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An Outline of the History of Economic Thought$
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Ernesto Screpanti and Stefano Zamagni

Print publication date: 2005

Print ISBN-13: 9780199279142

Published to Oxford Scholarship Online: October 2005

DOI: 10.1093/0199279144.001.0001

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The Years of High Theory: I

The Years of High Theory: I

Chapter:
(p.232) 7 The Years of High Theory: I
Source:
An Outline of the History of Economic Thought
Author(s):

Ernesto Screpanti (Contributor Webpage)

Stefano Zamagni (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199279144.003.0008

Assesses the reasons for the crisis of neoclassical theory in the inter-war period in the light of 1929 crisis and the ensuing depression. Reconstructs the emergence of the Keynesian theoretical system and evaluates the political philosophy of Keynesianism. Finally, considers the contributions of M. Kalecki and J. Schumpeter.

Keywords:   accelerator, effective demand, employment, Harrod-Domar model, innovations, liquidity preference, multiplier, trade cycle

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