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Veblen and Keynes on the Economic Theory of the Capitalist Economy

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  • Adil H. Mouhammed

Abstract

The purpose of this paper is to compare Veblen and Keynes' contributions to the economic theory of the capitalist economy. The subject of this comparison are aggregate demand, determination of output and employment, determination of price level and inflation, the business cycle, monetary theory of production, and the views on economic policy and the future of capitalism. Veblen's contribution to the first four components anticipates the hydraulic interpretation of Keynes's work. Keynes's contribution to the monetary theory of production develops further Veblen's finding. On the views of economic policy and capitalism, Veblen's and Keynes's contributions are contradictory.

Suggested Citation

  • Adil H. Mouhammed, 1999. "Veblen and Keynes on the Economic Theory of the Capitalist Economy," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(4), pages 594-594, December.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199912)155:4_594:vakote_2.0.tx_2-5
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    Cited by:

    1. Sokolovskyi, Dmytro, 2016. "Zastosowanie behawioralnych czynników do oceny i zarządzania poziomem konkurencyjnością przedsiębiorstw
      [The use of behavioral factors for the assessment and management of competitiveness of firms]
      ," MPRA Paper 74849, University Library of Munich, Germany.
    2. Forges Davanzati, Guglielmo & Pacella, Andrea, 2013. "The profits-investments puzzle: A Post Keynesian-Institutional interpretation," Structural Change and Economic Dynamics, Elsevier, vol. 26(C), pages 1-13.

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    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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