“GENERAL THEORY” OF J.M. KEYNES: 80 YEARS AFTER

The Keynes' "General Theory", published 80 years ago, overthrew the neoclassical orthodoxy and created a new understanding of how market economy works. The main idea of the "General Theory" is that the amount of employment depends on the level of effective demand. Keynes bel...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autor principal:	A. V. Kholopov
Formato:	article
Lenguaje:	EN RU
Publicado:	MGIMO University Press 2016
Materias:	keynesian economics keynesian revolution macroeconomics macroeconomic policy uncertainty animal spirits effective demand savings investments multiplier short run analysis International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/1f9a4ab4e2574446939a2b56789d088d
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:1f9a4ab4e2574446939a2b56789d088d
record_format	dspace
spelling	oai:doaj.org-article:1f9a4ab4e2574446939a2b56789d088d2021-11-23T14:51:01Z“GENERAL THEORY” OF J.M. KEYNES: 80 YEARS AFTER2071-81602541-909910.24833/2071-8160-2016-3-48-163-171https://doaj.org/article/1f9a4ab4e2574446939a2b56789d088d2016-06-01T00:00:00Zhttps://www.vestnik.mgimo.ru/jour/article/view/546https://doaj.org/toc/2071-8160https://doaj.org/toc/2541-9099The Keynes' "General Theory", published 80 years ago, overthrew the neoclassical orthodoxy and created a new understanding of how market economy works. The main idea of the "General Theory" is that the amount of employment depends on the level of effective demand. Keynes believed that much economic activity is governed by "animal spirits" because of the existence of inescapable uncertainty about the future. In Keynes' view these "animal spirits" are the main cause for economic fluctuations. The uncertainty and "animalspirits"make investments unstable. He made distinction between risk (which is measurable) and uncertainty (which is not). This is the reason why Keynes opposed the excessive mathematicization of economics. His another important impact on economics was to switch the focus of economic analysis from the long run to the short term. The message of "General Theory" was that government should manage demand to limit economic fluctuations. The role Keynes gave the state was essentially to reduce uncertainty and to make economy more predictable.A. V. KholopovMGIMO University Pressarticlekeynesian economicskeynesian revolutionmacroeconomicsmacroeconomic policyuncertaintyanimal spiritseffective demandsavingsinvestmentsmultipliershort run analysisInternational relationsJZ2-6530ENRUVestnik MGIMO-Universiteta, Vol 0, Iss 3(48), Pp 163-171 (2016)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	keynesian economics keynesian revolution macroeconomics macroeconomic policy uncertainty animal spirits effective demand savings investments multiplier short run analysis International relations JZ2-6530
spellingShingle	keynesian economics keynesian revolution macroeconomics macroeconomic policy uncertainty animal spirits effective demand savings investments multiplier short run analysis International relations JZ2-6530 A. V. Kholopov “GENERAL THEORY” OF J.M. KEYNES: 80 YEARS AFTER
description	The Keynes' "General Theory", published 80 years ago, overthrew the neoclassical orthodoxy and created a new understanding of how market economy works. The main idea of the "General Theory" is that the amount of employment depends on the level of effective demand. Keynes believed that much economic activity is governed by "animal spirits" because of the existence of inescapable uncertainty about the future. In Keynes' view these "animal spirits" are the main cause for economic fluctuations. The uncertainty and "animalspirits"make investments unstable. He made distinction between risk (which is measurable) and uncertainty (which is not). This is the reason why Keynes opposed the excessive mathematicization of economics. His another important impact on economics was to switch the focus of economic analysis from the long run to the short term. The message of "General Theory" was that government should manage demand to limit economic fluctuations. The role Keynes gave the state was essentially to reduce uncertainty and to make economy more predictable.
format	article
author	A. V. Kholopov
author_facet	A. V. Kholopov
author_sort	A. V. Kholopov
title	“GENERAL THEORY” OF J.M. KEYNES: 80 YEARS AFTER
title_short	“GENERAL THEORY” OF J.M. KEYNES: 80 YEARS AFTER
title_full	“GENERAL THEORY” OF J.M. KEYNES: 80 YEARS AFTER
title_fullStr	“GENERAL THEORY” OF J.M. KEYNES: 80 YEARS AFTER
title_full_unstemmed	“GENERAL THEORY” OF J.M. KEYNES: 80 YEARS AFTER
title_sort	“general theory” of j.m. keynes: 80 years after
publisher	MGIMO University Press
publishDate	2016
url	https://doaj.org/article/1f9a4ab4e2574446939a2b56789d088d
work_keys_str_mv	AT avkholopov generaltheoryofjmkeynes80yearsafter
_version_	1718416260901896192

“GENERAL THEORY” OF J.M. KEYNES: 80 YEARS AFTER

Ejemplares similares