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Reading Keynes in Buenos Aires: Prebisch and the Dynamics of Capitalism

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  • Esteban Pérez Caldentey
  • Matias Vernengo

Abstract

Keynes 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 Info

Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2013_08.

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Length: 21 pages
Date of creation: 2013
Date of revision:
Handle: RePEc:uta:papers:2013_08

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Keywords: Business Cycles; Interest Rate; Multiplier; Center-Periphery JEL Classification: B22; E32; E40; F55;

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  1. Esteban Pérez Caldentey & Matias Vernengo, 2012. "Heterodox Central Bankers: Eccles, Prebisch and Financial Reform in 1930s," Working Paper Series, Department of Economics, University of Utah 2012_04, University of Utah, Department of Economics.
  2. Luca Fiorito & Matías Vernengo, 2008. "The Other J.M.: John Maurice Clark and the Keynesian Revolution," Working Paper Series, Department of Economics, University of Utah 2008_07, University of Utah, Department of Economics.
  3. Palma, J Gabriel & Marcel, Mario, 1989. "Kaldor on the 'Discreet Charm' of the Chilean Bourgeoisie," Cambridge Journal of Economics, Oxford University Press, vol. 13(1), pages 245-72, March.
  4. Cesaratto, Sergio, 1999. "Savings and Economic Growth in Neoclassical Theory," Cambridge Journal of Economics, Oxford University Press, vol. 23(6), pages 771-93, November.
  5. Matias Vernengo & Louis-Philippe Rochon, 2001. "Kaldor and Robinson on money and growth," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(1), pages 75-103.
  6. Alcino F. Camara-Neto and Matías Vernengo, 2010. "Keynes after Sraffa and Kaldor: Effective demand, accumulation and productivity growth," Working Paper Series, Department of Economics, University of Utah 2010_07, University of Utah, Department of Economics.
  7. Esteban Pérez Caldentey & Matías Vernengo, 2011. "Portrait of the Economist as a Young Man: Raúl Prebisch’s evolving views on the business cycle and money, 1919-1949," Working Paper Series, Department of Economics, University of Utah 2011_13, University of Utah, Department of Economics.
  8. Besomi, Daniele, 2001. "Harrod's Dynamics and the Theory of Growth: The Story of a Mistaken Attribution," Cambridge Journal of Economics, Oxford University Press, vol. 25(1), pages 79-96, January.
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