Economics Dictionary of ArgumentsHome
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| Neo-neoclassicals and Neo-Keynesians: Geographically the borderlines get
crossed; amongst the most prominent neo-neoclassicals are not only Samuelson and Solow of M.I.T. but also Meade of Cambridge, England. The most prominent neo-Keynesians include Joan Robinson, Kaldor and Pasinetti, all of Cambridge, England. The writings of another economist of Cambridge, England, Piero Sraffa, are also quite vital to the debates and issues though, in a sense, he has stood aloof from the recent exchanges.
_____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Geoffrey C. Harcourt on Neo-Neoclassical Economics - Dictionary of Arguments
Harcourt I 2 Neo-Neo-classicals/Harcourt: The neo-neoclassicals, (…) regard the marginal principle as of overwhelming importance for the theory of value and distribution. They thus emphasize the role of the possibilities of technical substitution, both of 'factors' and of commodities, one for another. The principle of scarcity and the relevance of relative 'factor' supplies for 'factor' prices and 'factor' shares are the natural corollaries of their approach, as is the neglect of the institutional and sociological characteristics of societies. Neo-Keynesianism: the neoKeynesians, see capitalist institutions - private property, an entrepreneurial class, a wage-earning class - as giving rise to conflicts between the classes. It is argued that the distribution between the classes of the net product (which is itself viewed as the surplus of commodities over those used up in its production) cannot be understood independently of the institutional nature of capitalism. Harcourt I 73 Neo-Neoclassicals/Harcourt: (…) neo-neoclassicals are very keen to sweep short-run effective demand puzzles under the carpet in their hurry to get on with the analysis of the long-run development of the economy and the part played by the price mechanism and competitive markets in this process. They tend to take it for granted that the Keynesian puzzles are being looked after either by the government (and not, one must say, without Keynes' own blessing, see Keynes [1936](1), pp. 378-9) or by the automatic working of an economic system from which the effects of money have been removed, and so are irrelevant. Knut Wicksell/Harcourt: Wicksells work, see Wicksell [1934](2), provides an example of a neoclassical economist with the same tendencies. In his monetary theory he has a short-run, dynamic analysis of booms and slumps, of changes in prices, in which investment is a function of expected rates of profits, and divergences between the latter and money rates of interest determine whether investment levels are or are not sufficient to absorb planned savings. >Monetary theory/Wicksell. 1. Keynes, J. M. [1936] The General Theory of Employment, Interest and Money (London: Macmillan). 2. Wicksell, Knut [1934] Lectures on Political Economy, Vol. i (London: Routledge)._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Harcourt I Geoffrey C. Harcourt Some Cambridge controversies in the theory of capital Cambridge 1972 |
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