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Geoff Tily

2.  Keynes applied Geoff Tily INTRODUCTION In June 1931 Keynes wrote of the ‘prodigious and incredible’ investment activity in the United States: It seems an extraordinary imbecility that this wonderful outburst of productive energy should be the prelude to impoverishment and depression. Some austere and puritanical souls regard it both as an inevitable and desirable nemesis on so much over-expansion, as they call it; a nemesis on man’s speculative spirit . . .. I do not take this view. (Keynes [1931b] 1973, p. 349) His primary concern was to sustain the boom

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Indra Hardeen

2  Florence Ada Keynes Indra Hardeen Florence Ada Keynes (Brown) (1861–1958) was born on 10 March 1861, the daughter of Reverend John Brown and Ada Haydon Ford. She was the sister of Walter LangdonBrown, and the wife of the economist John Neville Keynes. She is the mother of John Maynard Keynes, and she also had two other children, Geoffrey and Margaret. She is known as an author, historian and politician. Florence was an early graduate of Newnham College, Cambridge, a woman-only college, where she was the youngest student to ever be admitted. Education was

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Bradley Bordiss and Vishnu Padayachee

Temin and Vines argue forcefully and elegantly for a particular internationalist interpretation of John Maynard Keynes's work, in the Review of Keynesian Economics , Vol. 4 No. 1, Spring 2016, being the publication celebrating the 80th anniversary of Keynes's General Theory of Employment, Interest and Money (1936) (hereinafter The General Theory ). It is the kind of academic article which, though compelling in its support for an internationalist perspective, demands a response from Keynesians and post-Keynesians who favour a somewhat different emphasis in the

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Keynes’s General Theory

Seventy-Five Years Later

Edited by Thomas Cate

This volume, a collection of essays by internationally known experts in the area of the history of economic thought and of the economics of Keynes and macroeconomics in particular, is designed to celebrate the 75th anniversary of the publication of The General Theory.
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Heinrich Bortis

1  John Neville Keynes Heinrich Bortis John Neville Keynes (1852–1949) has, in association with Alfred Marshall and his son John Maynard, decisively shaped the development of economic theory from the late nineteenth century to the early twenty-first century. He started lecturing on formal logic at Pembroke College (Cambridge) in the 1870s (Deane 2001, ch. 3),1 became a university lecturer in his preferred subject, political economy, within the framework of the moral sciences (ch. 5). The return of Alfred Marshall as professor of political economy severely

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Edited by Louis-Philippe Rochon and Sergio Rossi

The Keynes Plan is an ambitious scheme of international reform devised by the British economist John Maynard Keynes and proposed as a basis for the negotiations of the Bretton Woods post-war order. The scheme aimed at organizing a new international payments system that, by forcing creditor countries to recognize their responsibilities for solving trade imbalances, could remedy the failures of the inter-war gold standard and revamp free and multilateral global trade. The first draft of the plan dates back to September 1941, when Keynes’s memorandum on “Post

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Marcel Boumans

45  Econometrics: the Keynes–Tinbergen controversy Marcel Boumans No one could be more frank, more painstaking, more free from subjective bias or parti pris than Professor Tinbergen. There is no one, therefore, so far as human qualities go, whom it would be safer to trust with black magic. That there is anyone I would trust with it at the present stage or that this brand of statistical alchemy is ripe to become a branch of science, I am not yet persuaded. But Newton, Boyle and Locke all played with alchemy. So let him continue. (Keynes 1940, p. 156) The first

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Heinz D. Kurz

44  The Keynes–Sraffa–Hayek controversy Heinz D. Kurz THE CONTROVERSY Invited by Lionel Robbins to give a set of lectures at the London School of Economics (LSE) and to write a review essay of Keynes’s Treatise on Money (Keynes 1971–88, vols V and VI) for Economica, the journal of the LSE, Friedrich August Hayek in the 1930s assumed the role of a main adversary of Keynes’s explanation of unemployment and economic crises in terms of a lack of aggregate effective demand (Hayek 1931a, 1932). Hayek advocated an “Austrian” version of orthodox theory, building upon

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Peter Temin and David Vines

1 INTRODUCTION We argue in this paper that Keynes was interested primarily in the world economy. He wrote The General Theory ( 1936 ) as a necessary part of this grand design, and then he died prematurely just after the Second World War. The success of The General Theory overshadowed Keynes's research design, and he is best known today as an analyst of a closed economy. To expand Keynesian analysis to the world economy, we survey Keynes's thought process through his active career and use his framework to analyse current European conditions. 2 KEYNES

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John Smithin and Eric Kam

7.  H icks on Hayek, Keynes, and Wicksell John Smithin and Eric Kam INTRODUCTION Sir John Hicks had a ringside seat at the famous and combative debate between Hayek, Keynes, and Sraffa in the early 1930s. Hayek (1931; 1932), who was Hicks’s colleague at the London School of Economics (LSE) from 1931 to 1935, had launched a scathing attack on Keynes’s Treatise on Money (1930) in the journal Economica. Given the provocation, Keynes (1931) replied in kind. Sraffa (1932a; 1932b) came to Keynes’s defense. In the immediate aftermath, Hicks (1935, p. 46) admitted that