Keynes’ treatment of dynamics and stability in a monetary economy: the role played by expectations from the Tract on Monetary Reform to the General Theory

2020 ◽  
Vol 27 (4) ◽  
pp. 523-548
Author(s):  
Sylvie Rivot
Keyword(s):  
General Theory ◽  
Monetary Reform ◽  
Monetary Economy

How, and for How Long, Did Keynes maintain theTreatiseTheory?

2007 ◽  
Vol 29 (3) ◽  
pp. 283-307
Author(s):  
Toshiaki Hirai
Keyword(s):  
Economic Theory ◽  
General Theory ◽  
Theory Building ◽  
Clear Understanding ◽  
Crucial Importance ◽  
Monetary Reform ◽  
Interesting Phenomenon ◽  
John Maynard Keynes ◽  
Primary Material ◽  
Intellectual Journey

Many historians of economic theory have studied how John Maynard Keynes developed his theory fromA Tract on Monetary ReformthroughA Treatise on Money(hereafter theTreatise) toThe General TheoryofEmployment, Interest and Money(hereafter theGeneral TheoryorGT). After the pioneering studies by Moggridge (1973) and Patinkin (1976, 1982), there followed Dimand (1988), Amdeo (1989), Clarke (1988, 1998), Meltzer (1988), Moggridge (1992), Skidelsky (1992), Laidler (1999), and others. This is no wonder, for the Keynesian Revolution remains the most singular phenomenon that economic theory and policy have ever seen. Although the objective of our entire project has been to shed new light on this important and interesting phenomenon, examining and analyzing the processes of theory-building and rebuilding which constitute Keynes's intellectual journey (see Hirai 1997–99), the present paper focuses solely on one chapter in the long story of the transition through his three major works. The very fact of addressing the questions, “How did Keynes maintain the theory developed in theTreatiseafter its publication (October 1930), and for how long?” narrows the period under study to approximately two years which span roughly from October 1930 through October 1932. Our scrutiny will range over the original texts and primary material such as manuscripts, lecture notes, and correspondence produced over this period, and our findings will rest on the meticulous analysis of material of crucial importance for a clear understanding of Keynes's theoretical situation. We will also offer our comments on the earlier efforts insofar as they relate to the period in question.

scholarly journals EFEITOS REAIS DA POLÍTICA MONETÁRIA: UMA DISCUSSÃO SOBRE OS MECANISMOS DE TRANSMISSÃO

2003 ◽  
Vol 29 ◽  
Author(s):  
Marcos Wagner Da Fonseca ◽  
Marcos Roberto Vasconcelos
Keyword(s):  
Monetary Policy ◽  
General Theory ◽  
Monetary Theory ◽  
General View ◽  
Postwar Period ◽  
The Real ◽  
Transmission Mechanisms ◽  
Monetary Economy

Este trabalho busca apresentar uma visão geral sobre os mecanismos de transmissão da política monetária. O início da discussão obrigatoriamente passa pela controvérsia dentro da teoria monetária sobre o papel da moeda na economia e sua capacidade em afetar as variáveis reais. Sintetiza-se o debate ocorrido entre as correntes da economia monetária no período pós-guerra, entre os keynesianos da síntese neoclássica e os monetaristas. A evolução das idéias fez surgir outras correntes de pensamento, como os novos-clássicos, os novoskeynesianos e os pós-keynesianos, mas o ponto de destaque é que Keynes, na Teoria Geral, já havia realizado um tratamento dos mecanismos de transmissão de forma mais clara que muitos de seus seguidores e adversários. Respeitando esta controvérsia, o trabalho apresenta os mecanismos de transmissão da política monetária, baseado nas discussões realizadas durante a década de 1990. Abstract This work search to present a general view on the transmission mechanisms of the monetary policy. The beginning of the discussion obligatorily raisin for the controversy inside of the monetary theory on the paper of the coin in the economy and its capacity in affecting the real variables. The debate is synthesized happened among the currents of the monetary economy in the postwar period, between the keynesians of the neoclassical synthesis and the monetarists. The evolution of the ideas made to appear other thought currents, as the new-classic ones, the new-keynesians and the post-keynesians, but the prominence point is that Keynes, in the General Theory, had already accomplished a treatment of the transmission mechanisms in a clearer way than many of his followers and opponents. Respecting this controversy, the work presents the transmission mechanisms of the monetary policy, based on the discussions accomplished during the decade of 1990.

Keynes and Anchorless Banking

1998 ◽  
Vol 20 (1) ◽  
pp. 71-82 ◽  
Author(s):  
Thomas K. Rymes
Keyword(s):  
General Theory ◽  
Supply And Demand ◽  
Monetary Theory ◽  
John Maynard Keynes ◽  
Monetary Economy ◽  
The Future ◽  
Theory Of Value ◽  
Working Out ◽  
Theory Of Production ◽  
Special Case

In The General Theory, John Maynard Keynes broke with the quantity theory of money, not just in working out a monetary theory of production but, as he says, in arguing the case for a monetary theory of value. Keynes writes (CW, 7, pp. xxii-xxiii):A monetary economy, we shall find, is essentially one in which changing views about the future are capable of influencing the quantity of employment and not merely its direction. But our method of analyzing the economic behaviour of the present under the influence of changing ideas about the future is one which depends on the interaction of supply and demand, and is in this way linked up with our fundamental theory of value. We are thus led to a more general theory, which includes the classical theory with which we are familiar, as a special case.

scholarly journals Keynes’s Time in the Times of Capitalism

2015 ◽  
Vol 1 (1) ◽  
pp. 18-34
Author(s):  
Luiz Gonzaga Belluzzo
Keyword(s):  
General Theory ◽  
John Maynard Keynes ◽  
Political Transformations ◽  
Monetary Economy ◽  
The World ◽  
Magnum Opus ◽  
The Times

This paper aims to discuss the process of construction of the thought of John Maynard Keynes about capitalism. Therefore, it discusses the economic, social and political transformations undergone in the world, in general, and in England, in particular, that have shaped the reality about which he reflected. It also discusses the evolution of these reflections until his magnum opus, The General Theory of Employment, Interest and Money, in which he presents the limits and possibilities of a monetary economy of production.

scholarly journals CARDIM DE CARVALHO’S CONTRIBUTION TO THE UNDERSTANDING OF DECISION MAKING IN CONTEMPORANEOUS FINANCIAL MARKETS

2020 ◽  
Vol 24 (2) ◽  
Author(s):  
Maryse Farhi ◽  
Daniela Magalhães Prates
Keyword(s):  
Decision Making ◽  
General Theory ◽  
Financial Markets ◽  
Portfolio Allocation ◽  
Decision Making Under Uncertainty ◽  
Decision Making Process ◽  
Financial Assets ◽  
Monetary Economy ◽  
Keynes General Theory

ABSTRACT According to the post-Keynesian approach, uncertainty is inherent to the loci in which investors decide the portfolio allocation of their wealth (or the wealth they manage) in a monetary economy. In financial assets’ markets, to deal with uncertainty, agents use instruments that evolved with time and encompass two elements of the decision-making process: (i) which premises will be considered to make a decision, the focus of Keynes’ General Theory; (ii) the sequel between the premises and the very decision, the focus of Keynes’ Treatise on Probability. The aim of this paper is twofold. The first one is to summarize the contribution of Fernando Cardim de Carvalho to the understanding of the decision-making under uncertainty. The second one is to analyse the decision-making instruments used in contempo-raneous financial assets’ markets in light of his contribution that is especially suitable for this goal due to his acquaintance with the Treatise.

scholarly journals Ekonomista z Wilna - dorobek naukowy Władysława Mariana Zawadzkiego

2017 ◽  
Vol 8 (1) ◽  
pp. 141-157
Author(s):  
Zbigniew Klimiuk
Keyword(s):  
General Theory ◽  
Monetary Reform ◽  
Mathematical Economics

Wladysław Marian Zawadzki (1885–1939), was born in Vilno, Polish economist, Minister of Treasure (1932–1935), pioneered mathematical economics in Poland (the Walrasian mathematical economist). The conservative professor of economics at the School of Commerce (SGH) in Warsaw and the Stefan Batory University of Wilno (1919–1931). The SGH had at this time the stronger team of theoreticians. It was led by Wladyslaw Zawadzki. He was a very thorough exposition of J.M. Keynes’s monetary analisis, contrasting it with his earlier ideas in the Treatise on Money and the Tract on Monetary Reform. Zawadzki regretted Keynes’s etatism but comforted himself and his readers that Keynes had changed his mind at least twice before The General Theory.

scholarly journals Um percurso pela história das ideias: a moeda em Keynes

Geosul ◽  
2021 ◽  
Vol 36 (80) ◽  
pp. 133-157
Author(s):  
Larissa Naves de Deus Dornelas ◽  
Fábio Henrique Bittes Terra
Keyword(s):  
General Theory ◽  
Monetary Reform

Este artigo tem como objetivo mostrar a história das ideias de Keynes sobre moeda. Neste particular, dedica-se exclusivamente a resgatar a obra do autor, um debate intestino a Keynes, afim de analisar a evolução do pensamento dele acerca da importância da moeda no sistema econômico. A contribuição do artigo reside em oferecer, de forma condensada à um paper, uma discussão feita apenas em livros, portanto mais longos, e em língua inglesa. Embora possa parecer uma contribuição por demais modesta, o artigo percorrerá as principais obras econômicas de Keynes, quais sejam, A Tract on Monetary Reform, de 1923, A Treatise on Money, de 1930, e The General Theory of Empolyment, Interest and Money, de 1936, o que é um esforço notável. O pano de fundo da discussão será o afastamento de Keynes da teoria neoclássica ao longo das referidas obras. Além disso, o artigo discute brevemente como Keynes percebia a institucionalidade da Autoridade Monetária.

scholarly journals AS CONCEPÇÕES DA TEORIA MONETARIA DE JOHN MAYNARD KEYNES: UM EXERCÍCIO CRONOLÓGICO

2009 ◽  
Vol 8 (13) ◽  
Author(s):  
Fernando Ferrari Filho
Keyword(s):  
General Theory ◽  
Economic Consequences ◽  
Monetary Reform ◽  
John Maynard Keynes

Este artigo investiga a evolução das idéias de Keynes relacionadas à teoria monetária. Na elaboração do trabalho, o autor desenvolve a análise a partir das seguintes obras: Indian Currency And Finance, 1913, The Economic Consequences Of The Peace, 1919, A Tract On Monetary Reform, 1923, A Treatise On Money, 1930, e The General Theory Of Employment. Interest And Money, 1936. Em termos de conclusão, o trabalho mostra que, em primeiro lugar, o pensamento keynesiano move-se de uma posição na qual a Teoria Quantitativa da Moeda está inserida no seu "approach" teórico para uma situação onde as relações monetárias e reais identificam-se através da teoria monetária da produção. Por fim, a transição entre as duas teorias monetárias inicia-se com o Tract e, principalmente, o Treatise e consolida-se com a General Theory.

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