Keynes’s "Treatise on Money" and the role of the State
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05/07/2016
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| Resumo |
Este artículo hace una reconstrucción crítica de la visión de Keynes sobre la relación entre gasto público, tipo de interés, salarios y desempleo, tal y como se formula en su Tratado sobre el Dinero. El trabajo defiende que el enfoque de Keynes lleva a propuestas de política económica que enfatizan la necesidad de intervención estatal directa en la provisión de bienes y servicios. Esta conclusión se deriva de una interpretación circuitista de su obra. This paper aims at providing a critical reconstruction of Keynes’s view on the links existing between public spending, interest rate, wages and employment, as formulated in his Treatise on Money. It will be argued that Keynes’s approach leads to a policy prescription which stresses the necessity of direct State intervention in supplying goods and services. This conclusion is derived from a circuitist interpretation of this work. |
| Formato |
application/pdf |
| Identificador |
http://revistas.ucm.es/index.php/IJHE/article/view/53077 10.5209/IJHE.53077 |
| Publicador |
Ediciones Complutense |
| Relação |
http://revistas.ucm.es/index.php/IJHE/article/view/53077/48727 /*ref*/Bellofiore, R. 2013. A heterodox structural Keynesian. Honouring Augusto Graziani, Review of Keynesian Economics, 1 (4), 325-430 /*ref*/Bellofiore, R, G. Forges Davanzati, and R. Realfonzo. 2000. Marx Inside the Circuit. Discipline Device, Wage Bargaining and Unemployment in a Sequential Monetary Economy, Review of Political Economy 12 (4), 403–417. /*ref*/Blaug, M. 1964 [1956]. Economic Theory in Retrospect. London, Heinemann. /*ref*/Carrera A. and Rossi S. 2015. Money, income and profit: lessons from the monetary theory of production, Iberian Journal of the History Economic Thought, 2 (1), pp: 48-60 /*ref*/Costabile, L. 2015. Augusto Graziani: Theoretician, Applied Economist, Historian of Economic Thought – An Appraisal, Italian Economic Journal 1 (2), 155-170. /*ref*/Crotty, J., Epstein, G. and Kelly P. 1995. Multinational corporations and technological change: global stagnation and unemployment Paper presented for the Economic Policy Institute's Conference on "Globalization and progressive economic policy: what are the real con-straints? What are the real options? Washington D.C., October 27-29. /*ref*/Forges Davanzati, G., Pacella, A, and Patalano, R. 2015. The Keynesian features of Graziani’s monetary theory of production and some unresolved questions, Review of Political Econo-my, 27 (4), 565-584. /*ref*/Graziani, A. 1984. Moneta senza crisi (Money without crisis), Studi economici, n. 24, 3-37. /*ref*/Graziani, A. 2003. The Monetary Theory of Production. Cambridge, Cambridge University Press. /*ref*/Keynes, J. M. 1971-1989. The Collected Writings of John Maynard Keynes. 30 vols. Edited by D.E. Moggridge. London, Macmillan. /*ref*/Keynes, J. M. 1973 [1936]. The General Theory of Employment, Interest, and Money. London, Macmillan. /*ref*/Keynes, J. M. 1971 [1930]). A treatise on money. London, Macmillan. /*ref*/Patinkin, D. 1987. Keynes John Maynard. London, The New Palgrave, Macmillan, vol. 3, 19-41. /*ref*/Patinkin, D. 1990. On different interpretations of the General Theory, Journal of Monetary Economics 26, pp. 205-43 /*ref*/Rasmkogler, P. 2007. Uncertainty, market power and credit rationing. Vienna, Vienna Universi-ty of Economics and Business Administration, w.p. n.105. /*ref*/Seccareccia, M. 2003. Pricing, investment and the financials of production within the frame-work of the monetary circuit: some preliminary evidence. In L. P. Rochon and S. Rossi S. (eds.), Modern theories of money, the nature and role of money in capitalistic economies. Cheltenham, Edward Elgar. /*ref*/Seccareccia, M. 2004. Aspects of a new conceptual integration of Keynes’s Treatise on Money and the Gen-eral Theory: Logical time units and macroeconomic price formation. In in R. Arena and N. Salvadori (eds.), Money, credit and the role of the State. Essays in honour of Augusto Gra-ziani. Aldershot, Ashgate, XVII. /*ref*/Smithin, J. 2009. Money, enterprise and income distribution. Towards a macroeconomic theory of capitalism. New York, Routledge. /*ref*/Tadeu Lima, G. and Setterfield, M. 2010. Pricing behaviour and the cost-push channel of mone-tary policy, Review of Political Economy 22 (1), 19-40. |
| Direitos |
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| Fonte |
Iberian Journal of the History of Economic Thought; Vol 3, No 1 (2016); 17-26 |
| Palavras-Chave | #John Maynard Keynes; endogenous money; fiscal policy |
| Tipo |
info:eu-repo/semantics/article Artículo revisado por pares info:eu-repo/semantics/publishedVersion |
