By Giusepp Fontana, Giuseppe Fontana
This wonderful new e-book from one of many brightest younger economists, Giuseppe Fontana, includes a compendium of concerns surrounding uncertainty, time and cash. Fontana shines a publish Keynesian gentle onto statements and claims made via recognized neo-classical authors and as such leaves readers with an attractive and informative e-book to be learn and re-read through all these students and scholars concerned with financial economics.
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Additional info for Money, Uncertainty and Time (Routledge International Studies in Money and Banking)
The research objective was to create a grand Post Keynesian theoretical system that could match the comprehensiveness of Neoclassical theory (Pasinetti 1974). In this sense Post Keynesian economics was an attempt to take on the mainstream paradigm on its own terms. Eichner and Kregel (1975) distinguished four characteristic features of the new Post Keynesian paradigm: 3 Other Post Keynesian contributions on price theory in corporate capitalism include Wood (1975), and Harcourt and Kenyon (1976).
The rejection of marginalist theorising ultimately became the principal issue in the ‘Cambridge–Cambridge Capital Theory Controversies’ (Harcourt 1972). The Controversies attracted eminent economists such as Pasinetti, Robinson and Sraffa on one side, versus Samuelson, Solow and Hahn on the other. The Controversies started with Robinson’s ‘The production function and the theory of capital’ (Robinson 1953–54), reaching their climax with Sraffa’s classic The Production of Commodities by Means of Commodities (Sraffa 1960), and ended with Bliss’s Capital Theory and the Distribution of Income (1975).
By Keynes’s General Theory 35 using ad hoc assumptions, and introducing auxiliary hypotheses, theory could accommodate some critical evidence. In this way Classical economics was slowly transformed into an accurate theory. Keynes explained this was the case with the Classical theory of money (see, for example, Keynes 1933a: 410) and decision-making under conditions of uncertainty (see, for example, Keynes 1937: 112–113). But, could Classical economics really be amended in such a way as to reintroduce as a matter of analytical investigation what had been taken away at the very beginning?