scholarly journals ANALYSIS OF J. KEYNES'S CONTRIBUTION IN THE DEVELOPMENT OF ECONOMIC THEORY

2021 ◽  
pp. 14-21
Author(s):  
Ruslan Mann ◽  
Natalia Ilchenko ◽  
Natalia Tychkova ◽  
Baranov Baranov
Keyword(s):  
Economic Theory ◽  
Full Employment ◽  
Free Market ◽  
Social Phenomena ◽  
University Environment ◽  
Economic Problems ◽  
Modern Economy ◽  
Development Of Economic Theory ◽  
Theoretical Evidence ◽  
Concrete Representations

The article describes the educational and scientific university environment in which Keynes's talent was formed, as well as the Bloomsbury Circle of Intellectuals, in which Keynes occupied a prominent place. The formation of Keynes's specific approach to economic problems, which combine the analysis of real problems, theory and formulation of the practical proposals, is considered on the example of the early work of Keynes in the 1910s. The article argues that Keynesianism is the real engine of the modern economy. Keynes developed methods and apparatus by which the conceptual vision of economics is transformed into concrete representations of the economic theory. After a long journey, shown in his works ("General Theory of Employment, Interest and Money"), Keynes developed his vision of economic and social phenomena as an analytically functional analysis, and finally destroyed the logical capacity of people's faith in the ability of a free market economy to automatically maintain full employment, identified the possibility of influencing the regulation of money circulation on prices, exports, imports, production process and employment. Despite criticism of his theoretical evidence, even his opponents agreed that Keynes's ideas had been confirmed in practice. At the end of the article are the assessments of Keynes' research by authors and scientists with different views.

scholarly journals Quantum economics

2011 ◽  
Vol 58 (2) ◽  
pp. 267-276 ◽  
Author(s):  
Veselin Vukotic
Keyword(s):  
Economic Theory ◽  
Economic Policy ◽  
Economic Crisis ◽  
Global Market ◽  
National State ◽  
Economic Problems ◽  
Economic Paradigm ◽  
Global Economic Crisis ◽  
Development Of Economic Theory ◽  
National Governments

The globalization is breaking-down the idea of national state, which was the base for the development of economic theory which is dominant today. Global economic crisis puts emphasis on limited possibilities of national governments in solving economic problems and general problems of society. Does it also mean that globalization and global economic crisis points out the need to think about new economic theory and new understanding of economics? In this paper I will argue that globalization reveals the need to change dominant economic paradigm - from traditional economic theory (mainstream) with macroeconomic stability as the goal of economic policy, to the ?quantum economics?, which is based on ?economic quantum? and immanent to the increase of wealth (material and non-material) of every individual in society and promoting set of values immanent to the wealth increase as the goal of economic policy. Practically the question is how we can use global market for our development!

“Capital” as the key to solving modern economic problems (Offline addition to the discussion on the revival of a special seminar on Karl Marx’s “Capital”)

2019 ◽  
pp. 142-150
Author(s):  
Alexandеr V. Buzgalin
Keyword(s):  
Political Economy ◽  
Educational Process ◽  
Capitalist System ◽  
Economic Problems ◽  
Modern Economy ◽  
Modern Economic ◽  
The Relationship

In the article prepared in connection with the discussion on the use of the Marxist political economy heritage and the revival of a special seminar on Marx’s “Capital”, the author shows the dialectic of the relationship between the content and the transformed forms of the modern capitalist system; the potential of “Capital” to understand the content of the modern economy, and the potential of economics to understand its forms. On this basis, the author shows which questions of our time are answered by Marxist methodology and theory, and which are not, and concludes that Marxist political economy has significant methodological potential to become an important component of the scientific and educational process in current conditions.

The Mythology of the «Keynesian Crisis» or Where Is Keynes Calling Russia?

Vestnik NSUEM ◽  
2021 ◽  
pp. 22-34
Author(s):  
V. Z. Balikoev
Keyword(s):  
Economic Theory ◽  
Market Economy ◽  
Invisible Hand ◽  
Author State ◽  
State Capitalism ◽  
Free Competition ◽  
Relevant Today ◽  
Laissez Faire ◽  
Government Management ◽  
Development Of Economic Theory

The article analyzes and criticizes a vicious practice of the economists who attribute the ideas to the eminent economists who didn’t elaborate those ideas.The practice existed in the 19th and 20th centuries. It does exist today. It has done a huge damage to the development of economic theory and certain and specific economic sciences. Especially in the last century Keynesianism was at the receiving end since it clearly defined the watershed between the obsolete but die-hard «laissez-faire» economic theory – «invisible hand of the market»,free competition and government management of the economy.In this regard the economic theory constantly faces the question of certain «Keynesianism crisis», allegedly indicative of obsolescence of Keynesianism as economic theory.The article on the contrary proves that «Keynesianism crisis» is far-fetched and of ideological nature. Keynesianism itself is relevant today, more than ever, especially in the conditions of Russia, where, according to invincible belief of the author,state-directed market economy named state capitalism is being formed slowly and surely.

Development of Economic Theory on Fisheries Regulation

1979 ◽  
Vol 36 (7) ◽  
pp. 725-741 ◽  
Author(s):  
Anthony Scott
Keyword(s):  
Economic Theory ◽  
Public Choice ◽  
Key Words ◽  
Transactions Costs ◽  
Economic Literature ◽  
Quota System ◽  
Two Systems ◽  
Fisheries Regulation ◽  
Development Of Economic Theory

A survey of the economic literature of fisheries regulation shows that little of analytical value for the comparison of alternative regulatory techniques has emerged. The suggestion that the general literature on regulation, and on public choice, has something to contribute to the understanding of alternative regimes produces eight criteria. These are applied to the choice between two systems of restricting entry: a tax, and quotas. The transactions costs of the two systems are also investigated. The hypothesis is formed that the eight criteria, plus expected transactions costs, give the edge to a quota system; but this is only illustrative of the approach. Key words: regulation, management, costs, quotas, taxes, revenue, licensing

scholarly journals The crisis in economics – nature and ways to overcome it

2019 ◽  
Vol 89 (1) ◽  
pp. 24-37
Author(s):  
A. D. Nekipelov
Keyword(s):  
Economic Theory ◽  
Economic System ◽  
Economic Crisis ◽  
Economic Science ◽  
Mainstream Economic ◽  
Pure Science ◽  
Economic Problems ◽  
Neoclassical Economic Theory ◽  
Multiple Alternative ◽  
Alternative Approaches

Recent decades have witnessed an upsurge in multiple alternative approaches to unraveling major economic problems, together with the mainstream economic theory, which in this study has been considered an indicator of economic crisis. In this study, we attribute institutional stasis, as well as methodological heterogeneity of its two constituent sections, micro- and macroeconomics, to the primary drawbacks of neoclassical economic theory. Overcoming the crisis of economic science correlates with the creation of a general economic theory on the principles of “pure science,” with elucidated functions of various socioeconomic disciplines. If “pure economic theory” intends to form an intellectual layout of the economic system, then the “realistic sciences,” also including modern macroeconomics in this study, are tools for analyzing specific socioeconomic phenomena and processes. As people with consciousness and interests act in the society, this study postulates the existence of a certain zone of ambiguity, which cannot be entirely covered.

Is This the Right Way to Teach Economics to School Students?

2020 ◽  
Vol 12 (4-2) ◽  
pp. 267-276
Author(s):  
Grigory Khanin ◽  
Keyword(s):  
High School ◽  
Economic Theory ◽  
High School Students ◽  
Russian Federation ◽  
Third World ◽  
Ministry Of Education ◽  
School Students ◽  
Economic Problems ◽  
The Russian Federation ◽  
The Right

Due to the extremely low level of current Russian economic scientists and practitioners, we can only place our hope on the younger generation. In this regard, the article considers the textbook on Economic Theory recommended by the Ministry of Education of the Russian Federation for students of 10-11th grades, currently in its 26th edition. The textbook arouses no interest, only antipathy to Economics among school students. It is unjustifiably focused on economic theory, not practice. The textbook is too complicated and boring, almost completely ignoring the economic problems of Russia and Third World countries. It is argued that the course of Economics for high school students can be not only informative and useful, but also involving. The Soviet and Russian economies are full of mysteries, which can make use of the enthusiasm school students have for solving mysteries and puzzles. The author suggests a program for a course in Economics for school students, comprising 10 new chapters, as well as a summary of the new chapters. The author also presents economic entities interested in high-quality school textbooks. The textbook recommended by the Ministry of Education of the Russian Federation is compared to the previously published more informative and involving textbooks for high school students.

John Maynard Keynes

2017 ◽  
Author(s):  
John Kenneth Galbraith
Keyword(s):  
General Theory ◽  
Government Spending ◽  
Full Employment ◽  
Government Expenditures ◽  
John Maynard Keynes ◽  
Winston Churchill ◽  
Modern Economy ◽  
The Government

This chapter examines the economic ideas of John Maynard Keynes. According to Keynes, the modern economy does not necessarily find its equilibrium at full employment; it can find it with unemployment. This is the underemployment equilibrium, in which Say's Law no longer holds; there can be a shortage of demand. The government can and should take steps to overcome this shortage. The chapter discusses in more detail the underemployment equilibrium, the repeal of Say's Law, the call for government spending uncovered by revenues to sustain demand—all of which made up the so-called the Keynesian Revolution. In particular, it considers Keynes's central prescription that there should be government expenditures financed by borrowing to sustain demand and employment. It also analyzes Keynes's criticism of Winston Churchill, his A Treatise on Money (1930), and the economic discussion that followed the publication of The General Theory of Employment Interest and Money (1936).

The Legacy of Transatlantic Neoliberalism

2014 ◽  
Author(s):  
Daniel Stedman Jones
Keyword(s):  
United States ◽  
Great Britain ◽  
Free Market ◽  
The United States ◽  
First Century ◽  
Global Politics ◽  
Price Mechanism ◽  
Public Officials ◽  
Economic Problems ◽  
Margaret Thatcher

This concluding chapter reviews how neoliberalism transformed British, American, and global politics. At the dawn of the twenty-first century, the triumph of the free market was almost universally accepted by mainstream politicians, public officials, and civil servants. More importantly, the distinctive neoliberal brand of free market individualism had prevailed over alternative forms of managed market-based capitalism. Transatlantic neoliberal politics successfully transformed the commonsense assumptions of policymakers in Great Britain and the United States when confronted with social and economic problems, especially in the years after Margaret Thatcher left office. Value for money is effectively delivered through the discipline of the market to satisfy consumer wants. An equilibrium is achieved through the price mechanism, guiding the activities of disparate sellers and producers.

Concluding remarks

2019 ◽  
pp. 180-186
Author(s):  
Kazimierz Łaski
Keyword(s):  
Economic Theory ◽  
Great Depression ◽  
Full Employment ◽  
Supply Side ◽  
Financial Instability ◽  
Effective Demand ◽  
Quantity Theory ◽  
Fiscal Austerity ◽  
Supply Side Factors ◽  
Advanced Capitalist

Since 2008 the most advanced capitalist countries have suffered financial instability and mass unemployment, often likened to the catastrophic Great Depression of the 1930s. Which economic theory can better explain the root causes of the crisis, the practical moves that can be designed and implemented by governments to contain the crisis and better guidance to prevent such crises in the future? The theory advanced by Kalecki and Keynes, emphasizing effective demand in the economy, or the mainstream theory that rests on supply-side factors in output and employment, fiscal austerity, and a quantity theory of money approach to prices? The latter theory has brought the misery of unemployment and instability. Full employment depends upon a return to the theory of Kalecki and Keynes.

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