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Lars Magnusson and Bo Stråth

with the depression. Keynes did not think that the pessimists were right about the long-term prospects for capitalism. He took issue with both Marxists and conservative thinkers. The author of the essay is a pre-General Theory Keynes, a believer in the natural rate of interest. He considered the emerging mass unemployment in structural terms caused by too fast technological change. This was the ground on which he rejected pessimism with the question of how the world of the grand children would look like in a century, in 2030. The economic growth had since the

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Richard E. Wagner

. True independence of polity and economy is surely more the stuff of fantasy than of reality, or even of potential reality in light of the autonomy of the political (Schmitt 1932). That independence requires an invariant rate and base along with preclusion of any exemptions or exclusions from the base. Should such an initial situation be defined or attained, experience gives no good reason to think that it would be maintained. Moreover, income is not an object that appears in the natural world, but rather is an object that is constructed through human thought and

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Lars Magnusson and Bo Stråth

JOBNAME: Magnusson PAGE: 1 SESS: 7 OUTPUT: Thu Jun 23 13:58:36 2016 3. The tale of Hayek The first meeting between Friedrich Hayek and Keynes was a brief one in London in 1928. They came from different worlds – the chalk-striped suit-clad bohemian don from Cambridge and the rather stale Vienna aristocrat and son of an officer in the Austrian municipal ministry of health. Although Hayek admired Keynes for his bold critique of the Versailles peace treaty, they seem to have clashed immediately over some minor issue concerning the causes of the interest rate change

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Richard E. Wagner

some rural area where land prices are low. In contrast to feudal systems where people are born into particular patterns of life, in free societies people are able to choose their patterns of life by choosing how to conduct themselves within the confines of society. Humans are social creatures, and so will take an interest in other people’s activities. How much of an interest doubtlessly varies among people, but such an interest will be active in society all the same. The central claim advanced on behalf of liberal democracy is that the democratic form is the natural

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Politics as a Peculiar Business

Insights from a Theory of Entangled Political Economy

Richard E. Wagner

Economists typically treat government as something outside the business realm, a sort of “Lord of the Manor”. Richard Wagner argues that this is the wrong approach and can ultimately be destructive to capitalism and to society.
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Richard E. Wagner

theories of fiscal catallaxy. Without doubt, some people will object to such analytical efforts on the grounds that people attracted to political activity have weaker interest in venal matters than people attracted to commercial activity. This proposition is far from obvious. Public employees show at least as much concern with their pay and benefits as other employees. Prominent legislators who leave the business often stay in the capital city and sell their services to Societal tectonics and the art of the deal 171 people seeking to make deals. People who seek

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Richard E. Wagner

ECONOMIZING ACTION TO SOCIAL THEORY: HOW SO? Society is the analytical object that a theory of entangled political economy explores, and the analytical point of departure for this exploration is a theory of economizing action. The theory starts with individual action to get to society which is the object of interest. If the object of analytical interest is society or social systems, someone versed in Ockham’s razor might wonder why not start directly with society. This route would be shorter. It is also the route economists take with their macro-evel theories l where they

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A Brief History of Political Economy

Tales of Marx, Keynes and Hayek

Lars Magnusson and Bo Stråth

Investigating the ideological dimension and exploring the continued impact of Marx, Keynes and Hayek, the authors demonstrate how these three economic narratives became entangled over time and under increasing complexity, overlapping and competing with each other. The book reflects on the meaning of the historical legacy of the three narratives and investigates their significance today. All three outlined the prospects for a better and more economically efficient world with increased social justice. Magnusson and Stråth argue that they constitute a legacy on which a new economic tale must be based, a legacy to draw on or confront.
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Lars Magnusson and Bo Stråth

socialist movement and created destructive infighting ever since: between those who put their faith in small elites of committed revolutionaries who foster plans for a “dictatorship of the proletariat”, and on the other hand those who feel that socialism can only be achieved through a long process of societal change and with peaceful and democratic political means.4 Aspiring to elevate his views on socialism as a necessary step in the history of mankind to “scientific socialism”, it would perhaps be natural if Marx had felt that raising barricades was perhaps not the most

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Wontack Hong

8. The legacy of Korea’s credit rationing system 1. A REPRESSED FINANCIAL REGIME In Korea, commercial banks were the principal intermediary between savers and borrowers, and yet bank credits were provided at below market rates, which made credit rationing unavoidable. Indeed, credit rationing served as one of the most important policy tools to carrying out exportoriented growth strategy in Korea (see Hong 1986a, 1986b). According to the McKinnon-Shaw models, the growth-maximizing real deposit rate of interest is the competitive free-market equilibrium rate (see