By Theodore Rosenof
ISBN-10: 0807823155
ISBN-13: 9780807823156
ISBN-10: 0807864234
ISBN-13: 9780807864234
Even though understandably preoccupied with the instant difficulties of the good melancholy, the iteration of economists that got here to the vanguard within the Thirties additionally seemed forward to the long term outcomes of the problem and proposed quite a few suggestions to avoid its recurrence. Theodore Rosenof examines the long-run theories and legacies of 4 of the best contributors of this iteration: John Maynard Keynes of significant Britain, who motivated the recent Deal from afar; Alvin Hansen and Gardiner capacity, who fought over the course of latest Deal coverage; and Joseph Schumpeter, an opponent of the recent Deal. Rosenof explores the conflicts that arose between long-run theorists, arguing that such disputes served ultimately to set the degree for the emergence and domination of a short-run Keynesian method of monetary coverage that collapsed less than the influence of Seventies stagflation. Tracing the next revival of long-run theories, Rosenof demonstrates their relevance to an knowing of the economy's difficulties during the last quarter-century and to the present debate over public policy.A UNC Press Enduring version -- UNC Press Enduring variants use the most recent in electronic know-how to make to be had back books from our distinct backlist that have been formerly out of print. those versions are released unaltered from the unique, and are awarded in reasonable paperback codecs, bringing readers either historic and cultural worth.
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Additional info for Economics in the Long Run: New Deal Theorists and Their Legacies, 1933-1993
Sample text
A lawyer with economic interests, Berle hired Means to aid with the statistical industrial research. 14 Means later claimed that the Page 16 book's "main thrust" concerned "the effect of the modern corporation on the working of the economy as a whole" and the need for new "public policies'' reflective of the modern corporation's emergence and significance. Market principles applicable to a highly competitive small-scale economy, Means reaffirmed, were not applicable to an economy that was increasingly characterized by competition among a few large corporations.
1 Its emphasis on the importance of structure in terms of analysis and proposed solutions was evidenced in the pronouncements of its formulators. "3 This attitude of openness appeared to fit the upheaval of the Great Depression and the promise of reform offered by the forthcoming New Deal. Page 14 Institutionalists also advanced the "Veblenian dichotomy," the basic notion that whereas technology produced economic advancement, business, concerned with profit, often restrained growth via its control over the productive process.
Means's price concepts, although not disputed by Keynes, were nonetheless placed outside the central framework of Keynesian analysis. Page 28 3 Gardiner C. Means and the Corporate Revolution Gardiner Coit Means had the origins of an American Brahmin. Born into a Congregationalist minister's family in Windham, Connecticut, in 1896, he was also the grandson of Congregationalist ministers and traced his ancestry back to early New Englanders. Growing up in Massachusetts and Maine, he attended Exeter Academy, after which he enrolled at Harvard, where he majored in chemistry.
Economics in the Long Run: New Deal Theorists and Their Legacies, 1933-1993 by Theodore Rosenof
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