Reading Keynes in Buenos Aires: Prebisch and the Dynamics of Capitalism
AbstractKeynes had a profound influence on Prebisch in terms of the diagnosis about the main failures of market economies and the need to pursue pro-active and anti-cyclical policies. However, Prebisch was critical of some aspects of Keynes’ General Theory of Employment, Interest and Money, in particular on the theory of interest and the multiplier. His attitude can be explained by a difference in the object and method of analysis. Prebisch interests focused on dynamics and the cycle, themes that were peripheral to Keynes’ central message. Prebisch’s Keynesian influence and his rejection of some aspects of Keynes magnum opus explains why at the same time that Prebisch is often described as the Latin American Keynes, he is portrayed as concerned mainly with the long-run development problem of Latin America and without proper consideration to demand factors as fundamental determinants of output and employment.
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Bibliographic InfoPaper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2013_08.
Length: 21 pages
Date of creation: 2013
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Business Cycles; Interest Rate; Multiplier; Center-Periphery JEL Classification: B22; E32; E40; F55;
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- Cen - Mathematical and Quantitative Methods - - - - -
- JEL - Labor and Demographic Economics - - - - -
- Cla - Mathematical and Quantitative Methods - - - - -
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-07-15 (All new papers)
- NEP-HIS-2013-07-15 (Business, Economic & Financial History)
- NEP-HPE-2013-07-15 (History & Philosophy of Economics)
- NEP-MAC-2013-07-15 (Macroeconomics)
- NEP-PKE-2013-07-15 (Post Keynesian Economics)
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