50 Years a Keynesian and Other Essays by G. Harcourt

By G. Harcourt

The writer experiences retrospectively his constructing rules on conception and coverage due to the fact he first encountered Keynes's writings in 1950. subject matters lined comprise: Keynes now, in particular the arrival again into favour of his such a lot basic principles; highbrow biographies and shorter tributes to economists; and a survey of Post-Keynesian thought.

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Keynes, I think, was always very careful to say that investment led and saving responded and therefore, as he showed in 1937, because he had forgotten it in The General Theory, investment in turn is constrained by finance. You have to have the finance that allows the investment to occur, then the saving is created. But you still read in the textbooks about there being a need for the saving to finance the deficit and the investment: as though the saving had to come first in an unemployed situation, and then the investment followed.

R. ), vol. 8, 252–301. Dow, S. C. (1997) ‘Endogenous Money’, in Harcourt and Riach (1997), vol. 2, 61–78. Duesenberry, J. S. : Harvard University Press). Feldstein, M. and C. Horioka (1980) ‘Domestic Saving and International Capital Flows’, Economic Journal, vol. 90, 314–29. Friedman, M. (1953) ‘The Case for Flexible Exchange Rates’ in Essays in Positive Economics (Chicago: The University of Chicago Press), 157–203. Harcourt, G. C. (1962) ‘Review Article of W. E. G. Salter, Productivity and Technical Change’, Economic Record, vol.

Mr Meade’s relation was doing the multiplier by the saving leakage rather than leakage through the mpc and of course that was very important because it showed where the saving, which matched the investment, came from. 40 Keynes Now I am very careful to say ‘matched’. Keynes, I think, was always very careful to say that investment led and saving responded and therefore, as he showed in 1937, because he had forgotten it in The General Theory, investment in turn is constrained by finance. You have to have the finance that allows the investment to occur, then the saving is created.

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