligentsia of the Left were the loudest in demanding that the Nazi aggression should be resisted at all costs.

When it comes to a showdown, scarce four weeks have passed before they remember that they are pacifists and write defeatist letters to your columns, leaving the defence of freedom and civilisation to Colonel Blimp and the Old School Tie, for whom Three Cheers. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.

Keynes, together with writer Lytton Strachey, had reshaped the Victorian attitudes of the Cambridge Apostles: Keynes was also involved with Lytton Strachey,[] though they were for the most part love rivals, and not lovers. Keynes had won the affections of Arthur Hobhouse,[] and as with Grant, fell out with a jealous Strachey for it. Keynes later commented to Strachey that beauty and intelligence were rarely found in the same person, and that only in Duncan Grant had he found the combination. Forster would later write in contrition: Following his marriage, Keynes took out an extended lease on Tilton House, a farm in the countryside near Brighton, which became the couple's main home when not in the capital.

He wanted shorter working hours and longer holidays for all. Unsurprisingly, from the start the two organisations that received the largest grant from the new body were the Royal Opera House and Sadler's Wells. Like several other notable British authors of his time, Keynes was a member of the Bloomsbury Group. Eliot would discuss religion at a dinner party, in the context of their struggle against Victorian era morality. His assets were nearly wiped out following the Wall Street Crash of , which he did not foresee, but he soon recouped.

The sum had been amassed despite lavish support for various good causes and his personal ethic which made him reluctant to sell on a falling market in cases where he saw such behaviour as likely to deepen a slump. It is in part on the basis of these papers that Keynes wrote of Newton as "the last of the magicians. Keynes had helped campaign for the Liberals at elections from as early as , yet he always refused to run for office himself, despite being asked to do so on three separate occasions in From when Lloyd George became leader of the Liberals, Keynes took a major role in defining the party's economics policy, but by then the Liberals had been displaced into third party status by the Labour party.

A by-election for the seat was to be held due to the illness of an elderly Tory, and the master of Magdalene College had obtained agreement that none of the major parties would field a candidate if Keynes chose to stand. Keynes declined the invitation as he felt he would wield greater influence on events if he remained a free agent.

He served as Director of the British Eugenics Society from to As late as , shortly before his death, Keynes declared eugenics to be "the most important, significant and, I would add, genuine branch of sociology which exists. Even if we need a religion, how can we find it in the turbid rubbish of the red bookshop? It is hard for an educated, decent, intelligent son of Western Europe to find his ideals here, unless he has first suffered some strange and horrid process of conversion which has changed all his values.

Keynes was also a firm supporter of women's rights and in became vice-Chairman of the Marie Stopes Society which provided birth control education.

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He also campaigned against job discrimination against women and unequal pay. He was an outspoken campaigner for reform of the law on homosexuality. Keynes suffered a series of heart attacks, which ultimately proved fatal, beginning during negotiations for an Anglo- American loan in Savannah, Georgia, where he was trying to secure favourable terms for the United Kingdom from the United States, a process he described as "absolute hell". Keynes's brother Sir Geoffrey Keynes — was a distinguished surgeon, scholar, and bibliophile. His nephews include Richard Keynes — a physiologist and Quentin Keynes — an adventurer and bibliophile.

His widow, Lydia Lopokova, died in Keynes had no children. A radical plan for the Chancellor of the Exchequer Two Memoirs. Auden — 'Family Ghosts'. Retrieved 18 October Daniel Yergin and Joseph Stanislaw. Retrieved 13 November Cohn, Steven Mark Retrieved 2 October Retrieved 23 January Robert Reich 29 March Retrieved 18 June Retrieved 26 May The Life and Times of J. A Beacon in the Tempest. Hopes Betrayed, — Vol 1. The Life of John Maynard Keynes.

Hession, Charles Henry Keynes and His Battles. MacTutor History of Mathematics. Retrieved 25 January The Life of Harold Macmillan. Moggridge, Donald Edward Retrieved 29 May Routeledge and Google Books. Hyman Minsky 16 April John Maynard Keynes , chapter 1. See Keynes, John Maynard Retrieved 4 August Spiegel, Henry William The Growth of Economic Thought. Ruth Henig, Versailles and After: Routledge, , p. Sally Marks similarly claims that "For nearly forty years, historians of twentieth-century diplomacy have argued that the Versailles treaty was more reasonable than its reputation suggests and that it did not of itself cause the Depression, the rise of Hitler, or World War II".

Marks also claims that the book is a "brilliant but warped polemic" p. Cassidy, John 10 October Keith Tribe, Economic careers: Hazlitt, Henry []. The critics of Keynesian Economics. Foundation for Economic Education. Keynes's Influence on Theory and Public Policy. Martin, Kingsley 16 March The Keynesian Revolution and Its Critics: Fighting for Britain —". Brad Delong, Berkeley university. Retrieved 14 June The Creature from Jekyll Island: A Second Look at the Federal Reserve. The Bank of England, —, Volume 1.

Commanding Heights, see chapter 6 video or transcript TV documentary. Barry Stewart Clark, Political economy: Its appeal stemmed from not only the success of Keynesian Economics in maintaining prosperity during that period, but also from the postwar revulsion towards any pure form of ideology.

Reforming the world's international Money" PDF. Retrieved 5 April The Path to Global Economic Prosperity. Retrieved 3 July Larry Elliott; Dan Atkinson The Gods That Failed: The Bodley Head Ltd. Friedman, Milton March Alan Blinder June Retrieved 27 June Madrick, Jeff 8 April Robert Kuttner 23 October Retrieved 23 November Ram, N 17 November Retrieved 8 October The University of Texas.

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Retrieved 13 April People's Bank of China. Archived from the original on 7 April Norma Cohen 24 June Retrieved 26 June Retrieved 9 July Retrieved 20 July Retrieved 22 July Retrieved 18 January Using this new dataset, our estimates suggest fiscal consolidation has contractionary effects on private domestic demand and GDP.

McCann, Charles Robert John Maynard Keynes — critical responses 4. Liz Hoggard 21 October The Autobiography of Bertrand Russell: Hayek, Friedrick August von August Retrieved 20 May Archived from the original on 15 May Dransfield, Robert; Dransfield, Don Key Ideas in Economics. McCraw 7 February Retrieved 21 June Economic and Political Weekly 35 6 May Daniel Yergin; Joseph Stanislaw.

Retrieved 30 June The Great Divide in Economic Thought. New biography reveals shocking details about the economist's sex life", The Independent. Bartlett, Bruce 7 May Retrieved 7 May Sources describing Keynes as bisexual include: Milo Keynes, Cambridge University Press, , p. I again fell very much in love with her. She seemed to me perfect in every way. Makers of Modern Culture 1. Retrieved 21 November Virginia Wolf, A Biography. Skidelsky, Robert 1 January Lubenow, William C The Cambridge Apostles, — See John Maynard Keynes by Skidelsky , pp. The World of Mathematics ed. Chambers, David; Dimson, Elroy Summer John Maynard Keynes, Investment Innovator".

Retrieved 8 September Keynes, John Maynard Eugenics Review 38 1: Fraser, Nick 8 November Can the great economist save the world? Retrieved 20 November A History of Modern Britain. To, Wireless 22 April Retrieved 10 February His age was References Backhouse, Roger E. Greenwood Publishing Group, , Clarke, Peter. Bloomsbury, , Clarke, Peter. Essays on John Maynard Keynes. A Dictionary of Economics.

The Economist as Saviour — Papermac, , Skidelsky, Robert. The Return of the Master. PublicAffairs, , Wapshott, Nicholas. The Future of Liberalism. The Battle for the World Economy. The return to Keynes. American Economic Association 32 3: The Economics of John Maynard Keynes: The Theory of Monetary Economy. Reserve Bank of Australia, Pecchi, Lorenzo and Gustavo Piga A Very Short Introduction. Useful Economics for the World Economy. A History of Milton Keynes and District: George Henry Stock A Revision of the Treaty John Maynard Keynes "Presenting an impressive amount of statistical data, Keynes exposes the beoated demands of France for reparations, stating that it would be impossible to collect from Germany.

A Social History of Milton Keynes: Kuang-po Hu A Tract on Monetary Reform John Maynard Keynes This book, is devoted to the need for stable currency as the essential foundation of a healthy world economy. The Transition to Peace John Maynard Keynes, Donald Edward Moggridge This edition contains all Keynes's published writings, including less accessible articles and letters to the press, as well as previously unpublished speeches, government memoranda and minutes, drafts and economic correspondence. Anticipations of the General Theory?: And Other Essays on Don Patinkin This book examines the much-debated question of whether John Maynard Keynes' greatest work—The General Theory of Employment Interest and Money—was an instance of Mertonian simultaneous scientific discovery.

John Maynard Keynes and the General David Felix Biography of an Idea devotes four chapters to an analysis of The General Theory and an examination of the economic logic of Keynes. The author disentangles the work's fundamentally simple theses from its difficult technical pre-sentation. Wikipedia, Books, LLC Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online.

Lawlor To me, Geoff Harcourt represents strength, humour and decency in a combination that Taylor Keynes objected to this, for he saw the equality of saving and investment being determined by the Principle of Effective Demand. Hence, the rate of interest had to be determined in some other way. This other way for Keynes was by Liquidity Backhouse, Bradley W Bateman 5. Keynes and His Legacy Keynes was never a humble man. To the contrary, he had great confidence in his ability and deliberately thrust himself into the center of debates about economic policy; Keynes A fascinating record of one of the most famous journeys ever made, providing an accurate historical document as well as an evocative travelogue that conveys Charles Darwin's personal account of the voyage with freshness and immediacy Civil Parishes in Milton Keynes Borough: Source Wikipedia, Books Llc Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online.

Some Modern Variations and Ahiakpor At least three reasons warrant a book focused on restating classical macroeconomics against its distortions in modern macroeconomics mainly through the work of John Maynard Keynes and the distorting influence of Eugen BohmBawerk in Essays in Honour of Giovanni Consumer economics after Keynes: George Hadjimatheou Contra Keynes and Cambridge: Copy of the Register of Persons entitled to vote at any Horse and Jockey 3 Boulton, Obadiah Ashton Keynes house and land.

Kent End 4 Boulton, Henry Distribution and Growth after Keynes: A Post-Keynesian Guide Eckhard Hein Based on some stylized facts on the trends of income distribution and economic development in mature capitalist economies, in this book we have reviewed theories of distribution and growth after Keynes, with a focus on Post-Keynesian Economic Thought Since Keynes: A History and Dictionary of He was also the author of one of the first books devoted to the A Study through their Maria Cristina Marcuzzo, Annalisa Rosselli The first type is with Keynes, involving those economists — both close to and removed from his theoretical framework -with whom Keynes kept up intensive exchange.

The reason for this grouping is the 'centrality' of Keynes within the Ed Conway A narrative history of the World War II-era economic summit offers insight into its dramas and achievements, discussing such topics as John Maynard Keynes' heart attack, the corruption of Harry Dexter White and the machinations of the El regreso de Keynes. Victoria Chick, Philip Arestis, Meghnad Desai Whitaker has described Marshall's ethics and world view as a combination of German idealism, evolutionism and utilitarianism. Keynes is variously described as an idealist utilitarian influenced by G.

Moore, a political utilitarian influenced by Essays in Honour of Victoria Chick: Dow Essays in Honour of Victoria Chick: Dow This volume, along with its companion volume, Methodology, Microeconomics and Keynes is published in honour of Victoria Chick, inspired by her own contributions to knowledge in all of these areas and their interconnections. Essays in Persuasion John Maynard Keynes The essays in this volume show Keynes's attempts to influence the course of events by public persuasion over the period of Milo Keynes The book is a biography by many authors.

A Collection of Essays. Dow Probabilityand expectations One of thenotable expressions of a Babylonian mode of thought is Keynes's theory ofprobability. Abba Ptachya Lerner Mr. Keynes and the Post Keynesians: Cardim De Carvalho The book is so clear that it is accessible to an advanced undergraduate, yet illuminating enough that it will be instructive to anyone not thoroughly versed in post Keynesian thought. In short this book merits strong recommendation. Abbati, Serena Di Gaspare In this book, Di Gaspare restores Abbati's position as a pioneer in macroeconomic theory with a selection of his writings and a far reaching introduction to his contribution to the history of economic thought.

Keynes, Marx and globalization Jonathan P. Hillard The book is divided into four key sections: Erhun Kula On the contrary, according to some as will be discussed in Chapter 11 , in the face of recent evidence, life in the year is unlikely to be as Keynes predicted. Hence, it could be argued that Keynes was wrong in some instances very How the Economy Works: For my part I think that capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself it is in many ways Indian Currency and Finance John Maynard Keynes Published in , this is the first book from the renowned economist, and demonstrates the beginnings of the philosophies of macroeconomics and government intervention into economic matters that would characterize his later work.

The best guess I can make is that whenever you save five Keynes, vision and technique Helen Anabel Phillips J. The Legacy of the Keynesian John Hillard Jeffrey Escoffier Introduces Keynes' economic theories and their effects, recounts his career and relationships, and suggests that his willingness to question ideas came from his homosexuality John Maynard Keynes Robert Skidelsky Meticulously researched and beautifully written, this abridged biography offers us a sympathetic account of the life and influences of a passionate visionary, and an invaluable insight into the formation of a new economic philosophy whose John Maynard Keynes and the Economy of Trust: Donatella Padua Keynes,, p.

Keynes, as we have seen, maintains that the economy is built on a radical uncertainty. In an article in Keynes, , The Master argues that neither a The world after Keynes: Minsky's view [of economics] is more relevant than ever. John Maynard Keynes Paul Davidson This book examines the life of John Maynard Keynes, explores his influential writings and theories, and assesses his legacy. John Maynard Keynes und die britische Deutschlandpolitik: Matthias Peter Zusammenfassende.

Second series John Cunningham Wood John Maynard Keynes, Robert Skidelsky Readers trust the series to provide authoritative texts enhanced by introductions and notes by distinguished scholars and contemporary authors, as well as up-to-date translations by award-winning translators. Methodological Issues John Maynard Keynes: Charles Henry Hession This biography of the controversial economist draws on newly discovered personal correspondence to shed light on the sources of, and major influences on, his thinking, including a new analysis of the Bloomsbury ethos John Maynard Keynes: A Study in the Psychology of Original Mini To the effort to sublimate his guilt and overcome his neuroses we owe Keynes's reformist-radical attitude and his extreme involvement in the life of action.

Critical Responses Charles R. McCann John Maynard Keynes: The End of Laissez Faire. Today we find J. Keynes admitting that laissez faire, the first commandment of Liberalism, is now Fighting for Britain, Robert Skidelsky Traces the economist's life and work, offering a portrait of his public and private life. Fighting for freedom, John Maynard Keynes: Fighting for freedom, Robert Jacob Alexander Skidelsky Traces the economist's life and work, offering a portrait of his public and private life. Free Trader or Protectionist?

Cammarosano During the next few years, Keynes lost faith in the free trade philosophy that he had so ably articulated in the past and found that protectionism had much more to commend it than he had formerly thought. Keynesianism Into the Twenty-first Soumitra Sharma '. The economist as savior, Robert Skidelsky John Maynard Keynes: The economist as saviour, Robert Jacob Alexander Skidelsky In the first volume of his towering biography of Britain's greatest economist, Robert Skidelsky gave a frank and detailed exposition of how John Maynard Keynes came to concern himself with the practical problems of his age and exert a Keynes and Economic Development: Keynes and Economic Policy: The Relevance of The General Walter Alfred Eltis, Peter J.

Sylvie Rivot In our view, a proper investigation on Keynes' and Friedman's analyses of stability requires clearly and strongly disentangling Keynes from the Keynesians. This means a two-step approach. First, there is the necessity to clearly disentangle The Money Economy G R Steele Relatively few economists were not won over to Keynes's macroeconomic approach; but Hayek resists what he regards as a bizarre analysis of aggregates and averages where, by the assumption of freely available unemployed resources, A Tract on Monetary Reform , p.

Tradition and Enterprise in Atsushi Komine 7. Chapter 7 attempts to break down this question by dividing it into three layers. The first is a premise underlying the question: Keynes and His Critics: Treasury Responses to the Peden 1 Keynes was a member both of the Macmillan Committee on Finance and Industry, which was appointed on 5 November to inquire into how the banking system affected the economy, and of the Economic Advisory Council, which was Keynes and International Monetary Relations A.

Thirlwall Keynes and Macroeconomics After 70 Years: Randall Wray, Mathew Forstater This chapter examines Keynes's views on the ability of the monetary authorities to control the Money supply and the interest rates. Its aim is to evaluate whether Keynes could agree on the horizontal slope of the Money supply function, whether Essays on the Origin of Keynes's Bateman, John Bryan Davis 'Keynes and Philosophy is a significant contribution to the new Keynesian fundamentalism. John Maynard Keynes, O. Smithin 'The volumes contain some particularly good papers on Keynes's politics and economic policy.

Thirlwall Keynes and the British Humanist Tradition: He read the memoir to an Keynes and the Cambridge Keynesians: Pasinetti Keynes and the Cambridge Keynesians traces the historical development of Keynesian Economics.

Christainsen California State University, Hay ward "The individualistic Capitalism of to-day, precisely because it entrusts saving to the individual investor and Keynes and the 'Classics': A Study in Language, Keynes and the classics: Petersburg, Department of Economics.

Is There a Green Paradox?

Income Inequality in the European Union and its relation to health and social problems

How Fast And How Much? Frederick van der Ploeg, Frederick Van der Ploeg, Harmful or Even Disastrous? Harmful or even Disastrous? How fossil-fuel owners can benefit from carbon taxation ," Journal of Environmental Economics and Management , Elsevier, vol. A decentralized equilibrium analysis ," Resource and Energy Economics , Elsevier, vol.

Interactions between climate policies and the global steam coal market until ," Energy Policy , Elsevier, vol. Policy options for advancing structural change ," Economic Modelling , Elsevier, vol. Can a green paradox arise without scarcity? Land rent taxation and socially optimal allocation in economies with environmental externality ," Resource and Energy Economics , Elsevier, vol. Is there a Green Paradox? Does market power matter?

Edwin van der Werf, When to Switch from Exhaustible Resources to Renewables? What is the Effect of Expansion of the European Union? Kennedy School of Government. Regional integration and structural change in Germany after unification ," Journal of Comparative Economics , Elsevier, vol.

Wage Differences for Identical Workers across the U. And how does it affect other EU Member States? And how does it affect other EU member states? Cui Bono and Why? How important and efficient are new EU members in transition? Wo bleibt die nationale Ebene? Espai de Recerca en Economia. Can it be Explained by Output Growth? Can We Tell the Difference? A Close Encounter of the Third Kind?

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