1st Edition
Classical Macroeconomics Some Modern Variations and Distortions
By James C. W. Ahiakpor
Copyright 2003
258 Pages
by
Routledge
276 Pages
by
Routledge
272 Pages
by
Routledge
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John Maynard Keynes failed to correctly interpret classic economic concepts, and dismissed the classical explanations and conclusions as being irrelevant to the world in which we live. The trauma of the Great Depression and Keynes's changed definition of economic concepts, aided by Eugen Böhm-Bawerk, have made it difficult for modern economists to fully appreciate the classical insights.
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1. Introduction 2. The Classical Theory of Value 3. On the Definition of Money 4. The Classical Theories of Interest, the Price Level and Inflation 5. Keynes's Misinterpretation of the Classical Theory of Interest 6. The Austrians, 'Capital' and the Classical Theory of Interest 7. Wicksell on the Classical Theories of Money, Credit, Interest and the Price Level 8. Fisher, the Classics and Modern Macroeconomics 9. The Classical Theory of Growth and Keynes's Paradox of Thrift 10. Full Employment: A Classical Assumption or Keynes's Rhetorical Device? 11. Hicks, the IS-LM Model and the Success of Keynes's Distortions of Classical Macroeconomics 12. The Mythology of the Keynesian Multiplier 13. Conclusion
Biography
Professor James Ahiakpor teaches economics at the California State University, Hayward, and was Department chair, 1994-2000. His restatements of classical macroeconomics have appeared in the History of Political Economy, Southern Economic Journal, Journal of the History of Economic Thought, American Journal of Economics and Sociology and Indepedent Review . He contributed to and edited Keynes and the Classics Reconsidered (1998)
