25 Years of Economic Theory: Retrospect and prospect by W. F. Duisenberg (auth.), T. J. Kastelein, S. K. Kuipers, W. PDF

By W. F. Duisenberg (auth.), T. J. Kastelein, S. K. Kuipers, W. A. Nijenhuis, G. R. Wagenaar (eds.)

ISBN-10: 1461343674

ISBN-13: 9781461343677

ISBN-10: 9020706373

ISBN-13: 9789020706376

Almost 3 years handed because the college of Economics of the collage of Groningen celebrated its twenty fifth Anniversary in 1973. past due, yet now not too past due we are hoping, to offer the lectures of so much of our exceptional visitors, who got here from the us and varied ecu international locations to notify the Congress members in their opinion and ideas on "25 Years of monetary concept: Retrospect and Prospect. " the issues we met in publishing the lectures, based on the contract we made with our visitors, usually are not strange, as we all know who has been an editor of any such quantity earlier than. The promise to provide a lecture and to jot down it down afterwards in addition is way tougher to take care of than in basic terms to provide a speech. every person is familiar with there's not anything so terrifying as to be reminded of your promise to put in writing your lecture, in particular if just a type-written textual content, positioned down from a tape, is at your disposal. you're definite of your remembrance: "That very day I heard applause, there have been pleasant phrases and maybe a country of now not finishing enthusiasm. And now I obtain this type-written textual content of my speech with a request, packed with innocence, of those pleasant committee contributors, "will you be so type as to arrange your textual content for e-book ']" yet this one, is that this my textual content? Unbelievable.

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Sample text

Helooked like Robertson. This method of presenting Keynesian theory in terms of Robertsonian period analysis or even in a terminology a la Koopmans is formally correct, but misses the point that the monetary school, including Robertson, was out to show that the Keynesian revolution either did not exist or was about minor, if not futile, issues. It is true that models can be constructed that absorb both Keynesian and monetary thinking and that even the classical point of view can be incorporated but we should not overlook the ideological implications of the various schools.

I have no sympathy for the neo-Keynesians ofthe Cambridge School. I reject their criticism of capital theory, in particular their circularity argument, put forward by Mrs. Robinson; there is no reason why not to measure the amount of capital by its (corrected) historical cost. On the other hand, classical theory may be criticized for not having a decent theory of profits. The most penetrating theory of income distribution is the neo-classical, but there is a definite gap in it. We do not understand 32 J.

Furthermore, I will only briefly mention studies based on cross-sectional information. Although cross-sections of household budgets are a goldmine for the researcher, the possibility to study the effect of price changes is hampered by the almost non-existent price variation in the period for which the data are gathered. Hence they are less attractive for the purpose of studying demand behaviour. On the other hand, in budget analysis it is relatively easy to take into account the effects of social class, physical environment, family size and the like.

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25 Years of Economic Theory: Retrospect and prospect by W. F. Duisenberg (auth.), T. J. Kastelein, S. K. Kuipers, W. A. Nijenhuis, G. R. Wagenaar (eds.)

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