An Encyclopedia of Keynesian Economics, Second Edition
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An Encyclopedia of Keynesian Economics, Second Edition

Edited by Thomas Cate

The comprehensive Encyclopedia features accessible, informative and provocative contributions by leading international scholars working in the tradition of Keynes. It brings together widely dispersed yet theoretically congruent ideas, presents concise biographies of economists who have contributed to the debate on Keynes and the Keynesian Revolution, and outlines the basic principles, models and tools used to discuss the economic consequences of The General Theory.
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Contributors to This Volume and Their Entries

Adams, John, Economics (Deceased), Northeastern University, Boston, MA, USA

Dillard, Dudley

Aguirre, Maria Sophia, Economics, The Catholic University of America, Washington, DC, USA

Balance of Payments: Keynesian and Monetarist Approaches

Amsler, Christine, Economics, Michigan State University, East Lansing, MI, USA

Life Cycle Hypothesis

Anderson, David A., Economics, Centre College, Danville, KY, USA

Accelerator Principle; Multiplier Effect

Aschheim, Joseph, Economics (Emeritus), George Washington University, Washington, DC, USA

Money

Azari-Rad, Hamid, Economics, State University of New York–New Paltz, New Paltz, New York, USA

Aggregate Demand–Aggregate Supply Model and Diagram

Barbour, James, Economics, Elon University, NC, USA

Pigou, Arthur C.

Bechtold, Brigitte, Economics, Central Michigan University, Mt Pleasant, MI, USA

Myrdal, Gunnar

Beck, Stacie E., Economics, University of Delaware, Newark, DE, USA

Sharpe, William F.

Besomi, Daniele, Economics, Lugaggia, Switzerland

Harrod, Sir Roy

p. xii Black, Robert A., Economics, Houghton College, Houghton, NY, USA

Cambridge Circus

Bohanon, Cecil E., Economics, Ball State University, Muncie, IN, USA

Consumption and the Consumption Function; Keynesian Economics, Deficit Finance in

Bolch, Ben W., Economics, Rhodes College, Memphis, TN, USA

Tarshis, Lorie

Bordo, Michael D., Economics, Rutgers University, New Brunswick, NJ, USA

Leijonhufvud, Axel

Braun, Bradley M., Economics, University of Central Florida, Orlando, FL, USA

Grossman, Herschel I.

Breit, William (Deceased) Economics, Trinity University, San Antonio, TX, USA

Stone, Sir John Richard N.

Burczak, Theodore A., Economics, Denison University, Granville, OH, USA

Interest, Theories of

Burnett, Nancy J., Economics, University of Wisconsin–Oshkosh, Oshkosh, WI, USA

Solow, Robert M.

Campbell, D.A., Economics, University of Utah, Salt Lake City, UT, USA

Aggregate Demand–Aggregate Supply Model and Diagram

Caporale, Tony, Economics, University of Dayton, Dayton, OH, USA

Tobin, James

Carey, Catherine, Economics, Western Kentucky University, Bowling Green, KY, USA

Johnson, Harry Gordon

Cate, Tom, Economics (Emeritus), Northern Kentucky University, Highland Heights, KY, USA

Crowding Out; Davidson, Paul; Economics of Keynes and of his Revolution, Key Elements of the; Economics, The Art of; Keynes and Probability; p. xiiiKeynesian Cross; Markowitz, Harry M.; Meltzer, Allan H.; Minsky, Hyman P.; Ohlin, Bertil; Quantity Theory of Money; Real Balance Effect; Schwartz, Anna J.; Wicksell, Knut

Chapple, Simon, Economics, OECD, Directorate of Employment, Labour and Social Policy, Paris

Kalecki, Michał

Christensen, Harold R., Economics, Centenary College, Shreveport, LA, USA

Treasury View

Churchman, Nancy, Manager, Queen’s Centre for Energy & Power Electronics Research, Queen’s University, Kingston, Ontario, Canada

Ricardian Equivalence

Clayton, Gary E., Economics, Northern Kentucky University, Highland Heights, KY, USA

Deficits: Cyclical and Structural; Keynes’s Economics, National Income Accounting Activism and; Keynesian Indicators

Colander, David, Economics, Middlebury College, Middlebury, VT, USA

Functional Finance; IS/LM Model and Diagram; Lerner, Abba P.; Post Walrasian Economics

Cornwall, John, Economics (Deceased), Dalhousie University, Nova Scotia, Canada

Keynes?, What Remains of

Darity, Jr., William, Economics, University of North Carolina at Chapel Hill, Chapel Hill, NC, USA

Gesell, Silvio

Davis, John B., Economics, Marquette University, Milwaukee, WI, USA

Government Investment Programs (the Socialization of Investment)

Dimand, Robert W., Economics, Brock University, St Catharine’s, Ontario, Canada

Bretton Woods; White, Harry D.

Dow, Sheila, Economics, University of Stirling, Stirling, Scotland, UK

Harcourt, Geoff C.

p. xiv Dutt, Amitava Krishna, Economics, University of Notre Dame, Notre Dame, IN, USA

Robinson, Joan

Elmslie, Bruce T., Economics, University of New Hampshire, Durham, NH, USA

Viner, Jacob

Findlay, David W., Economics, Colby College, Waterville, ME, USA

Business Cycle Theory (I)

Fleck, Juergen, Economics, Hollins College, Roanoke, VA, USA

Relative Income Hypothesis

Ford, J.L., Economics, University of Birmingham, Birmingham, UK

Shackle, G.L.S.

Fraley, C. Sean, Economics, Cincinnati State Technical and Community College, Cincinnati, OH, USA

Absolute Income Hypothesis; Ackley, Hugh Gardner; Edgeworth, Francis Y.; Robbins, Lord Lionel

Gamber, Edward N., Economics, Lafayette College, Easton, PA, USA

Heller, Walter W.

Garrison, Roger W., Economics, Auburn University, Auburn, AL, USA

Cassel, Gustav

Giesbrecht, Martin Gerhard, Economics (Emeritus), Northern Kentucky University, Highland Heights, KY, USA

Boulding, Kenneth E.

Gilbert, Geoffrey, Economics, Hobart and William Smith Colleges, Geneva, NY, USA

International Clearing Union

Gootzeit, Michael J., Economics, University of Memphis, Memphis, TN, USA

Lipsey, Richard G.

p. xvGroenewegen, Peter, Economics, University of Sydney, Sydney, New South Wales, Australia Marshall, Alfred; Marshall and Keynes

Guo, Feng, Senior Economist, Asia/Pacific Department, Institute of International Finance, Washington, DC, USA

Heckman, James J.; McFadden, Daniel; Structured Financial Products

Haber, Lawrence J., Economics (Emeritus), IUPU-Ft Wayne, Ft Wayne, IN, USA

Hansen, Alvin H.

Hammes, David L., Economics, University of Hawaii–Hilo, Hilo, HI, USA

Hahn, Frank H.

Harcourt, Geoff C., Economics, Cambridge University, Cambridge, UK

Keynes, John Maynard

Hetzel, Robert L., Economics, Federal Reserve Bank of Richmond, Richmond, VA, USA

Friedman, Milton

Hoaas, David J., Economics, Centenary College, Shreveport, LA, USA

Weintraub, Sidney

Hobbs, Bradley K., Economics, Florida Gulf Coast University, Ft. Myers, FL, USA

Okun, Arthur M.; Okun’s Law

Holt, Richard P.F., Economics, Southern Oregon University, Ashland, OR, USA

Post Keynesian School of Economics

Hooks, Linda M., Economics, Washington and Lee University, Lexington, VA, USA

Brunner, Karl

Horowitz, John B., Economics, Ball State University, Muncie, IN, USA

Demand Management

p. xvi Huang, Ying Sophie, Finance, Zhejiang University, Hangzhou, Zhejiang Province, People’s Republic of China Merton, Robert C. and Myron S. Scholes; Structured Financial Products

Humphrey, Thomas M., Senior Economist and Research Advisor (Retired), Federal Reserve Bank of Richmond, Richmond, VA, USA

Chicago School of Economics; Lender of Last Resort

Hutchinson, William K., Economics, Vanderbilt University, Nashville, TN, USA

Machlup, Fritz

Jacobsen, Joyce P., Economics, Wesleyan University, Middletown, CT, USA

Haavelmo, Trygve; Malinvaud, Edmond

Jacobsen, Sally A., Literature (Emeritus), Northern Kentucky University, Highland Heights, KY, USA

Bloomsbury Group

Jansen, Dennis W., Economics, Texas A&M University, College Station, TX, USA

Lucas, Jr., Robert E.

Janssen, Maarten C.W., Economics, University of Vienna, Vienna, Austria

Microfoundations of Macroeconomics

John, Andrew, Economics, Melbourne Business School, Carlton, Victoria, Australia

Coordination Failures and Keynesian Economics

Johnson, L.E., Economics (Deceased), Bemidji State University, Bemidji, MN, USA

Baumol, William J.; Domar, Evsey D.; Economics of Keynes and of his Revolution, Key Elements of the; Grossman, Herschel I.; Quantity Theory of Money

Jonung, Lars, Economics, School of Economics, Lund University, Lund, Sweden

Leijonhufvud, Axel

p. xvii Kapuria-Foreman, Vibha, Economics, Colorado College, Colorado Springs, CO, USA

Econometric Models, Macroeconomic; Kuznets, Simon

Kates, Steven, Economics, Royal Melbourne Institute of Technology, Melbourne, Australia

Say’s Law

Kline, Audrey B., Economics, University of Louisville, Louisville, KY, USA

Expectations, Theories of; Henderson, Sir Hubert D.

Kumar, Vikram, Economics, Davidson College, Davidson, NC, USA

Clower, Robert W.; Dual Decision Hypothesis

Laird, William E., Economics, Florida State University, Tallahassee, FL, USA

Monetizing the (Federal) Debt

Landreth, Donna, Economics, Centre College, Danville, KY, USA

Keynesianism in America

Landreth, Harry, Economics, Centre College, Danville, KY, USA

Keynesianism in America

Leeson, Robert, Economics, Visiting Professor, Stanford; Notre Dame Australia University, Fremantle, Western Australia

Phillips, A.W.H.; Phillips Curve

Ley, Robert D., Economics, Bemidji State University, Bemidji, MN, USA

Baumol, William J.; Crowding Out; Domar, Evsey D.; Quantity Theory of Money; Real Balance Effect

Maneschi, Andrea, Economics, Vanderbilt University, Nashville, TN, USA

Kahn, Lord Richard F.

Marshall, James N., Economics, Muhlenburg College, Allentown, PA, USA

Fellner, William J.; Sraffa, Piero

Matthews, Peter Hans, Economics, Middlebury College, Middlebury, VT, USA

Lucas Critique

p. xviii McCrickard, Myra J., Economics, Bellarmine University, Louisville, KY, USA

Keynes, John N.

McCulloch, Rachel, Economics, Brandeis University, Waltham, MA, USA

Mundell, Robert A.; Mundell–Fleming Model

McKenna, Edward J., Economics, Connecticut College, New London, CT, USA

Neoclassical Synthesis (Bastard Keynesianism)

Millmow, Alex, Economics, Ballarat University, Australia

Clark, Colin; Niemeyer, Sir Otto E.

Mizen, Paul, Economics, University of Nottingham, Nottingham, UK

Hawtrey, Sir Ralph

Moggridge, D.E., Economics, University of Toronto, Toronto, Ontario, Canada

Robertson, Sir Dennis H.

Montgomery, Michael R., Economics, University of Maine, Orono, ME, USA

Jorgenson, Dale W.

Moore, Geoffrey H., Economics (Deceased), Center for International Business Cycle Research, Columbia University, New York, NY, USA

Burns, Arthur F.

Morgan, Jack, Economics (Emeritus), University of Louisville, Louisville, KY, USA

Automatic Stabilizers

Moshtagh, Ali R., Economics, Eastern Illinois University, Charleston, IL, USA

Full Employment Budget

Moss, Laurence S. (Deceased) Economics, Babson College, Babson Park, MA, USA

Hayek, Friedrich A. von; Ricardo Effect

p. xix Noble, Nicholas R., Economics, Miami University, Oxford, OH, USA

Liquidity Trap

Noyd, Lou, Economics (Deceased), Northern Kentucky University, Highland Heights, KY, USA

Employment Act of 1946

Obar, Ruth I., Economics, Salisbury University, Salisbury, MD, USA

Townsend, Robert

Palivos, Theodore, Economics, Athens University of Economics and Business, Athens, Greece

Meade, James E.

Papadimitriou, Dimitri B., Economics, Levy Economics Institute of Bard College, Annandale–Hudson, NY, USA

Dornbusch, Rudiger

Payne, James E., Economics, Illinois State University, Normal, IL, USA

Permanent Income Hypothesis

Potiowsky, Thomas P., Economics, Portland State University, Portland, OR, USA and State Economist for the State of Oregon, Salem, OR, USA

Adjustment Mechanisms of the Basic Classical and Keynesian Models

Presley, John R., Economics (Emeritus), Loughborough University of Technology, Loughborough, Leicestershire, UK

Champernowne, David G.

Rahnama-Moghadam, Mashalah, Economics, Texas Tech University, Lubbock, TX, USA

Incomes Policies

Ramrattan, Lall, Economics, Stanford, Palo Alto, CA, USA

Fischer, Stanley; Klein, Lawrence R.; Modigliani, Franco; Samuelson, Paul A.

Rashid, Salim, Economics, University of Illinois, Champaign, IL, USA

Kaldor, Lord Nicholas

Rotheim, Roy J., Economics, Skidmore College, Saratoga Springs, NY, USA

New Keynesian Macroeconomics

p. xx Samavati, Hedayeh, Economics, IUPU-Ft Wayne, Ft Wayne, IN, USA

Leontief, Wassily W.

Samuels, Warren J., Economics (Emeritus), Michigan State University, East Lansing, MI, USA

Hicks, Sir John R.

Samuelson, Paul A., Economics (Deceased), Massachusetts Institute of Technology, Cambridge, MA, USA

Stein, Herbert

Sandilands, Roger J., Economics, University of Strathclyde, Glasgow, Scotland, UK

Currie, Lauchlin

Schneider, Friedrich, Economics, Johannes Kepler University of Linz, Linz, Austria

Rothschild, Kurt W.

Servén, Luis, Economics, World Bank, Washington, DC, USA

Metzler, Lloyd A.

Shionoya, Yuichi, Economics, Hitosubashi University, Tokyo, Japan

Schumpeter, Joseph A.

Simkins, Scott, Economics, North Carolina A&T State University, Greensboro, NC, USA

New Classical School of Economics

Skaggs, Neil T., Economics, Illinois State University, Normal, IL, USA

Monetary Policy

Skidelsky, Robert, Economics, University of Warwick, Coventry, UK

Keynes, The Influence of Burke and Moore on

Solow, Robert M., Economics (Emeritus), Massachusetts Institute of Technology, Cambridge, MA, USA

Swan, Trevor W.

Spector, Lee C., Economics, Ball State University, Muncie, IN, USA

Fiscal Policy

p. xxi Steindl, Frank G., Economics (Emeritus), Oklahoma State University, Stillwater, OK, USA

Keynesian Revolution

Su, Qing, Economics, Northern Kentucky University, Highland Heights, KY, USA

Dynamic Stochastic General Equilibrium Models; Prospect Theory

Syll, Lars Pålsson, Economics, Malmö University, Malmö, Sweden

Lundberg, Erik

Szenberg, Michael, Economics, Lubin School of Business, Pace University, New York, NY, USA

Fischer, Stanley; Klein, Lawrence R.; Modigliani, Franco; Samuelson, Paul A.

Tavlas, George S., Director General, Bank of Greece, Athens, Greece

Money

Trautwein, Hans-Michael, Carl von Ossietzky University, Institute für Volkswirtschaftslehre, Oldenburg, Germany

Stockholm School of Economics

Uzawa, Hirofumi, Economics, The Japan Academy, Tokyo, Japan

Arrow, Kenneth J.

Vane, Howard R., Economics (Emeritus), Liverpool John Moores University, Liverpool, UK

Cagan, Phillip D.; Inflation

Vaughn, Karen I., Economics (Emeritus), George Mason University, Fairfax, VA, USA

Austrian School of Economics

Veramallay, Ashton I., Economics, Indiana East University, Richmond, IN, USA

Galbraith, John K.

Walker, Donald A., Economics, Indiana University of Pennsylvania, Indiana, PA, USA

Lausanne, The School of

p. xxii Waller, Christopher, Economics, Notre Dame, South Bend, IN, USA

Brown, Arthur J.

Wilson, Loretta S., Economics, Radford University, Radford, VA, USA

Frisch, Ragnar

Wood, J. Stuart, Economics, Loyola University, New Orleans, LA, USA

Business Cycle Theory (II)

Wray, L. Randall, Economics, University of Denver, Denver, CO, USA

Kregel, Jan A.

Yohe, William P., Economics (Deceased), Duke University, Durham, NC, USA

Depression, The Great

Young, Jeffrey T., Economics, St Lawrence University, Canton, NY, USA

Classical Economics

Zannoni, Diane C., Economics, Trinity College, Hartford, CT, USA

Neoclassical Synthesis (Bastard Keynesianism)