By Michel Beaud
Monetary idea considering that Keynes presents a concise evaluation of adjusting monetary proposal within the latter a part of the 20th century. half I is an historic account of monetary suggestion. half II is an research in their contribution to monetary idea and a advisor to the secondary literature.
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Extra resources for Economic Thought Since Keynes: A History and Dictionary of Major Economists
It is possible to imagine that, on the occasion of his controversy with Hayek, Keynes might have been partly influenced by the latter. Despite these parental links, the Austrian school is characterized by a radical liberalism which was to lead to one of the most vigorous criticisms of Keynesianism. This liberalism does not come from the founders. On the political plane, Menger, BöhmBawerk and Wieser espoused rather progressive ideas, as did Jevons and Walras. It was with Ludwig von Mises and Friedrich Hayek that an intransigent liberalism became one of the principal characteristics of the Austrian School.
Drawing attention to the similarities found in Keynes’s article published in 1937 in the Quarterly Journal of Economics and that of Hayek published the same year in Economica, he has since devoted his career to deepening what he considers to be their common contributions, namely the taking into account of uncertainty and expectations and placing the analysis in time. Shackle is also one of the first to have drawn attention to the Swedish contribution, and particularly that of Myrdal. He considers Myrdal and Kalecki independent explorers who arrived, before Keynes, at the same conclusions as the latter (Shackle 1967).
Hayek, among others, sees in Keynes’s self-proclaimed immoralism one source of the perversity of his economic vision (see, for example, Hayek 1978, p. 16; 1988, pp. 57–8). 7. Nevertheless, Keynes always professed a Platonic form of elitism which led him to believe that some social categories perhaps lacked the qualities necessary for an appreciation of the most subtle refinements of civilization. 8. Named after a district in London where, among others, Vanessa and Clive Bell, Leonard and Virginia Woolf, Duncan Grant, Roger Fry and Lytton Strachey lived and met.