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econ 80a lecture 5

econ 80a lecture 5 - KEYNES Introduction-contained in...

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KEYNES Introduction ---contained in Chapter 1 of the General Theory (GT); where, in a single page, Keynes dismisses (all of) classical theory as a way to understanding the nature of a capitalist system. IN CLASS READER Keynes and Marx Keynes is totally dismissive of Marx; in the GT there are three brief very negative references to Marx; page 3; "The classical economists" was a name invented by Marx . page 32; It [the problem of effective demand] could only live on furtively, below the surface, in the underworlds of Karl Marx . page 355; I believe the that future will learn more from the spirit of Gesell than from that of Marx. Also, reference from more contemporary work ..Klein (a Keynsian) on the similarities between Keynes and Marx these are: 1. a Macro approach, Keynes>>>>AD = C + I Marx>>>>>V c+ v + s 2. they both have a theory of declining profits for Keynes, "secular stagnation" 3. both deal with the inherent problems with capitalism 4. and both reject SAY S LAW (supply creates its own demand an older version of today s SUPPLY SIDE ECONOMICS) in Marx s Capital, who speaks disparagingly about Say throughout Capital e.g., the "trivialities" of Say, (84), the "insipidies" (415), the "vulgarization" (489) and sees merit in Ricardo's critique of Say (366) It is these similarities that led to the question, "how could a smart guy like Keynes be so dismissive and hostile to Marx
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BUT .In important ways, Keynes was and remained a classical economist..
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