An Encyclopedia of Keynesian Economics PDF
Preview An Encyclopedia of Keynesian Economics
AN ENCYCLOPEDIA OF KEYNESIAN ECONOMICS, SECOND EDITION An Encyclopedia of Keynesian Economics, Second Edition Edited by Thomas Cate Professor of Economics (Emeritus), Northern Kentucky University, USA Edward Elgar Cheltenham, UK • Northampton, MA, USA © Thomas Cate 2013 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited The Lypiatts 15 Lansdown Road Cheltenham Glos GL50 2JA UK Edward Elgar Publishing, Inc. William Pratt House 9 Dewey Court Northampton Massachusetts 01060 USA A catalogue record for this book is available from the British Library Library of Congress Control Number: 2012955224 This book is available electronically in the ElgarOnline.com Economics Subject Collection, E-ISBN 978 1 78254 679 5 ISBN 978 1 84980 172 0 Typeset by Manton Typesetters, Louth, Lincolnshire, UK Printed and bound in Great Britain by T.J. International Ltd, Padstow 3 0 Contents List of Contributors to This Volume and Their Entries xi Introduction to the Second Edition xxiii Absolute Income Hypothesis 1 Accelerator Principle 3 Ackley, Hugh Gardner 6 Adjustment Mechanisms of the Basic Classical and Keynesian Models 9 Aggregate Demand–Aggregate Supply Model and Diagram 14 Arrow, Kenneth J. 21 Austrian School of Economics 24 Automatic Stabilizers 27 Balance of Payments: Keynesian and Monetarist Approaches 31 Baumol, William J. 35 Bloomsbury Group 40 Boulding, Kenneth E. 46 Bretton Woods 49 Brown, Arthur J. 53 Brunner, Karl 55 Burns, Arthur F. 58 Business Cycle Theory (I) 60 Business Cycle Theory (II) 66 Cagan, Phillip D. 83 Cambridge Circus 87 Cassel, Gustav 90 Champernowne, David G. 92 Chicago School of Economics 94 Clark, Colin 98 Classical Economics 102 Clower, Robert W. 108 Consumption and the Consumption Function 111 Coordination Failures and Keynesian Economics 116 Crowding Out 124 Currie, Lauchlin 129 v vi Contents Davidson, Paul 134 Deficits: Cyclical and Structural 137 Demand Management 139 Depression, The Great 141 Dillard, Dudley 145 Domar, Evsey D. 149 Dornbusch, Rudiger 153 Dual Decision Hypothesis 156 Dynamic Stochastic General Equilibrium Models 157 Econometric Models, Macroeconomic 162 Economics of Keynes and of his Revolution, Key Elements of the 167 Economics, The Art of 175 Edgeworth, Francis Y. 178 Employment Act of 1946 180 Expectations, Theories of 183 Fellner, William J. 187 Fiscal Policy 190 Fischer, Stanley 194 Friedman, Milton 200 Frisch, Ragnar 203 Full Employment Budget 206 Functional Finance 210 Galbraith, John K. 213 Gesell, Silvio 216 Government Investment Programs (the Socialization of Investment) 218 Grossman, Herschel I. 222 Haavelmo, Trygve 226 Hahn, Frank H. 228 Hansen, Alvin H. 231 Harcourt, Geoff C. 234 Harrod, Sir Roy 237 Hawtrey, Sir Ralph 241 Hayek, Friedrich A. von 244 Heckman, James J. 257 Heller, Walter W. 259 Henderson, Sir Hubert D. 261 Hicks, Sir John R. 264 Contents vii Incomes Policies 267 Inflation 270 Interest, Theories of 279 International Clearing Union 283 IS/LM Model and Diagram 286 Johnson, Harry Gordon 289 Jorgenson, Dale W. 291 Kahn, Lord Richard F. 295 Kaldor, Lord Nicholas 298 Kalecki, Michał 301 Keynes, John Maynard 304 Keynes, John N. 307 Keynes and Probability 309 Keynes, The Influence of Burke and Moore on 312 Keynes?, What Remains of 324 Keynes’s Economics, National Income Accounting Activism and 334 Keynesian Cross 338 Keynesian Economics, Deficit Finance in 342 Keynesian Indicators 345 Keynesian Revolution 352 Keynesianism in America 361 Klein, Lawrence R. 372 Kregel, Jan A. 379 Kuznets, Simon 383 Lausanne, The School of 387 Leijonhufvud, Axel 391 Lender of Last Resort 393 Leontief, Wassily W. 405 Lerner, Abba P. 407 Life Cycle Hypothesis 410 Lipsey, Richard G. 413 Liquidity Trap 415 Lucas, Jr., Robert E. 417 Lucas Critique 421 Lundberg, Erik 424 Machlup, Fritz 427 Malinvaud, Edmond 429 Markowitz, Harry M. 432 viii Contents Marshall, Alfred 435 Marshall and Keynes 438 McFadden, Daniel 451 Meade, James E. 452 Meltzer, Allan H. 455 Merton, Robert C. and Myron S. Scholes 458 Metzler, Lloyd A. 461 Microfoundations of Macroeconomics 464 Minsky, Hyman P. 468 Modigliani, Franco 472 Monetary Policy 478 Monetizing the (Federal) Debt 482 Money 485 Multiplier Effect 493 Mundell, Robert A. 497 Mundell–Fleming Model 502 Myrdal, Gunnar 505 Neoclassical Synthesis (Bastard Keynesianism) 508 New Classical School of Economics 513 New Keynesian Macroeconomics 518 Niemeyer, Sir Otto E. 520 Ohlin, Bertil 524 Okun, Arthur M. 527 Okun’s Law 529 Permanent Income Hypothesis 531 Phillips, A.W.H. 533 Phillips Curve 537 Pigou, Arthur C. 542 Post Keynesian School of Economics 545 Post Walrasian Economics 550 Prospect Theory 552 Quantity Theory of Money 556 Real Balance Effect 566 Relative Income Hypothesis 572 Ricardian Equivalence 575 Ricardo Effect 579 Robbins, Lord Lionel 587 Contents ix Robertson, Sir Dennis H. 589 Robinson, Joan 592 Rothschild, Kurt W. 595 Samuelson, Paul A. 598 Say’s Law 606 Schumpeter, Joseph A. 623 Schwartz, Anna J. 625 Shackle, G.L.S. 628 Sharpe, William F. 633 Solow, Robert M. 636 Sraffa, Piero 638 Stein, Herbert 643 Stockholm School of Economics 645 Stone, Sir John Richard N. 650 Structured Financial Products 653 Swan, Trevor W. 656 Tarshis, Lorie 659 Tobin, James 661 Townsend, Robert 663 Treasury View 665 Viner, Jacob 668 Weintraub, Sidney 672 White, Harry D. 674 Wicksell, Knut 677
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