1,721,033 research outputs found
: The First Comprehensive Answer by Pigou to Keynes
No full textThe author examines the argument elaborated by Pigou in his Employment and Equilibrium. A Theoretical Discussion which was the first comprehensive answer Pigou gave to the analysis put forward by Keynes in his General Theory. The chapter consists of seven sections. In the first, the motivation of the chapter is outlined. In the second, third, and fourth sections, the author will concentrate on how Pigou elucidates the conditions necessary for an economic system to attain a short period flow equilibrium. In this context, the author elaborates an “open” macro model which can be “closed” in two different ways. The chapter will also present a diagrammatic analysis of Pigou’s theory in the two cases elucidating the structure and the working of the model. Differences with the author’s previous book (TU) related to (real/monetary) wage inflexibility and the importance of monetary factors are also described and discussed. Pigou however does not limit himself to deal with the short period but engages in an interesting discussion of the long period centered on the notion of stationary state that is the object of section five. In this way, he admits that Keynes’s theory is not limited, to the short run. In arguing along these lines, he comes close to describe what will be recognized later as the Pigou effect. A short comparison with the renewed stagnationist theory is sketched. The sixth section includes a brief discussion of the comparative statics and dynamic analyzes elaborated by Pigou. A final section including a few conclusions completes the chapter
On harrod's model and instability once again
No full textThe object of the paper is to offer further considerations on the nature and usefulness of Harrod’s concepts starting from a reexamination of some aspects of the discussion that took place between Harrod and Keynes. Indeed, there are implications of that discussion that have not been appropriately evaluated in particular with reference to the role played by expectations of demand growth, changes in the capital/output ratio induced by monetary policy, and finally the uniqueness of the warranted rate
La Santa Alleanza di Terra, Capitale e Lavoro: una risposta al socialismo nell'era crispina
No full textPigou's Theory of Unemployment: what classical macroeconomics really was
No full textthe paper is centred on Pigou’s core framework of Theory of Unemployment (TU) and his arguments on the determinants of unemployment in the short period are discussed. I will show what actually are the implicit assumptions in TU on the behavior of the non wage earners in the non wage sector. Pigou’s argument is further clarifed via a simple model in the Appendix. It is also argued that classical and neoclassical schools were rather close in viewing the problem of the (un)employment determination, making almost right the label (“classical”) Keynes gave to his predecessors
Innovazione e tradizione nella discussione parlamentare sulla legge istitutiva della facoltà di scienze economiche e bancarie di Siena
No full textCompetition and equilibrium: Attilio da Empoli's innovative approach
No full textWorking Paper n.8/2010, DEPFID, Università di Siena
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