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Keynes betrayed

Keynes betrayed

  • ISBN: 9780230277014
  • Editorial: Palgrave MacMillan
  • Lugar de la edición: Hampshire. Reino Unido
  • Encuadernación: Rústica
  • Medidas: 22 cm
  • Nº Pág.: 376
  • Idiomas: Inglés

Papel: Rústica
29,68 €
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Resumen

Geoff Tily argues that Keynes was primarily concerned with monetary policy, not fiscal policy. Viewed as a coherent whole, Keynes's work was concerned with the appropriate technique and infrastructure for the management of money at low rates of interest. More specifically, his rejection of the gold standard led ultimately to his proposal for an international clearing union to support domestic debt-management and monetary policies aimed at cheap money. His ideas became reality. With the start of the Great Depression, governments across the world began a (short-lived) era of the deliberate management of money. While many others have argued that 'Keynesian' economics is a misrepresentation of Keynes's theory, Tily argues that 'Keynesian' economics also permitted a gross misrepresentation of his economic policies. 'Keynesian' economics was a different theory opposed, and indeed rival, to Keynes's work. With the policy perspective restored, an alternative presentation of Keynes's economics, based on post-Keynesian economics, is permitted. In this revised edition, Geoff Tily argues that the economics profession has distorted and betrayed Keynes's legacy. In virtually all interpretations -- especially that taught to students -- Keynes is portrayed as concerned only with government expenditure as a means to cure economic crisis. Yet Keynes's central aim was the prevention of economic crisis. His prescription to do so concerned monetary not fiscal policy. From the moment the great depression began, Keynes began to influence greatly the monetary policy of the world. Countries, led by the UK and US, put in place capital controls and mechanisms to manage exchange rates, and changes to debt management and credit policies that permitted the orderly management of money at low long-term and short-term interest rates on what should have been a permanent basis. The Bretton Woods negotiations went some way to re-enforce and formalise these policies, but did not go far enough. The curr

Resumen

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