PPT-The Keynesian Critique of the Classical System

Adam smith credited by many as the founder of classical economics believed the government should intervene in economic affairs as little as possible John Maynard Keynes asked If supply creates its own demand why are we having a worldwide depression. The critique is based mainly on C&H (2004), which extends and revises their earlier work, and on Collier (2000a), which provides a more elaborate theoretical exposition. John Maynard Keynes, Neoclassical . Economics. Steve Keen. Kingston University London. IDEAeconomics. Minsky Open Source System Dynamics. www.debtdeflation.com/blogs. What is Heterodox Economics?. According to . Diane . Coyle. A Rehash Followed by Some New Stuff. 1. Nature of Classical Physics. TexPoint fonts used in EMF. . Read the TexPoint manual before you delete this box.: . A. A. Determinism and Reversibility. We may regard the present state of the universe as the effect of its past and the cause of its . Steve Keen. Kingston University London. IDEAeconomics. Minsky Open Source System Dynamics. www.debtdeflation.com/blogs. What is Post Keynesian Economics?. According to . Diane . Coyle. , one of the authors of the . Summer session I. Appendix . ch. 24 + other sources. Macroeconomic Schools of Thought . Philosophical Debates in Economics. Consider a riddle:. “A man and his son are driving to a championship football game. It is late December and the roads are covered with snow. They hit a patch of ice and crash into a telephone pole. An ambulance rushes the son to a nearby hospital and operating room. The doctor walks in and says, “I can’t operate, that’s my son.” How could this be true?”. Introduction Post Keynesian Economics and Political Economy, Kingston . 2015. Engelbert. . Stockhammer. Kingston University. Outline. Foundations. Fundamental uncertainty. Social conflict. Effective demand. Module 35. What You Will Learn in this Module. Explain why . classical macroeconomics wasn’t adequate for the problems posed by the Great Depression. Discuss how . Keynes and the experience of the Great Depression legitimized . Complete abstract critiques.... A comment on grades.... Where does your grade for this class come from?. From the syllabus.... Pretty simple. A comment on grades.... Where does your grade for this class come from?. and the . Historical . Development of Macroeconomics. The Historical Evolution . of Macroeconomics. The Great Depression . and . Macroeconomics. The Great Depression exerted a huge impact . on macroeconomics. Engelbert. Stockhammer. Kingston University. Outline. Foundations. Fundamental uncertainty. Social conflict. Effective demand. Macroeconomics. Investment . →. savings. Involuntary unemployment. Credit . Monetarists vs. Keynes. Friedman and the Monetarist View. We can imagine a “market” for money…. --money demand depends on income (mostly) and on interest rates (slightly). --money supply affects spending directly:. John Maynard Keynes & Milton Friedman. Module 35 Essential Questions. Why . was classical . macroeconomics . inadequate . for the problems posed by the Great . Depression?. How . did Keynes . and the experience of the Great Depression . APWH – . Unit 2. Persian Empire. Indo-European people with a homeland in today’s Iran. 500 B.C.: Persian Empire was the largest and most impressive empire. Expanded under the leadership of Cyrus and Darius into Egypt and India. than just a repertoire of exercises; it is a unique system that combines the mind and body in partner - ship with a teacher who has knowledge,skill, and intu - ition. The best teachers not only