Keynes's Monetary Theory: A Different Interpretation ebook

by Allan H. Meltzer

Allan H. Meltzer Business and Finance English

CATO JOURNAL Keynes’s Monetary Theory: A Different Jnterpretation Allan H. Meltzer New York: Cambridge University Press, 1988, 336 pp. In this controversial book, Meltzer contends that Keynes’s central message has been misunderstood.

CATO JOURNAL Keynes’s Monetary Theory: A Different Jnterpretation Allan H. According to Meltzer, that message as contained in the General Theory was most definitely not the notion of the spending multiplier or the theory of effective demand according to which output rather than prices adjusts to equilibrate aggregate demand and supply.

Of all the books on Keynes monetary and general theories of economics, this is the best. Meltzer(M)has done a superb job of presenting the major conclusions reached by Keynes in his General Theory(GT)in 1936. A must for anyone seriously interested in economics. The analytic conclusion reached by Keynes was that,due to the great uncertainty and ignorance of the future(The low weight of the evidence,w,analyzed by Keynes in chapter 26 of his A Treatise on Probability(1921)in his discussion.

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In this rigorous 1989 study of John Maynard Keynes's views on economic theory and policy from 1920-46, Professor Meltzer argues that some of Keynes's main ideas have been ignored or misstated. While attention has focused on short-term countercyclical policies, the main policy implications have been neglected. Keynes placed great emphasis on rules, predictability, and reduction of uncertainty.

Keynes's Monetary Theory. A Different Interpretation. In this rigorous 1989 study of John Maynard Keynes's views on economic theory and policy from 1920–46, Professor Meltzer argues that some of Keynes's main ideas have been ignored or misstated.

In this rigorous study of John Maynard Keynes's views on economic theory and policy from 1920-1946, Professor Meltzer argues that some of Keynes's main ideas have been ignored or misstated.

Keynes, John Maynard, 1883-1946. Download DOC book format. Download now Keynes's monetary theory : a different interpretation Allan H. Meltzer. Download PDF book format. book below: (C) 2016-2018 All rights are reserved by their owners.

Author: Allan H. Keynes's Monetary Theory: A Different Interpretation.

In this rigorous study of John Maynard Keynes's views on economic theory and policy from 1920-1946, Professor Meltzer argues that some of Keynes's main ideas have been ignored or misstated. While attention has focused on short-term countercyclical policies, the main policy implications have been neglected. Keynes placed great emphasis on rules, predictability, and reduction of uncertainty. In keeping with his theoretical work, he opposed discretionary fiscal changes and favored rules to reduce instability and increase the capital stock. These policies are consistent with, and provide evidence for, the interpretation of Keynes's theory developed here.

Fesho

Of all the books on Keynes monetary and general theories of economics, this is the best. Meltzer is a gifted scholar who produced honest research without a trace of partisanship. A must for anyone seriously interested in economics.

Kizshura

Arrived on time and met all expectations.

Doulkree

Meltzer(M)has done a superb job of presenting the major conclusions reached by Keynes in his General Theory(GT)in 1936.The analytic conclusion reached by Keynes was that,due to the great uncertainty and ignorance of the future(The low weight of the evidence,w,analyzed by Keynes in chapter 26 of his A Treatise on Probability(1921)in his discussion of his c coefficient decision rule for making decisions under conditions of ignorance,uncertainty,and risk)concerning the amount of the returns that could be expected to be obtained by investors in long lived fixed capital goods ,combined with increased borrower's and/or lender's risk premiums,led to a cyclical,but not necessarily periodic,collapse in the marginal efficiency of capital schedule that could not be neutralized by a fall in the market rate of interest since increased liquidity preferences would ,in general, lead to a market equilibrium rate of interest which was too high and/or would not fall to a low enough level so as to provide an optimal capital stock.An optimal capital stock means that an economy is operating subject to resource scarcity on the boundaries of both the static and dynamic production possibilities curves.The policy conclusion of Keynes,which Meltzer shows follows from the analytic conclusion,was that government economic policy,going beyond but incorporating fiscal and monetary policy,must attempt to reduce the atmosphere of ignorance,uncertainty and risk so as to eliminate the high risk premiums being attached to investment projects by the private market based on lender's and/or borrower's assessments of risk.This is spelled out explicitly by Keynes on pp.239-241 of the GT where he states that the mec calculations,based on the net present value decision rule analysis contained in chapter 11 of the GT,must also be discounted to take into account ignorance,uncertainty,and risk.I have deducted one star because Meltzer,like all other economists who have written on Keynes's GT,mistakenly believes that Keynes had no mathematical model of his theory of effective demand in the GT.This conclusion is based on the unsubstantiated and unsupported claims made by Joan Robinson,Austin Robinson,and Richard Kahn.Keynes's fully operational,worked out mathematical model is contained in chapters 20 and 21 of the GT.Keynes then compares his model to that of A C Pigou in the appendix to chapter19.Overall, this is the best book written on Keynes by an academic economist.I highly recommend this book.

Onath

Written in a very accessible way the author did a wonderful job boiling down the main points of Keynes' literary works. I liked how Meltzer was very fair to analyzing the weaknesses in Keynes' major books and yet still made a case about how the books have influenced economists and politicians since. Also, the author does debunk quite a few stereotypes about Keynes' intentions in his books. In summary, a great book to gain more exposure to some of the most important economic books.