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	The Keynesians Counterattack
		The Pigou Effect led to a great debate in monetary theory, but as the debates had led, effectively, to the conclusion that the Pigou Effect had to work on a very narrow band of assets, it was presumed that, even if it existed, the power of the Pigou Effect could be empirically ignored.
		The second effect was already expressed in Keynes (1931) and in Irving Fisher (1933) and is known as the "Debt-Deflation Effect".
		This Debt-Deflation Effect was given a central role by James Tobin (1980), J. Caskey and Steve Fazzari (1987) and Thomas Palley (1996).
	cepa.newschool.edu /het/essays/keynes/counterattack.htm (1313 words)

	Keynesian economics
		Keynes explained the level of output and employment in the economy as being determined by Aggregate Demand.
		Although Keynes' theory suggested that the economy need not automatically tend towards full employment, it also suggested that active government policy could be effective in managing the economy.
		Keynes advocated counter-cyclical fiscal policies: deficit spending when a nation's economy was sluggish and the surpression of inflation in boom times by either increasing taxes or cutting back on government.
	www.ebroadcast.com.au /lookup/encyclopedia/ke/Keynesianism.html (1100 words)

	Keynesian economics Summary
		Keynes questioned two of the dominant pillars of economic theory: the need for a solid basis for money, generally a gold standard, and the theory, expressed as Say's Law, which stated that decreases in demand would only cause price declines, rather than affecting real output and employment.
		Keynes explained that the level of output and employment in the economy was determined by aggregate demand or effective demand.
		Keynes, pointing to the sharp fall in employment and output in the early 1930s, argued that whatever the theory, this self-correcting process had not happened.
	www.bookrags.com /Keynesian_economics (4371 words)

	Keynesian economics - dKosopedia
		In the 1920s, Keynes published a series of books and articles which focused on the effects of state power and large economic trends, developing the idea of monetary policy as something separate from merely maintaining currency against a fixed peg.
		Keynes explained the level of output and employment in the economy as being determined by aggregate demand or effective demand.
		Keynes, pointing to the sharp fall in employment and output in the early 1930s, argued that whatever the theory, this self-correcting process had not happened.
	www.dkosopedia.com /wiki/Keynesian_economics (3845 words)

	Keynes
		Keynes' brilliant record as a stock investor is demonstrated by the publicly available data of a fund he managed on behalf of King's College, Cambridge.
		Keynes' brother Sir Geoffrey Keynes (1887 – 1982) was a distinguished surgeon, scholar and bibliophile.
		Keynes' theories were so influential, even when disputed, that a subfield of Macroeconomics called Keynesian economics is further developing and discussing his theories and their applications.
	www.link-ex.net /wiki_en/?title=Keynes (2829 words)

	The Theories of John Maynard Keynes
		Keynes alternative was politically and socially much more palatable to the intelligentsia, because the majority of the intelligentsia held the conclusion, claimed by the Marxist exploitation theory, that wages tend toward the minimum level required to maintain the subsistence of the workers.
		Keynes new theory, on the other hand, conveyed a politically much more palatable solution to unemployment: according to Keynes, the solution to unemployment was a growth in government spending.
		The reason for this, Keynes maintained, is that in a depression there is not a surplus of savings available at a correspondingly low interest rate, but rather, an absence of savings as the general population withdraws money in the struggle to survive.
	www.chuckbraman.com /Writing/WritingFilesPhilosophy/keynes.htm (1142 words)

	Resurrecting the Radical Keynes (Site not responding. Last check: 2007-10-29)
		Keynes argued that the correct policy was for the government to initiate a large long-term program of government infrastructural investment.
		Keynes believed that free-market capitalism was subject to extreme instability primarily because business investment spending was inherently volatile.
		Keynes understood that capitalists and renters would be likely to 'run away' from Britain in reaction against his program, causing skyrocketing interest rates and plummeting investment.
	www.fguide.org /Bulletin/Keynes.htm (661 words)

	Wikinfo \| Keynesian economics
		Keynes' theory suggested that active government policy could be effective in managing the economy.
		Keynes advocated counter-cyclical fiscal policies: deficit spending when a nation's economy was sluggish and the suppression of inflation in boom times by either increasing taxes or cutting back on government spending.
		But there was no reason to believe that this stimulation would outrun the side effects that discouraged investment — the government, competing with private interests, would be bidding up the wage rate, leading to no overall increase in economic activity.
	www.wikinfo.org /wiki.php?title=Keynesian_economics (1173 words)

	Keynes' Biggest Mistake: The Snapshot Fallacy (Site not responding. Last check: 2007-10-29)
		John Maynard Keynes, the brilliant and famous economist of the early 1900's, was a demand-sider, whose theory analyzed the demand for, and supply of, goods and services of his day.
		Another of Keynes' conclusions (…and this could be his biggest mistake) was this: Demand would eventually be satiated.
		Keynes was concerned about this, and concluded that, after demand was satiated, government policies of massive income redistribution would have to be adopted to maintain full employment -- i.e., to ensure that the demand side had buying power.
	web2.airmail.net /scsr/Keynes.htm (766 words)

	John Maynard Keynes (1883-1946)
		Keynes claimed that the government needed to stimulate the economy in times of recession.
		Before Keynes it was believed that the economy would keep improving; even to Marx, a failure would be only temporary and would eventually fix itself.
		Keynes believed that the economy could stagnate, and remain in that state, even if there were unused resources.
	library.thinkquest.org /16500/EconoHistory/page5.html (563 words)

	John Maynard Keynes, by Milton Friedman
		Keynes set himself the task of explaining why, of constructing an alternative theory that would both explain what was happening and justify alternative policies—such as the large public works programs he had been recommending since the mid-1920s.
		Keynes was exceedingly effective in persuading a broad group—economists, policymakers, government officials, and interested citizens—of the two concepts implicit in his letter to Hayek: first, the public interest concept of government; second, the benevolent dictatorship concept that all will be well if only good men are in power.
		Keynes believed that economists (and others) could best contribute to the improvement of society by investigating how to manipulate the levers actually or potentially under control of the political authorities so as to achieve desirable ends, and then persuading benevolent civil servants and elected officials to follow their advice.
	www.econ.uniurb.it /calcagnini/JohnMaynardKeynes.htm (7277 words)

	John Maynard Keynes
		In 1942 Keynes was a highly recognised economist and was raised to the House of Lords as Baron Keynes, of Tilton in the County of Sussex, where he sat on the Liberal benches.
		Keynes' brilliant record as a stock investor is demonstrated by the publicly available data of a fund he managed on behalf of King's College, Cambridge.
		Keynes' brother Sir Geoffrey Keynes (1887–1982) was a distinguished surgeon, scholar and bibliophile.
	www.martinfrost.ws /htmlfiles/maynard_keynes.html (1982 words)

	Home
		In Keynes book he analyzed classical economics and explained that it was not a stable or totally effective economic strategy.
		Keynes knew that there would always be a percentage of consumers that would be unemployed; therefore, his "full employment" was based on an economic system in equilibrium at less that full employment.
		In Keynes theory, a theory of effective demand, three main points are presented the theory of employment, theory of interest and theory of wages.
	home.snu.edu /~dwilliam/s98/keynes/theory.htm (525 words)

	KEYNESIAN SPLENETICS
		Meltzer's Keynes argues from his belief that in a society with ideal economic institutions the rate of interest would be zero to the conclusion that in our society, with its less-than-ideal economic institutions, the rate of employment is too low (pp.
		Keynes first assumes (a) unemployment, and (b) such a price situation, and (c) such a mode of operation of the price mechanism, that growth in employment is blocked.
		Thus, Keynes (1) fails to explain unemployment, (2) is cavalier in his treatment of expectations (positing elastic or inelastic expectations as suits his immediate purpose), and (3) neglects the effect of inflation on money demand.
	www.auburn.edu /~garriro/fk4splenetics.htm (7255 words)

	Keynes
		Keynes denied that laissez-faire capitalism automatically led to full employment and went on to show how over-production and unemployment could occur: since all that was produced in a given period wasn’t all consumed in that period there was a gap between productive capacity and what Keynes called consumption.
		Keynes thought that if he could find means to reduce unemployment to a very low level he could take the edge off the conflict.
		For Keynes the Russian revolution was not a stage in the development of capitalism, but the emergence of a new world religion; not based on changes in the real world but engendered in the minds of the leaders, Lenin and his associates.
	www.worldsocialism.org /spgb/education/keynes.html (5638 words)

	Harry Gunnison Brown / The Keynes-Hansen Demand for Labor Notion
		Thus, Keynes too is saying that when capital equipment is plentiful so that labor, being well supplied with capital, has high productivity and might reasonably expect, therefore, to earn high wages, it is likely to be in substantial degree unemployed.
		Keynes does not, indeed, comment meaninglessly on "man-years of labor." But he certainly takes the position that when "the marginal efficiency of capital" is high -- which is when capital is relatively scarce -- "liquidity preference" is less likely to manifest itself in an excess of hoarding; and there is less likely to be unemployment.
		Keynes refers specifically to the inhibitory effect of liquidity preference when large investments in capital have brought the "marginal efficiency of capital" to a low percentage, e.g., 2 or 2-1/2 per cent.
	www.cooperativeindividualism.org /brown_keynes-hansen.html (3179 words)

	Negri on Keynes
		For Keynes the problem is how to establish a balance of effective demand, in a context where the various balances of power making up effective demand are conceived of as unchanging.
		In effect, as Keynes appears to recognize, the system functions not because the working class is always inside capital.
		For Keynes the one independent variable that is the foundation of his mode of thinking is the ‘downward rigidity of wagesthe the wage-unit as determined by the bargains reached between employers and employed” (Negri p.
	www.generation-online.org /p/fpkeynes.htm (698 words)

	John Maynard Keynes - by Milton Friedman
		Keynes set himself the task of explaining why, of constructing an alternative theory that would both explain what was happening and justify alternative policies-such as the large public works programs he had been recommending since the mid-1920s.
		Keynes was exceedingly effective in persuading a broad group-economists, policymakers, government officials, and interested citizens-of the two concepts implicit in his letter to Hayek: first, the public interest concept of government; second, the benevolent dictatorship concept that all will be well if only good men are in power.
		Keynes believed that economists (and others) could best contribute to the improvement of society by investigating how to manipulate the levers actually or potentially under control of the political authorities so as to achieve desirable ends, and then persuading benevolent civil servants and elected officials to follow their advice.
	www.geocities.com /ecocorner/intelarea/mf1.html (7301 words)

	Ideas: Getting it Wrong
		Keynes was wrong, but his attempt to make sense of what he believed happened during the Great Depression provided a theoretical foundation on which later theorists, including Friedman, could build.
		Keynes was fascinated by Einstein and it was because of him that he (Keynes)entitled his book the General Theory, explaining that just as Einstein had made Newton's physics a special case of a wider general truth so the General Theory of Employment...
		In effect his school came to believe not just that the money supply was an unimportant factor but that it didn’t really matter at all and that any correlation between the price level and the money supply was because prices determined the volume of money, not the other way round.
	daviddfriedman.blogspot.com /2006/11/getting-it-wrong_23.html (3681 words)

	Amazon.co.uk: John Maynard Keynes: Fighting for Britain, 1937-1946 Vol 3: Books: Robert Skidelsky (Site not responding. Last check: 2007-10-29)
		Keynes liked to think that ideas converted politicians, but the evidence here suggests blood, sweat and tears, all of which no doubt played a part in Keynes' premature demise.
		Keynes defended exhaustingly Britain's role in world matters by begging time for a reconversion of the British industry from a war to a civilian economy and for safeguarding its Commomwealth with its preferential tariff and pound sterling payment system.
		It talked about Keynes' life in Eton College(a fundamental place for him to grow up and how his schoolmates affect him), and more is in King's College,Cambridge(which definitely a crucial turning point in Keynes' life) which included keynes' letter which he sent expressed his point of views, his love to Duncan.
	www.amazon.co.uk /John-Maynard-Keynes-Fighting-1937-1946/dp/0333779711 (2219 words)

	PHILLIPS CURVES AND HAYEKIAN TRIANGLES
		Friedman's heuristic device for short-circuiting the distribution effects is to assume that increases in the money supply are brought about by a one-time dropping of money from a helicopter in such a way that each individual picks up the new money in direct proportion to the amount already in his possession.
		Arguing respectively in terms of the wage-rate effect on the employment of labor and the interest-rate effect on capital utilization, Friedman and Hayek have traced out the consequences of a monetary injection from A to B to C, where, in both diagrams, points A and C represent identical sets of real parameters.
		For Keynes, full employment is achieved so long as investors are sufficiently optimistic or sufficiently moved by the "animal spirits," or so long as public works takes up the slack created by any insufficiency of private spending.
	www.auburn.edu /~garriro/fm3bellante.htm (11850 words)

	Notes on Macroeconomics (Site not responding. Last check: 2007-10-29)
		Keynes convinced both policy makers and economists that planning was both possible and necessary.
		Although the Monetarists are still concerned with Aggregate Demand (like Keynes), they argue that a short run drop in aggregate demand is not a problem to markets (and therefore we do not need government to step in and correct the situation).
		They argue that government policy in general has destabilizing effects (the market on its own is OK, it is government that causes the problems).
	soba.fortlewis.edu /elliott/notes_on_macroeconomics.htm (1097 words)

	The Legacy of Lord Keynes by William H. Peterson
		Of course, Keynes did not openly embrace inflation, but certainly he was having quite an affair with it, and rather an illicit one.
		Keynes argued depression — more specifically, unemployment — was the offspring of the failure of consumption demand and the failure of investment demand.
		Keynes seems not to have understood that politicians generally stress short views — upcoming election views – and not long views.
	www.lewrockwell.com /orig4/peterson8.html (1499 words)

	Home (Site not responding. Last check: 2007-10-29)
		Keynes first introduced deficit spending to try to help the declining market and to try to help balance many economic factors.
		Although there are many different things that effect full employment which are the marginal propensity to consume, the marginal efficiency of capital, the quantity of money, and the liquidity preference.
		He not only has effected in the beginning of the twentieth century, but he is still having great effects on our system.
	home.snu.edu /~dwilliam/s98/keynes/modern.htm (389 words)

	IOWA STATE UNIVERSITY
		If the liquidity effect is dominant (scenario a) then an increase in money supply growth is required to decrease interest rates.
		If the liquidity effect is smaller and there is rapid adjustment of the expected inflation rate (scenario c), then a decrease in money supply growth is required to decrease interest rates.
		If the liquidity effect is smaller and there is slow adjustment of the expected inflation rate (scenario b), then an increase in money supply growth reduces interest rates in the short run and a decrease in money supply growth reduces interest rates in the long run.
	www.econ.iastate.edu /classes/econ353/elobeid/Exam2KEY.htm (4175 words)

	Keynesian Economics (Site not responding. Last check: 2007-10-29)
		Keynes argued that, although this policy might make sense for a particular industry, a general cut would lower CONSUMPTION, income and AGGREGATH DEMAND, and this would offset the encouragement to employment by the lowering of the 'PRICE' of labor relative to the price of CAPITAL, e.g.
		It was not until after Keynes had written his General Theory and crystallized his arguments into a coherent theoretical framework that his views were accepted.
		However, the transformation which Keynes brought about, in both theory and policy, was considerable.
	hometown.aol.com /gjeisenbart/myhomepage/keynes.htm (1751 words)

	glbtq >> social sciences >> Keynes, John Maynard
		Keynes was born on June 5, 1883 in Cambridge, England, the son of a Cambridge economics professor and one of the first female graduates of Cambridge, a woman who would later serve as mayor of the city.
		Keynes, Strachey, and Woolf formed the nucleus of the Bloomsbury group, which also included such important and successful figures as painters Vanessa Bell and Duncan Grant, novelists Virginia Woolf and E. Forster, art critics Clive Bell and Roger Fry, and psychoanalysts James and Alix Strachey.
		Keynes's relationship with Grant was his first happy and significant relationship with a man. Over the next few years Keynes and Grant led active lives, dividing their time between Cambridge (where Keynes accepted an academic appointment in 1908) and London, academic duties and artistic pursuits, friends and work.
	www.glbtq.com /social-sciences/keynes_jm.html (753 words)

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