PREVIEW

The Keynsian Episode: A Reassessment (Book/ Paperback)

Product Overview

The late W. H. Hutt was a preeminent and persistent critic of the economic theories of John Maynard Keynes. In The Keynesian Episode, he presents a comprehensive review of Keynes's General Theory, including the finest critique to date of the Acceleration Principle. He questions the very legitimacy of Keynes's fundamental epistemology.

In Hutt's discussion of economics there is a refreshing emphasis on the vital importance of the market price system as a coordinating process. As Dr. Hutt wrote: "The intellectual developments for which Keynes's General Theory appeared to be responsible had caused a setback to scientific thinking about human economic relations at a crucial epoch. Keynes tried to find in the factors determining the value of the money unit the genesis of output and income. . . . He linked monetary theory to the economic world only through unsatisfactory concepts such as employment, income, and effective demand."

Table of Contents
Preface 7

Prologue 11

l. On Keynes 25
2. The Keynesian Obstacle 39
3. The Weaknesses of Pre-Keynesian Economics 51
4. The Academic Appeal of Keynesian Doctrine 87
5. The Nature of the Keynesian Thesis 105
6. Consequences of the Keynesian Remedy 121
7. The Nature of Coordination Through the Price System 135
8. The Nature of Money 183
9. The Concepts of Inflation and Deflation 213
10. Keynes’ Notion of True Inflation 219
11. Income and Its ’’Generation” 235
12. Are Price Adjustments Self-Frustrating? 265
13. The Nature of Consumption and Saving 289
14. The Consumption Fallacy 317
15. The Marginal Propensity to Consume 357
16. The Multiplier 375
17. The Accelerator Fallacy 403
18. The Retreat and Prospects 409

Index 435

About the Author(s)