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T. W. Swan Longer Run Problems of the Balance of Payments

In: Trevor Winchester Swan, Volume II

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  • Trevor Winchester Swan

    (UNSW Australia)

Abstract

Since KeynesKeynes, J.M. published The General Theory in 1936Keynes, John Maynard, 1936, it has been widely accepted that the two fundamental propositions of a full employmentfull employment policy are (a) that incomes and employment depend on the level of spending; and (b) that there is no automatic mechanism to keep spending near its full employmentfull employment level, without conscious action by economic and financial authorities. But the balance of paymentsBalance of payments equally depends on the level of spending. Must it be only a happy chance if the “internal balanceinternal balance” and “external balanceexternal balance” levels of spending coincide? Is there an automatic mechanism to ensure this, or what kind of conscious action by the authorities is required?

Suggested Citation

  • Trevor Winchester Swan, 2023. "T. W. Swan Longer Run Problems of the Balance of Payments," Palgrave Studies in the History of Economic Thought, in: Trevor Winchester Swan, Volume II, chapter 0, pages 75-86, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-031-23807-9_7
    DOI: 10.1007/978-3-031-23807-9_7
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