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2007 | 55 | 5 | 459-475
Article title

THE CLASH OF THE TITANS: ALTERNATIVE VISIONS UNDERLYING THE GENERAL THEORY

Authors
Title variants
Languages of publication
EN
Abstracts
EN
It is argued that the analytical framework of Keynes' 'General Theory' rests on two different and contradictory 'prescientific visions' in the Schumpeterian sense. The dominant vision can be identified with its unwillingness to acknowledge the possibility that the market system can undergo periods of prolonged instability or even collapse due to its own functioning. The second, more latent, vision acknowledges the destabilizing consequences of the 'coordination problem' in a long run framework. The clash between these visions prevents the book from tracing the long run effects of the coordination problem, due to instabilities introduced by money and investment. This clash causes the book to be confined within a comparative static analysis instead of a dynamic one.
Contributors
  • H. Ozel, Ekonomicky ustav SAV, Sancova 56, 811 05 Bratislava 1, Slovak Republic
References
Document Type
Publication order reference
Identifiers
CEJSH db identifier
07SKAAAA03006166
YADDA identifier
bwmeta1.element.4dfccac7-85f7-380a-954e-dbb2f4f14275
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