Davidson, Paul 　著

内容

目次

Part 1 Keynes you should be alive today: post war economic performance;Keynes's revolution; the academic resurrection of classical economics;differing views of the role of financial markets; five key points; Keynes,the poet of money; a brief outline of this monologue. Part 2 Keynes'sprinciple of effective demand: is lack of competition the fundamental causeof unemployment? liquidity vs. Say's law; Say's law; classification and theprinciple of effective demand; why flexible wages do not assure fullemployment; some further clarifications; appendix A -a simple illustration ofthe principle of effective demand; appendix B - deriving Keynes's aggregatesupply and demand analysis from Marshallian micro demand and supplyfunctions. Part 3 Uncertainty and reality in economic models: a parable - thefable of the P's or what mortals these P's fool; axioms and model building;classical axioms and money's elasticity properties; two concepts of economicreality; a brief excursion into the history of economic thought; immutablevs. transmutable theories of reality; uncertainty and "irrational" behaviour;crucial decisions and Schumpterian entrepreneurs; appendix A - areprobabilities knowable but unknown because of limited human computing power?.Part 4 Investment - illiquid real capital vs. liqiud assets: two types ofinvestment; markets - contracts, liquidity and chartalist money; financingand funding assets - why money matters; asset position taking and liquidity;real capital, savings, time preference and liquidity preference; attributesof all durables. Part 5 Why liquidity preference?: the four motives forholding money; the demand for the medium of contractual settlement; thedemand for a liquidity time machine; bulls vs. bears; the finance motive andendogenous money; the finance motive, finance and funding; endogenous vs.exogenous money. Part 6 Financial markets, liquidity and fast exits: thedouble edged sword of financial markets; market liquidity, fast exits andfunding investments; the market for securities; the different role of banksand non bank financial intermediaries; bank loans and money market financialintermediaries; conclusion. Part 7 Planned investment, planned savings,liquidity and economic growth: Harrod's actual warranted and natural rates ofgrowth; planned savings and the supply of financial assets; ownership andliquidity; external funding and savers' "nonspeculative" demand forsecurities; actual growth when new issues exceed the non speculative demandfor securities; the contractionary case with a bull market; economic growth,liquidity and funding "other" spending sectors; some conclusions. Part 8Complicating the picture - money and international liquidity: open vs. closedand UMS vs. NUMS systems; aggregate accounting as a basis for the closed-opendichotomy; the accounting value of exports and imports and transfer pricing;the balance of payments accounting statement; measuring the degree ofopenness; the UMS-NUM