Veblen and Keynes on the Economic Theory of the Capitalist Economy
AbstractThe purpose of this paper is to compare Veblen and Keynes' contributions to the economic theory of the capitalist economy. The subject of this comparison are aggregate demand, determination of output and employment, determination of price level and inflation, the business cycle, monetary theory of production, and the views on economic policy and the future of capitalism. Veblen's contribution to the first four components anticipates the hydraulic interpretation of Keynes's work. Keynes's contribution to the monetary theory of production develops further Veblen's finding. On the views of economic policy and capitalism, Veblen's and Keynes's contributions are contradictory.
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Bibliographic InfoArticle provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.
Volume (Year): 155 (1999)
Issue (Month): 4 (December)
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Find related papers by JEL classification:
- B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
- P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
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