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Comments on Paul Davidsons Full Employment, Open Economy Macroeconomics, and Keynes General Theory: Does the Swan Diagram Suffice?

Author

Listed:
  • Peter Temin

    (MIT)

  • David Vines

    (Oxford University)

Abstract

This is a response to a critique by Paul Davidson of our 2013 book Keynes: Useful Economics for the World Economy and related work,3 where we describe, amongst other things, how the Swan diagram can be used to show how economies can use policy tools to achieve internal and external balance. In his article Full Employment, Open Economy Macroeconomics, and Keynes General Theory: Does the Swan Diagram Suffice? Davidson rejects our use of the Swan diagram and argues that it distorts Keynes own views. We show here why Davidsons critique is incorrect, inconsistent and ahistorical.

Suggested Citation

  • Peter Temin & David Vines, 2015. "Comments on Paul Davidsons Full Employment, Open Economy Macroeconomics, and Keynes General Theory: Does the Swan Diagram Suffice?," Working Papers Series 36, Institute for New Economic Thinking.
    • Handle: RePEc:thk:wpaper:36
    DOI: 10.2139/ssrn.2735600
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    File URL: http://dx.doi.org/10.2139/ssrn.2735600
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    More about this item

    Keywords

    Swan Diagram; balance of payments; fiscal policy; neoclassical Synthesis Keynesianism; Post Keynesianism.;
    All these keywords.

    JEL classification:

    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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