NAMs出版プロジェクト: 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