Cambridge and the Monetary Theory of Production (Innbundet)

The Collapse of Marshallian Macroeconomics

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Innbinding: Innbundet
Utgivelsesår: 1990
Antall sider: 228
Forlag: Palgrave Macmillan
Språk: Engelsk
ISBN/EAN: 9780333516577
Omtale Cambridge and the Monetary Theory of Production
Less than fifty years after the publication of Marshall's Principles Cambridge once again set economics on a new path with the publication of Keynes's General Theory. This book examines the developments in Cambridge monetary and trade cycle theory that were moving it forwards but were also sowing the seeds for the collapse of the Marshallian neoclassical framework. The analysis shows how Cambridge economists such as Keynes, Robertson, Lavington and Hawtrey had built on the foundations of Marshall and Pigou to produce theories of adaptive behaviour which acknowledged that the invisible hand could fail in the short run. This established a conflict with the long run theory of market clearing equilibrium which, though it could be ignored at first, had finally to be resolved.

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