The Years of High Theory: I

Ernesto Screpanti and Stefano Zamagni

in An Outline of the History of Economic Thought

Published in print August 1995 | ISBN: 9780198774556
Published online November 2003 | e-ISBN: 9780191717383 | DOI:
 The Years of High Theory: I

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Assesses the reasons for the crisis of neoclassical theory in the inter‐war period in the light of 1929 crisis and the ensuing depression. Reconstructs the emergence of the Keynesian theoretical system and evaluates the political philosophy of Keynesianism. Finally, considers the contributions of M. Kalecki and J. Schumpeter.

Keywords: accelerator; effective demand; employment; Harrod–Domar model; innovations; liquidity preference; multiplier; trade cycle

Chapter.  17459 words.  Illustrated.

Subjects: History of Economic Thought

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