Conversations With Post-Keynesians by J. E. King

By J. E. King

This e-book comprises conversations with fifteen famous put up Keynesian economists at the present kingdom of financial thought and coverage, and the way either could be greater. between these interviewed are significant economists in Britain, North the USA and Austria, together with Paul Davidson, Basil Moore, Victoria Chick, Geoff Harcourt and Kurt Rothschild, who convey their critiques at the strengths and weaknesses of publish Keynesian idea and at the family among publish Keynesian considering and the perspectives of alternative dissident faculties.

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King: And your views on New Keynesian economics would be every bit as unfavourable? Davidson: Yes. Blanchard says that 'theory tells us that money is neutral. ' Well, if that's what New Keynesians are about, then they have to be non-Keynesians. ' So, there you are. 'My axiom is,' Keynes argues, 'a non-neutral money system and I'm currently involved in writing a book about a monetary theory of production, in which money is one of the essential elements in getting production going. ' The New Keynesians accept, as a fundamental axiom, that money would be neutral and then, seeing that there is unemployment, look around for ways to explain why money isn't doing what it is supposed to do.

Real wages are inflexible in the Sraffian system. What does it prove? I don't think it proves anything. What they end up with is the same, that there is a centre of gravity, a tendency for the economy to have equalised rates of return throughout the system. OK. So there's a tendency. Well, Keynes rejected that. He actually rejected it in the General Theory. So again, it's inconsistent with the General Theory. It has do with his interest rate argument, and he argues basically that marginal productivity theory is circular.

Why buy the newspaper at a high price in the morning if I'm not going to read it until this evening? Why buy it on the way to work? I'll buy it this evening, I'll get it for one-tenth the price I'm paying, you know. What would happen, you see, is you'd create all sorts of strange patterns. When we do that, we usually say it's deliberately done by the producer to spread the peak. The producer has a choice of whether to charge a single price or vary the price over time, and he does it, based on all sorts of user-cost considerations.

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