Keynes on capitalism
Reply to Hill
Bibliographic Data
| ID | 7276362 |
|---|---|
| Authors | Steven Horwitz (0000-0002-2532-7101, St. Lawrence University, corresponding author) |
| Year | 1996 |
| Volume | 10 |
| Issue | 3 |
| Pages | 353-372 |
| Publication date | 1996-06-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Critical Review (JOURNAL) |
| Journal identifiers | ISSN: 0891-3811 • E-ISSN: 1933-8007 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/08913819608443428 |
| OpenAlex | W2222369851 |
| Language | EN |
| Citations received | 4 |
| References cited | 8 |
Greg Hill's recent article voices the Keynesian complaint that capitalism produces unemployment because there is no mechanism that coordinates decisions to save with decisions to invest. But resources that are not spent on current consumption are either “invested” as bank deposits or “hoarded” as cash. Deposits are lent out by banks to investors, who are informed by interest rates as to the degree of saving for future consumption that is taking place. And wage/price flexibility, as well as increases in the supply of cash, can avoid declines in real income and employment caused by increased cash holdings
Capitalism · Cash · Consumption (sociology · Economics · Flexibility (engineering · Labour economics · Macroeconomics · Management · Monetary economics · Political science · Sociology · Unemployment · Wage · Economic theories and models · Economic Theory and Institutions · Economic Theory and Policy · Law · Finance
| Unique citing works | 4 |
|---|---|
| Citations per year | 0,14 |
| Citation span | 1998 - 2004 (7) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 4 |