Chapter

The Years of High Theory: I

Ernesto Screpanti and Stefano Zamagni

in An Outline of the History of Economic Thought

Second edition

Published in print May 2005 | ISBN: 9780199279142
Published online October 2005 | e-ISBN: 9780191602887 | DOI: http://dx.doi.org/10.1093/0199279144.003.0008
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.  17408 words.  Illustrated.

Subjects: History of Economic Thought

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