Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics
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Economic Growth and Macroeconomic Stabilization Policies in Post-Keynesian Economics

Edited by Hassan Bougrine and Louis-Philippe Rochon

Hassan Bougrine, Louis-Philippe Rochon and the expert contributors to this book explore issues of economic growth and full employment; presenting a clear explanation to stagnation, recessions and crises, including the latest Global Financial Crisis of 2007-8. With a central focus on the role played by government spending, deficits and debt as well as the setting of interest rates, the chapters propose alternative policies that can be used by central banks and fiscal authorities to deal with problems of income inequality, unemployment and slow productivity.
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Chapter 7: Hicks on Hayek, Keynes, and Wicksell

John Smithin and Eric Kam

Abstract

Sir John Hicks had a ringside seat at the combative debate between Hayek, Keynes, and Sraffa in the early 1930s. Hayek, Hicks’s colleague at the London School of Economics, had launched a scathing attack on Keynes’s A Treatise on Money in Economica, and Hicks’s ‘A Note on the Treatise’ was a significant contribution helping later readers to gain an understanding of the issues at stake. One objective of this chapter, therefore, is to reintroduce Hicks’s arguments to a modern audience. Strangely, Hayek did not offer a similar critique of Keynes’s most influential book, The General Theory. The question therefore arises about what engaged Hayek specifically about the Treatise, and not about the later and better-known book? The chapter’s second main focus is an attempt to provide the answer.

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