Prosperity and Depression.pdf

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Chap. 8Recent Di.scusJions on the TradeCyc/ethe multiplier, or of the marginal propensity to. consume, overtime. 1Such a dynamic theory is endogenolls in. character. The·determinantsatany moment of time cease to be simply assumed. Today'sdeterminant data are yesterday's variables. (and are thusexplained), and to-day's variables .become to-morrow's .data.The successive situations (short-run equilibria) are interconnectedlike the links of a chain. Hence, in ordet to explain a movement(cyclical or otherwise), we need not assume a correspondingchange in the data; I we need be given· only the first position oran initial change in data, at the beginning. of the process.The skeleton ofMr. KEYNES' theory, as it is representedpreciselyin diagrammatic form by Professor LANGE, 3 is essentially static.There are no time-lags, and all the data and variables relate tothe same point of time. There are, however, .many allusionsto dynamic relationships in incidental .. remarks and illustrativeobservations which are thrown out in great number all over thebook. Moreover, dynamic theories can be grafted upon (or, as itismore correct to say, may be expressed in terms of)· Mr. KEYNES'system. This has been done, for example, by Mr.H.ARRoD, ~who introduoed the dynamic acceleration principle (and seemsto interpret the multiplier dynamically). Another example isMr. M. KALECKI'S theory,5 which introduces. a lag betweeninvestment.decisions as determined by the current situation andthe actual volume, of investment.e1 Professor Tinbergen, loco cit., has enumerated many different dynamicrelationships which have been used at one time or another in businesscycletheory.. I This was the definition of an endogenous theory. Ct. ChapterI, page 9... Economica, February 1938.. Mr. Keynes has accepted this expositionas correct. See also J. E. Meade: " A Simplified Model of Mr. Keynes'System ", in the Review of Economic Studies, Vol. IV, 1936/37, page 98.4 The. T1'ade Cycle, Oxford, 1936.5 HA Theory of the Business Cycle ", in. Review of EcOftomic. Studies,Vol. IV, February 1937, pages 7i et seq., reprinted in Essays i.,. the TMoryof Economic Fluctuations, London, 1939.G. These theories, although inspired. by Mr. Keynes' G,fJe,al Theory,can be and have been expressed in a more classical terminology.
Are,xpectationsa dynamic,lement?AnalYsis of Theories Part 1There is, however, one feature about Mr.l
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PROSPERITY AND DEPRESSION
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PROSPERITY AND DEPRESSION was origi
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VIPre/tNtmore apt to meet the shock
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PREFACE TO THE 1939 EDITIONIn prepa
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CONTENTSINTRODUCTION .PART I. SYSTE
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XVIAnalYtical Table ofContentsA. TH
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XVIIIAnalYtical Table 0/· ContmtJc
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xxAna!Jtical Table of Contents§ 6.
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XXIIAna!Jtical Table of ContentsA.
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xxivAnalytical Table of Contents§
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111/rotltiGtiollThe second part of
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CHAPTER 1PRELIMINARY REMARKS§ I. T
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Chap. 1 PreliJl/inary RIll/arks 7Ie
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Chap. I Preliminary Remarks 9It has
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Chap. I Preliminary Remarle.s IIA f
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Chap. IPreliminary Remar!eJNaturall
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Chap-, 2 The PurelY Monetary Theory
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Chap. 2.The PurelY Monetary Theoryp
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Chap. 2.The PurelY Monetary Theoryp
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Chap. z The PurelY Monetary Theory
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Chap. 2.The PurelY Monetary Theoryi
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Chap. 2The PurelY Monetary Theoryco
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Chap. 2The PI/relY Monetary Theorya
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CHAPTER 3THE OVER-INVESTMENT THEORI
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Chap. 3The Over-investment Theories
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Chap. ;The Over-investment Theories
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Chap. 3 The Over-investment Theorie
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Chap~ 3 The Over-investment Theorie
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Chap. ; The Over-:-im;estment Theor
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Chap. 3 The Over-jf/Pestment Theori
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Chap. 3The Over-inve.Jtment Theoric
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Chap. 3The· Over-investlnent Theor
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Chap. 3 T h~·· Over-investment Th
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Chap. 3 The Over-i1l1Jesfmenf Theor
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Chap. 3The Over-int 1 estment Theor
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Chap~ 3 The Over-investment Theorie
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Chap. 3 The O'IJer-investment Theor
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Chap. 3 The Over-illtJ6slmmt Theori
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Chap. 4 Changes in Cost as Cause of
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Chap. 4Changes in Cost as Cause of
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Chap. 4 Changes in Efficiency as Ca
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Chap. 4 Error Theories 113cars is d
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Chap. 4 The Debt-Deflation Theory l
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Chap. 4 Filkllldal Strwtllrl and th
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Chap. ,Under-consumption TheorilsIt
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Chap. S Under-conJllflJption Theori
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Chap. , Under-consumption Theories
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Chap. 5 UnJer-con.r1l111ptiOIl T!Ho
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Chap. 5 Under-consumption Theories
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Chap. ~(( top " ofthe structure ofp
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Chap. 5Under-consumption TheoriesTh
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Chap. S 133maladjustment or an insu
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Chap. SUnder-consumption Theoriesth
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Chap. , Ullder-COll~rIl1lJption 11J
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Chap. 5Under-consumption TheoriesTh
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Clap. ~Under-mullfIJption Theoriesc
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Chap. 6 U Psych%gica/ Theories" 143
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Chap. 6With the introduction of the
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Chap. 6 CC Pfych%gi&aJ TheorieJ " 1
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Chap. 6 149their own moneyJ the rep
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CHAPTER 7HARVEST THEORIES.AGRICULTU
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Chap. 7 Agri~Nihire and the Btisine
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Chap. 7Agriculture and the Business
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Chap. 7Agrie-IIJtNre and the BIIJi"
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Chap. 7Ag,.kuJture and the Business
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Chap. 7 161It is important to consi
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Chap. 7A
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Chap. 7AgriclJlture and the Busines
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Chap. 7Agriculture aIIti the BlIJin
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Chap. 8Recent Discussions on the Tr
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Chap. 8 Recent Discussions on the T
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Chap. 8 Recent DiscUJsion.! on the
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Chap. 8 Reant DisCll.fsions on the
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Chap. 8•{;Recent Discussions on t
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,Chap. 8 '&Bcent Discussions on the
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Chap. 8Recent Discussions on .the T
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Chap. 8 Recent DisCIISsion.s on the
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Nature andCause.r of the CyclePart
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Nature and Causes of' the CyclePart
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Nature and Causes of the CyclePart
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Nature and CaUSdS of the CyclePart
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~IO Nature and CauJes oj the CYfl,
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Nature and CauJeJ of the CyclePart
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Nature d11d Causes. of the CyclePar
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Natllre and Causes of the CyclePart
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N atnre and Causes of the ,CyclePar
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Nature and Callses 0./ the CyclePar
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334 Nature and' Causes of the Cycle
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;;8 Nature and Causes of the Cycle
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34° Nature and Causes of the Cycle
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Nature and Cau.re.r ~f the Cycle Pa
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344 Natllre and Callses of the Cycl
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Nature and Causes oj. the CyclePart
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Nature and Causes of tht Cycl'Part
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354 Nature and Causes of the Cycle
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Nature and· Causes of the CyclePar
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Nature and Callses of the C:JclePar
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Nature and Causes of the OclePart I
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392 Natllre and Causes of the Cycle
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394 Nature and Causes of the 0c1e P
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4°2. Nature and Causes of the Cycl
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CHAPTER 12INTERNATIONAL ASPECTS OF
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Nature and CatlSes of the CyclePart
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410 Nature and Causes 0.1 the Cycle
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4 1 2. Nattire and Causes of the Cy
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418 Nature and Causes of the C;ycle
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42.0 Nature and Causes of the Cycle
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42.2. Nature and .Causes of the Cyc
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Nature and Causes ~I the Cycle Part
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Nature and Callses of the CyclePart
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43° Nature and Causes of the Cycle
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o • ANature and CalISe.! of the C
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Nattire and Causes of the C:JclePar
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442. Nature and Causes of the Cycle
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Nature and Causes qf'the CyclePart
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Part IIIFURTHER REFLECTIONS ON RECE
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Recent Developments in Trade Cycle
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Recent Dell,Jopm,ntI in TraJ, eycJ,
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Recent Develop"lents in Trade Cycle
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Recent Developmenti in Trade Cycle
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47° Recent Developments in Trade C
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47 2 Recent Developments in Trade C
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474 Recent Developments in Trade Cy
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Recent Developments in, Trade Cycle
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49° Recent Developments in Trade C
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49 2 Recent Developments in Trade C
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soo Recent Developlllel1ts in Trade
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Appendix IDESCRIPTION OF THE INDICE
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Appendix I 5 11Employment.1911- 193
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Appendix IIB. Number of workpeople
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NAME INDEX TO PARTS I AND IIAdams,
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Name Index to Parts I and IIKeynes
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SUB}EC1' INDEX TO PARTS I AND IIAcc
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Subject Index to Parts I and II 5 2
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.. Subject Index to Parts I and IIB
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Subject Index 10 Paris I and IIInve
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Subject Index to Parts I and IIProd
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Subject Index to Parts I and IIWage
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Name and Subject Index to Part IIIK
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