金曜日, 5月 12, 2017

they did not distinguish between investment and investment decision

Lange and Keynes (pdf) - SOAS University of London (Adobe PDF) -htmlで見る

www.soas.ac.uk/economics/research/.../file74887.pdf

ISSN 1753 - 5816. Toporowski, J. (2012), “Lange and Keynes,” SOAS Department of Economics Working .... cyclical fluctuations rather than equilibrium would ensue, and gave Kalecki‟s business cycle theory, as ... Hicks and Meade, as obtaining spurious Keynesian equilibrium positions because they did ... The dispute that John Maynard Keynes conducted in 1939 with Jan Tinbergen over the scope.

https://www.soas.ac.uk/economics/research/workingpapers/file74887.pdf


cy. In  „The  Rate  of  Interest  and  the  Optimum  Propensity  to  Consume‟  Lange  used  Walrasian general  equilibrium  to  define  his  variables  and  establish  the  relationship  between  them.  But he  was  sufficiently  „Austrian‟  to  believe  that  this  general  equilibrium  does  not  exist  in  the real  world.  He  used  his  general  system  of  equations  also  to  show  how  if  the  rate  of  interest was  not  the  equilibrium  rate,  the  total  of  real  consumption  and  real  investment  would  change the  liquidity  preference  function  to  give  a  new  rate  of  interest.  This  would  give  a  new  level  of consumption and investment. The  resulting  change  in total income  would  give  a  new liquidity preference  function,  at  the  given  money  supply.  „This  process  of  mutual  adjustment  goes  on …until  equilibrium  is  attained.‟  In  a  footnote  he  pointed  out  that  if  lags  are  involved  then cyclical  fluctuations  rather  than  equilibrium  would  ensue,  and  gave  Kalecki‟s  business  cycle theory,  as  expounded  in  the  latter‟s  „A  Theory  of  the  Business  Cycle‟  which  had  been published  in  the  Review  of  Economic  Studies  (Kalecki  1937)  as  an  example.  (Kalecki  was  not impressed.  In  a  revised  version  of  that  paper,  he  explicitly  referred  to  Lange,  along  with Hicks  and  Meade,  as  obtaining  spurious  Keynesian  equilibrium  positions  because  they  did not  distinguish  between  investment  and  investment  decisions,  which  cause  lags,  and  because they  ignored  the  effect  of  investment  on  the  capital  stock.  [Kalecki  1939,  pp.  139-140]).  In his  later  review  of  Schumpeter‟s  Business  Cycles,  Lange  explicitly  criticised  the  latter‟s presumption,  in  the  course  of  Schumpeter‟s  criticism  of  Kalecki,  that  the  rate  of  interest would  automatically  bring  about  an  equilibrium  between  saving  and  investment. Furthermore,  he  argued  that  the  existing  monetary  policy  would  fail  to  make  interest  rates sufficiently  flexible, in the  face  of uncertainty  and  inelastic  expectations  (Lange  1941). 


Amazon | Essays in the Theory of Economic Fluctuations [Kindle edition] by M. Kalecki | Economics | Kindleストア

https://www.amazon.co.jp/Essays-Theory-Economic-Fluctuations-Kalecki-ebook/dp/B00FQDGFM8/
CONTENTS 
Part One 
1. The Distribution of the National Income
2. Investment and Income 
3. Money and Real Wages 
Part Two 
4. The Principle of Increasing Risk 
5. The Long-Term Rate of Interest ★
6. A Theory of the Business Cycle (1937)
Index



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