Sobre a Determinação da Taxa de Juros e os Ciclos de Comércio em Marshall
AbstractThis essay presents a brief review of Alfred Marshall’s contributions in three main theoretical fields: first of all, we focus on the Marshallian interest rate theory; following, his analysis about the determination of the aggregate price level is considered. Finally, we approach Marshall’s ideas concerning the nature of business cycles. In our view this kind of recovering has great relevance for an adequate understanding of the evolution of economic thought since the classics, and for accurately appreciating the theoretical elements subsequently developed by Pigou and Robertson in the context of a loanable funds theory of interest determination and in their respective explanations about the nature of cycles. This conception, subsequently opposed by Keynes in his General Theory, emerged where aggregate demand failures viewed as persistent phenomena does not constitute relevant theoretical possibility in a context where there is a clear dichotomy between the short and the long run in the economic processes.
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Bibliographic InfoPaper provided by Curso de Ciencias Economicas da Universidade Federal de Goias - FACE in its series Working papers - Textos para Discussao do Curso de Ciencias Economicas da UFG with number 006.
Length: 21 pages
Date of creation: Jul 2009
Date of revision:
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interest rates; money; cycles;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-07-11 (All new papers)
- NEP-HPE-2009-07-11 (History & Philosophy of Economics)
- NEP-MAC-2009-07-11 (Macroeconomics)
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