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🏛 | Liberal Democratic Party decides four roles of the party, concrete measures for the thick middle class and Chairman of Sanae Takaichi


Liberal Democratic Party decides four roles of the party, concrete measures for the thick middle class and Chairman of Sanae Takaichi

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During the presidential election, Mr. Takaichi has appealed for "sana enomics" such as flexible fiscal mobilization.

[Tokyo XNUMXst Reuters] – On the afternoon of the XNUMXst, the Liberal Democratic Party will have Akira Amari, the chairman of the tax administration, and Sanae Takaichi, the former Minister of Internal Affairs and Communications, as the chairman of the political affairs. → Continue reading


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Keynesian economics

Keynesian economics(Keynes,British: Keynesian economics)John Maynard KeynesThe book "General theory of employment, interest and money''(1936 ) Centered aroundEconomics(Macroeconomics).


At the heart of Keynesian economics isPrinciple of effective demandIs. This principle isClassical economics OfSay's LawIt is opposed to "the supply amount is the demand amount (investmentand消费). This is the actualGDPWas only possible by the classical schoolFull employmentInbalancedBalance below GDPEquilibrium with underemploymentThe possibility of[Annotation 1].. Based on this principle, the goal was to achieve full-employment GDP and overcome the paradox of "poverty in abundance" through policy control of effective demand.Total demand management policy(Keynes policy) was born. This is called the "Keynes Revolution". It is also clear that Keynes was extremely enthusiastic about fiscal discipline.

In Keynes economicscurrencyFactors are emphasized. This isSay's LawIn contrast to the classical, which envisions physical exchange under[Annotation 2].. Regarding the cause of underemployment, Keynes's "General Theory" states thatunemploymentWill occur.” this isHistoryIn the flow of time不 確 実 性By means of the essential intervention ofcurrencyExcessive demand for[Annotation 3]Is known to show Keynes's insight that this would lead to underemployment[Annotation 4].

Generally speaking, the economic model is incomplete and suspicious, and it is not useful if the economic model deviates from the real economy on an annual basis. Moreover, the economic model takes a long time to verify its empiricality. Keynes's statement, "In the long run, we're all dead," is a plea for better economic analysis, not for ignoring the long run.[3].Paul KrugmanAs also mentioned, the degree of short-term effects of fiscal policy depends largely on the economic situation. If the government cuts spending when the economy is bad, unemployment will worsen, long-term economic growth will be hindered, and long-term financial conditions will end up worse.


Keynes isGreat Depression(World Depression, Great Recession in EnglishGreat depressionAs a solution to ), I urged the economy to be stimulated by mixing two measures.

  • Devaluation of interest rate (monetary policy)
  • Government investment in social infrastructure (fiscal policy)

By lowering the interest rate that central banks lend to commercial banks, the government signals commercial banks that they themselves should do the same for their customers.

Government investment in social infrastructure injects income into the economy. It creates business opportunities, employment and demand, and reverses the bad effects caused by the output gap.[4].. By borrowing money from the economy through the issuance of government bonds, the government can cover the necessary expenditure. This results in a budget deficit, as government spending exceeds tax revenue.

The central conclusion of Keynes's economics is that in some circumstances, no automated mechanism brings back output and employment to the level of full employment. This conclusion contradicts and contradicts the economics approach of having a strong general tendency towards equilibrium.Neoclassical synthesisAttempts to integrate Keynes' macroeconomic concept with a micro foundation, but if the conditions of general equilibrium are met, prices are adjusted and, as a result, this goal is achieved. Keynes considers that his theory is broader, and that the utilization of resources can be high or low, and that the Neoclassical synthesis or neoclassical is We have focused on the special situation of employment.

New classicalThe macroeconomic movement began in the late 1960s and early 1970s and criticized Keynesian economics theories. In contrast,New Keynesian'S economics attempted to base Keynes's vision on a more rigorous basis.

An interpretation of Keynes emphasizes Keynes's emphasis on the international coordination of Keynes' policy, the need for international economic institutions, and, depending on the nature of international coordination, to lead to war and peace. Are[5].

Wages and consumer spending

Great depression (World DepressionIn the era, classical theory (the neoclassical pre-Keynesian theory) called for the cause of mass unemployment to remain at high real wage rates.

For Keynes, determining wage rates was more complicated. First, unlike bartering, negotiations between employers and workers determineReal wageKeynes argued that it was nominal wages, not. Secondly, the devaluation of nominal wages is not effective due to laws and wage agreements. Even classical theorists have acknowledged that such difficulties exist. And, contrary to Keynes, they called for the abolition of minimum wage laws, trade unions, and long-term employment contracts to restore labor market flexibility. However, for Keynes, people would resist nominal wage devaluation without seeing the wages of others actually falling and prices generally falling, even without trade unions. There wasn't.

Keynes rejected the idea that wage devaluation would be a cure for a recession escape. I examined where these thoughts came and found that they all made false assumptions. Keynes also considered the consequences of devaluing wages during a recession, under a variety of different circumstances. Keynes concludes that such a wage devaluation would worsen, rather than improve, the recession[6].

Moreover, if wages and prices fall, people begin to expect them to fall further.This must have caused the economy to spiral down.In such cases, people with money will wait for prices to fall and monetary value to rise instead of spending.It makes the economy worse.

Excess savings

To Keynes, excess savings, or savings that exceed planned investment, are a serious problem that not only contributes to the recession, but can also lead to the recession itself. Excess savings occur when investment declines. The decline in investment may be due to a decline in consumer demand, overinvestment in the previous years or the pessimistic outlook for the economy. In that case, the economy will decline unless savings are reduced immediately.

Classic theorists argued that in that case, the oversupply of lending would lower the interest rate, which would restore the investment (illustration omitted by the theorists).

Keynes' response to this laissez-faire reaction is complex. First, even if the interest rate declines, the savings do not drop much. This is because the income effect and the substitution effect of lowering the interest rate act in opposite directions. Second, fixed investment plans for factories and machinery are based on long-term expectations of future profit opportunities, and even if interest rates decline, spending does not grow much.

Savings and investments are both inelastic. Since the supply and demand for investment funds is inelastic, a large interest rate reduction is necessary to close the savings/investment gap. It may sometimes require a negative interest rate. But the negative interest rate is not necessary for Keynes' argument.

Third, Keynes argued that savings and investment were not the main determinants of interest rates. Especially in the short term. The supply and demand of money stock determines the interest rate in the short term. Rapid changes in response to excess savings also do not quickly adjust interest rates.

Finally, Keynes suggests: For non-monetary goods, there is a risk of capital loss.Liquidity trapThe interest rate cannot drop below a certain level. In this trap, the interest rate is so low that bondholders get money or liquidity (due to rising interest rates and consequent bond capital losses), even if the money supply increases. I sell the bonds for that.

(Paul KrugmanA few economists (likeLiquidity trapSee it as widespread in Japan in the 1990s. Most economists agree that the nominal interest rate cannot fall below zero. However, a few economists (like the Chicago School economists) reject the notion of the liquidity trap.

Even if there is no liquidity trap, Keynes's criticism of classical theorists has perhaps the fourth most important factor. Savings mean that you don't use up all of your personal income. It means that there is not enough demand for output, unless balanced by other demand factors such as fixed capital investment. Therefore, excess savings can be caused by unintentional inventory increases and by classical economists in the "general oversupply"General glut) Corresponds to the situation[7][8][9][10].

When the unsold goods pile up, companies are forced to reduce production and employment. That in turn lowers people's income and savings. For Keynes, declining incomes will end excess savings and allow the loan markets to gain equilibrium. Rather than interest adjustment solving the problem, the recession solves the problem.

However, the recession destroys companies' willingness to invest in fixed capital. As incomes fall and demand for products declines, the demand for new factories and equipment declines. This is the acceleration effect. This causes the problem of excessive savings and prolongs the recession.

In summary, for Keynes, there is an interaction between oversupply in different markets. For example, unemployment in the labor market strengthens excess savings and vice versa. Rather than price adjustments to reach equilibrium, the main scenario is quantity control, which leads to a recession and an imperfect employment equilibrium.

Active fiscal policy

Classical theorists have traditionally longed for balanced government finances. On the contrary, Keynesian believes that such a policy would exacerbate the underlying problem. Along with monetary policy, Keynes's idea was that even if a temporary budget deficit was incurred, it would be necessary to make aggressive spending.

Keynes says insufficient purchasing power is causing the recessionFranklin RooseveltInfluenced the idea of.While he was president, Roosevelt adopted several policies of Keynesian economics. The idea was especially strengthened after 1937, when the US economy retreated following a fiscal contraction in a severe recession.But in many eyes, the true success of Keynesian policy was at the beginning of World War II.The war struck the world economy, dispelled uncertainty and forced the reconstruction of destroyed capital.Keynesian's idea was in Europe after the warSocial democracyIt became almost an official policy of the administration, and so was the United States in the 1960s.In Japan, it was the same until the 1990s after the war.[Annotation 5].

Keynes's developed theory shows that active government policy is effective for economic management. Instead of looking at government imbalances as bad, Keynescounter-cyclicalAdvocated for what is called fiscal policy. It is a policy against the good and bad of the business cycle. In other words, when the domestic economy is suffering from recession, when the economic recovery is significantly delayed, or when the unemployment rate is high for a long period of time, the deficit spending is cut off, and when the economy is booming, tax increases and government spending are cut down. The policy is to suppress inflation. Market forces take a long time to solve problems, but "in the long run, we die."[11]From that, Keynes argued that the government should resolve the problem in the short term.

This idea contrasts with the analysis of fiscal policy in classical and neoclassical economics. Fiscal spending stimulus can stimulate production. But for these economics there was no reason to believe that this stimulus outweighed the side effects. Classic theorists say that deficit finance pushes private investment (crowd out,Cloud outI was afraid of that. There are two paths. The first is that fiscal stimulus increases labor demand and raises wages, which hinders profit earning. Second, the deficit in the government sector increases the total volume of government bonds. This would result in lower bond market prices, higher interest rates, and higher costs for industry to invest in fixed capital. Thus, any effort to stimulate the economy will only nullify itself.

Keynesian responds to this point as follows. Such a fiscal policy has an unemployment rateNatural unemployment rate(NAIRUIt is appropriate only when the unemployment rate (which does not accelerate inflation) is continuously high. In this case, the "push" effect is minimal. Furthermore, there is also the possibility that private investment will be crowded in. Fiscal stimulus may boost corporate sector output, which may boost corporate cash flow and profitability, and may give the corporate sector an optimistic mood. For Keynes, thisAcceleration effectMeans that in this situation, the government and the business sector have a complementary rather than an alternative relationship.

Second, the stimulus boosts gross product. It raises the total savings and increases the likelihood of helping to raise capital investment in fixed capital. Finally, government spending is not always wasteful. Government investment in public goods that are not supplied by profit-seekers may facilitate private sector growth. In other words, government spending on basic research, public health, education, and social infrastructure contributes to increasing potential output in the long run.

In Keynes's theory, there must be a substantial oversupply in the labor market in order for fiscal expansion to be justified.

Contrary to what many critics characterize, Keynesianism does not consist solely of deficit spending. Keynesianism encourages counter-cyclical policies[12].. An example of this is when there is excessive growth on the demand side, tax increases to cool the economy and prevent inflation, and when the economy is down, to stimulate employment and stabilize wages It is to spend a deficit on the improvement of social infrastructure. On the contrary, the classical theory demands that tax be cut when the government is overincome, treasury spending should be cut off during the downturn after the economy, and tax should be raised, though it is rarely done.

Keynesian economists believe that increasing profits and income through tax cuts in a booming economy and raising income and profits from the economy by reducing fiscal spending during a downturn will worsen the business cycle. Such effects are particularly significant when the government is a large part of the economy.

Multiplier effect

The concept of multiplier was originallyRichard KahnWas proposed by[13].General theoryIn Chapter 10, we discuss multipliers, but Keynes himself also admitted that the concept of multipliers was the achievement of Richard Khan at the beginning of Chapter 10 of the general theory.[14].. The multiplier introduced by Richard Kahn originally described the increase in investment and the increase in total employment.Employment multiplierHowever, Keynes applied this to increase the total investment and the increase in income.Investment multiplierIntroduced[14].. The investment multiplier is derived as follows[14].. Here, if the increment of national income is ΔY, ΔY is composed of the increments of consumption (C) and investment (I).

Let c be

Substituting this into the formula for ΔY

Solving this for ΔY

This 1/1-c ThemultiplierCalled. This shows that when total investment increases, national income increases by a multiple of the investment increment.

IS-LM model

The IS-LM model itself is not KeynesJohn Hicks,Alvin HansenIs a model developed by. However, the IS-LM model forms a dogma as a Keynesian interpretation of economics, and is very useful in understanding the Keynesian system.[15].. When Hicks developed the IS-LM model, he focused on the interaction between the real economy and the money market. In the classical economics, which was the mainstream economics at the time Keynes' general theory was published, it was assumed that "the money market does not affect the real economy" and the neutrality of money was assumed. But KeynesGeneral theoryIn Chapter 21, "THE THEORY OF PRICES,"[16].

The division of economics between the theory of value and distribution on the one hand and the theory of money on the other hand is, I think, a false division.
I think the division between the theory of value and distribution and the theory of money in (classical) economics is a false division. — John M. Keynes, General Theory of Employment, Interest and Money, Chapter 21

In addition, the neutrality of money assumed by the classical school has a critical meaning.Classical dichotomyAlso called.

The IS-LM model by Hicks focuses on the simultaneous equilibrium between the goods market and the money market. The IS curve is a downward-sloping curve showing the combination of national income and interest rate that balances the goods market. "The goods market is in equilibrium" is equivalent to the fact that the "equity (Saving)", which is the equilibrium condition of the goods market, is established, and the IS curve shows that investment and savings are equal. It can be said that it is a curve showing the combination of national income and interest rate. Note that I and S are the initials of the English word Investment, which means investment, and the English word Saving, which means savings. The LM curve is a curve showing the combination of national income and interest rate that balances the money market. "The money market is in equilibrium" is the same value as "the money supply amount = money demand amount", which is the equilibrium condition of the money market, and the LM curve shows that the money supply amount and the money demand amount are equal. It can be said that it is a curve showing national income and interest rate. L and M are acronyms for Liquidity preference, which means liquidity preference (demand for money), and Money supply, which means money supply.

Since the goods market is balanced on the IS curve and the money market is balanced on the LM curve, the goods market and the money market are simultaneously balanced at the intersection of the IS curve and the LM curve. Is called equilibrium national income and interest rate is called equilibrium interest rate.

Using these two curves, one country's economy (Closed economy) Is an IS-LM model, and is used when analyzing the effects of fiscal and monetary policies on the real economy. In addition, the IS-LM model that analyzes a closed economy that basically does not consider the overseas sector also considers the overseas sectorOpen economyThe system was expandedMandel Fleming model.

Principle of effective demand

The principle of effective demand was advocated by Keynes. Written by KeynesGeneral theory”, the title of the introduction Chapter 3 is “Principle of Effective Demand”[16].. In Chapter 3 of this introduction, Keynes himself states that employment is determined at the intersection of the total demand curve and the total supply curve, and at this point the profit expectations of the operator are maximized, which Keynes points to. Called effective demand[16].. Effective demand or total demand in a closed economy is the sum of private spending, private investment, and government spending, and is backed by monetary spending. The principle that the size of effective demand determines the production level of a country is called the effective demand principle. Note that effective demand = total demand.

In classical economics before Keynes, "supply creates its own demand"Say's LawWas the basis of the theory. In classical economics, by working, prices of goods with small demand fall and prices of goods with high demand rise.Price adjustmentIt was said that supply and demand would be the same as the above. Therefore, in classical economics, a country's production level isSupplyDetermined by On the other hand, Keynes believed that the market price mechanism, as represented by the downward rigidity of wages, does not always work well. Therefore, in the market, prices are not adjusted, but the production volume of goods with small demand is reduced, and the production volume of goods with large demand is increased.Quantity adjustmentThought that would work. In other words, what determines the production level of a country isneedThe principle of effective demand is that it is (effective demand), but this discovery by Keynes has had a great influence not only in those days but also in modern economics.

Policy and ideological background

Relationship with public investment

In the days of Keynes's life, Britain's economic maturityinvestmentOpportunities become scarce and freecapitalHigh to prevent capital outflow under migrationinterest rateI was worried about the dilemma that policy would put pressure on domestic investment. Therefore, the government will take the initiative to prevent capital outflows and create investment opportunities.National economyKeynes thought that he would try to improve his life.

Originally KeynesBusinessAs a countermeasureCentral BankBy the intervention ofinterestRate control (Financial Policy), but in later "general theory"ExpectationChanges in profit rateLiquidity preferenceAdmitting that monetary policy may not be effective due to such restrictions, public investment (as a measure to raise production volume that restricts employment volume)Fiscal policy) Began to insist on the effectiveness of[17].

Keynes's proposal also served as an alternative to unemployment benefits (the unemployment rate at that time was above 10%). In addition, as an investment that does not involve the problem of excess productivity住宅Investment was supposed, but in reality, investment of a scale sufficient to achieve full employment,MilitaryOnly by spending is politically acceptable (Military keynesian) Keynes himself thoughtEiichi AsanoInsists. [18].

Keynes initially claimed disarmament[19]Argued that when World War II began as a result of the battle with Germany, he turned into an arms expander and put all his efforts into the war.[20]

Expansion of military spending

America'sNew Deal PolicyIt is,1929 Begins withWorld DepressionWith the unemployment rate reaching 25% at the peak and over 1 million unemployed people, the classical economic downturn naturally recovers.HooverMaintaining balanced finances by the government, due to high tariffsProtection tradepolicyIt was an attempt to stimulate the economy through public works in response to the depression that became more serious. Nevertheless as a resultSecond World WarSome researchers questioned the effect of the initial stimulus measures by public works, which brought about an economic recovery due to the “expansion of military spending” resulting from the entry into the war. The expansion of military spending was due to the policies of politicians and military personnel, unrelated to Keynes's ideas.

In addition, it is said that it was carried out in advance of Keynes' policy.Kosei TakahashiFinance minister(Japan) or GermanSchachtSome argue that the success of the economic policy aimed at stimulating the economy by creating effective demand by the finance minister has resulted in the expansion of military spending and the strengthening of the military.

"The significant increase in military spending is due to the original (for economic reconstruction and social investment)ReflationActing as a substitute for policy was also the starting point for Japan's tragedy, which was the entry of the Great War at a later date. Because this made the military a big issue of military debtInflation-like inflationInstead, it was an illusion that the reflation effect could be produced indefinitely, and it became a significant factor that led to the issuance of military bonds on other days.[21]"When,Takahashi KamekichiIs talking.

Relationship with Harvey Road premise

originallyTotal demand management policyIt is,During recessionIncrease in fiscal expenditureTax reduction-monetary easingProduction and employment will be expanded by increasing effective demand, etc.inflationReduction of government spending whenTax increase-Monetary tighteningWas recommended to reduce effective demand.

But in realityDemocracyIn a political process, public works are limited in spending due to limited spending, and tightening in order to curb the overheating of the economy even in a favorable economy is politically difficult. Due to the unpopular policy, there was a problem in advanced capitalist countries that the government's budget deficit increased cumulatively over the long term without increasing tax revenue.

Public investment also has the authority to order itOfficialsAnd i will take itCompanyIt brought about a bond between the two, and the interests were fixed, and the effect of spending was limited.

Behind these assumptions is that a small number of wise men as a knowledge class can make policy decisions based on rationality.Harvey Road premiseIt is pointed out that he lived in the thought of Keynes.

"Under modern democracy, governments are more likely to yield to collective pressure to retain and regain power, but KeynesEconomic policyUnknowingly presupposes that some wise men who plan to sought to act in the public interest, even in the event of conflict with organizational pressure from electors and some groups. I left it in my house."James M. BuchananIs talking.

Keynes' view of class

Keynes and the entrepreneurWorkerHad an active-class consisting of and and a two-class view of an inactive-class consisting of investors (creditors) who supply funds.[Annotation 6][22].

inflationLoss toDeflation TheunemploymentAlthough it was thought that this would cause workers to lose money (“the theory of monetary reform”), the deflation that increases the value of stocks, in particular, gives a gain to the inactive class trapped in money love at the expense of the active class. I saw it as something to earn, and I saw this as more problematic than mild inflation.

In addition, for the inactive class, companies wereSpeculationThe problem was that it had become "foam in the swirl of."不 確 実 性And multiply by ignorance[23]As a tax on wealth not based on the activity of the person, in addition to being excluded as a result of the profits earnedinheritance taxAnd demanded a change of economic control from the inactive to the active class, as symbolized by the expression "euthanasia of interest rate consumers" in general.[Annotation 7].

Relationship with liberalism

In his "Freedom from Freedom"Charles Darwin OfTheory of evolutionInfluenced by the classicalLesseferKnown for rejecting the idea of ​​(free-launch).Survival of the fittest[Annotation 8]He criticized the idea of ​​sir as the best purpose to survive only the longest necked giraffe, seeing only the pruning of leaves from the highest tree branch as all the purpose of survival. Also assuming a reasonable individualInvisible handAgainst the classical liberalism that entrusting everything to enhance public welfare,Social liberalismWas questioning from the side.


Samuelson's theory

The economics developed by Keynes laterAmericaでSamuelsonDue toClassical economics OfMicro theoryAnd overall (NeoclassicalComprehensive) and post-warEconomic policyAnd the basis ofJohn F. KennedyUnder the administration1960 eraRealized the golden age of[Annotation 9].

Criticism of Keynesian economics

But after thatOil shockOriginated inStagflation(Inflation and recession proceed simultaneously), followed by1970 eraHas been held responsible for contributing to various issues such as the high inflation of the United States[Annotation 10].. Above all,Raw material prices such as crude oilIt is criticized by anti-Keynesian economics for not being able to present and realize an effective solution to the cost increase on the supply side caused by the sharp rise in the price.

In this criticism,Milton FriedmanChantedmonetarism・ NeoliberalismSupplyClaim improvement on the sideSupply-side economics,Rational expectations formation schoolWith the rise of various schools such as "Death of Keynes" was said. From the anti-Keynes standpoint, the huge amount ofTwin deficitLeftReganomixAnd the achievements of the monetarist were explained.

However, "the arrival of a disparity society" and "monopoly of wealth by some wealthy people" revealed the fatal flaw of Friedman's neoliberalism.[26].. Paul Krugman andThomas PikettyIt is against these backgrounds that the era is being touted.

Modern Keynesian

In postwar AmericaSamuelsonThe Neo-Classical synthesis of them (Old Keynesian) was based on the micro theory of the classical school, and attempted to eclectic the Keynesian macro theory.[Annotation 11]However, when the theoretical inconsistency became clear later, Lucas et al.New Classical (new classical school)Invited criticism fromMan cueLanoNew KeynesianWas encouraged to appear. There are also powerful groups of critics, such as Old Keynesian and New Keynesian, who criticize the Keynesian economics established in the United States and call themselves Post Keynesian.

New Keynesian Economics

New Keynesian Economics (New Keynesian Economics) is a school of macroeconomics that seeks to provide a microscopic foundation for Keynesian economics.Keynesian's criticism of macroeconomics (Lucas critique) Was born to respond.

Post-Keynesian Economics

In Cambridge, England, which directly inherited Keynes's "general theory", mainly in EuropeJoan RobinsonPost-Keynesian, who draws on these trends, also exists as a sidestream.Also in AmericaDavidson,CragelThere are Post-Keynesian such as.Lavoir states that Post-Keynesian has three trends: (1) Orthodox Keynesian, (2) Kalecki, and (3) Sraffa.[27].


[How to use footnotes]

注 釈

  1. ^ Once the propensity for effective demand is accepted, the propensity to consume and the amount of investment (depending on the amount of money supplied, liquidity preference, and expected profit rate) are given.National incomeとemploymentThe amount will be determined macroscopically, where full employment equilibrium is only an extreme case.
  2. ^ Of the classical school considering only the flowMonetary quantity theoryOn the other hand, Keynes emphasizes the function of storing the value of money (stock),Liquidity preference theoryIn question, the choice of the form of asset holding is a problem. By KeynesA generalized description of the monetary quantity theorySee also.
  3. ^ This demand is "a barometer of the degree of distrust of our own calculations and conventions about the future," and "the fact that classical theory knows little about the future." Keynes criticizes it as "a kind of pretty and elegant technique that tries to deal with the present by disposing of it."[1].
  4. ^ Insufficient employment may be attributed to the rigidity of monetary wages.However, in General Theory, Keynes himself rejects such claims as belonging to classical economics.Reductions in monetary wages also have a sustained tendency to increase employment, other than by affecting the spending propensity of society as a whole, the marginal efficiency table of capital, or the interest rate. No. The only way to analyze the effects of monetary wage cuts is to look for the effects of monetary wage cuts on these three factors, "said Kaines.[2].
  5. ^ During the long recession of the 1990sKiichi MiyazawaFormer Prime Minister was expected as Finance Minister and Finance Minister because Miyazawa was a well-known Keynesian.
  6. ^ The representative of the former in England at that time wasLiberal partyとLabor PartyAnd, Keynes was a supporter of the Liberal Party. He never gave the latter, the Conservative Party, a lifetime.
  7. ^ However, within the activity classWorkerHe did not question the conflict between the entrepreneurs and the entrepreneurs, and admitted some disparities due to the differences in abilities between the entrepreneurs and the workers.
  8. ^ Keynes saw this as a generalization of Ricardo economics[24].
  9. ^ According to Keynesian economics, when production resources are idle as at that time, a rightward shift in the aggregate demand curve due to an increase in aggregate demand will realize an increase in output.In fact, the unemployment rate dropped to 1965% in 4.4, and real GDP in 1964-66 averaged 5.5%.Kennedy's tax cuts at this time are often regarded as one of the great achievements of Keynesian economics.[25].
  10. ^ At this timeVietnam WarIt was pointed out that excess demand due to expansion and effective demand creation such as the expansionary fiscal and monetary policy taken as a measure to respond to the recession after the oil shock are excessive enough to exceed the supply capacity.
  11. ^ Hicks hisIS-LM analysisArgued that the Keynesian system can be regarded as a kind of classical general equilibrium model in the short term assuming price rigidity.


  1. ^ Keynes, The General Theory of Employment (1937)
  2. ^ Keynes, The General Theory, p.262.
  3. ^ Keynes, Keynesians, the Long Run, and Fiscal PolicyPaul Krugman, Conscience of a Liberal, May 4th 2013
  4. ^ Blinder, Alan S. (2008). "Keynesian Economics". In David R. Henderson (ed.). Concise Encyclopedia of Economics (2nd ed.). Indianapolis: Library of Economics and Liberty. ISBN-978 0865976658.OCLC 237794267.
  5. ^ Markwell, Donald (2006). John Maynard Keynes and International Relations: Economic Paths to War and Peace. New York: Oxford University Press. ISBN-0 19-829236-8.
  6. ^ Keynes, John Maynard (1936). The General Theory of Employment, Interest and Money. Chapter 19. Keynes, General Theory of Employment, Interest and Money (various translations), Chapter 19.
  7. ^ Hiromi Morishita "Classical Economics and Depression Controversy-1-Rikadu and Malthus"Economic Studies," Vol. 35, No. 3, Faculty of Economics, Hokkaido University, January 1986, pp. 1-539, ISSN 04516265, NOT 110004464496.
  8. ^ Hiromi Morishita "Classical Economics and Depression Controversy-2-Rikadou and Malthus"Economic Studies," Vol. 36, No. 1, Faculty of Economics, Hokkaido University, January 1986, pp. 6-37, ISSN 04516265, NOT 110004464509.
  9. ^ Hiromi Morishita "Classical Economics and Depression Controversy-3-Rikadu and Malthus"Economic Studies," Vol. 36, No. 3, Faculty of Economics, Hokkaido University, January 1986, pp. 12-299, ISSN 04516265, NOT 110004464519.
  10. ^ Katsuyoshi Watarai "Malthus and Sismondi--Over General Oversupply"Economic Research," Vol. 44, No. 2, derived from the database of contents of academic journals, April 1993, pp. 4-109, ISSN 0022-9733 , NOT 110000418691.
  11. ^ Keynes, John Maynard (1924). "The Theory of Money and the Foreign Exchanges". A Tract on Monetary Reform.
  12. ^ "I Think Keynes Mistitled His Book".(An interview of Larry Summers by Ezra Klein) The Washington Post. 26 July 2011. Retrieved 2011-08-13."
  13. ^ George Akarov, Robert Schiller (2009) "Animal Spirit: Human psychology drives macroeconomics"Toyo Keizai Inc.
  14. ^ a b c Hidemitsu Tanaka "Keynes's theory of consumption function and related topics"Economic Studies, Ryukyu University," No. 75, Faculty of Law and Literature, Ryukyu University, March 2008, 3 (p.57,58-19), ISSN 0557580X, NOT 120001374508.
  15. ^ Masao Mikabe ""Keynesian Revolution""Life Insurance Culture Research Institute Bulletin" No. 28, Life Insurance Culture Research Institute, September 1974, pp. 9-169, ISSN 02877481, NOT 40002084158.
  16. ^ a b c Keynes, JM (1936)"The General Theory of Employment, Interest and Money,"University of Missouri-Kansas city.
  17. ^ Tadashi Hayasaka, "Keynes-In Search of the Possibilities of Civilization," Chuokoronsha, Chuko Shinsho, 1969.ISBN 9784121002075.
  18. ^ Eiichi Asano "Introduction to General Theories of Keynes" Yuhikaku <Yuhikaku Shinsho>, 1976.ISBN 9784641087071.
  19. ^ "I am a Libertarian?" World famous book p.166
  20. ^ "Warfare Procurement Theory" World famous book p.333
  21. ^ Kamekichi Takahashi, "My Practical Economics," Toyo Keizai, Inc., 1976.ISBN 9784492390054.
  22. ^ Mitsuharu Ito, "Keynes-The Birth of "New Economics"" Iwanami Shoten <Iwanami Shinsho>, 1962.ISBN 9784004110729.
  23. ^ Keynes, John Maynard (1926). The End of Laissez-Faire. London: Hogarth Press. ASIN B009XC91WO 
  24. ^ "Escape from laissez-faire"
  25. ^ Joseph E. Stiglitz"Macroeconomics"
  26. ^ How Did Economists Get It So Wrong? (Paid browsing)
  27. ^ Marc Lavoir "Introduction to Post-Keynesian Economics" published by Nakanishiya, 2008.

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