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The neglect of replacement investment in keynesian economics

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  • Michael Perelman

Abstract

This article describes Keynes's early analysis of replacement investment and his subsequent neglect of the subject, especially by his followers. It goes on to explain how this deficiency helped to mislead later economists who attempted to use Keynes as a guide for economic policy and theory and the consequences of the errors of these economists.

Suggested Citation

  • Michael Perelman, 2006. "The neglect of replacement investment in keynesian economics," Review of Political Economy, Taylor & Francis Journals, vol. 18(4), pages 547-559.
  • Handle: RePEc:taf:revpoe:v:18:y:2006:i:4:p:547-559
    DOI: 10.1080/09538250600915741
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    References listed on IDEAS

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    1. Feldstein, Martin S & Foot, David K, 1971. "The Other Half of Gross Investment: Replacement and Modernization Expenditures," The Review of Economics and Statistics, MIT Press, vol. 53(1), pages 49-58, February.
    2. Miles,Caroline, 1968. "Lancashire Textiles," Cambridge Books, Cambridge University Press, number 9780521072861, April.
    3. Colin Lawrence & Robert Z. Lawrence, 1985. "Manufacturing Wage Dispersion: An End Game Interpretation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 16(1), pages 47-116.
    4. Feldstein, Martin, 1983. "Has the Rate of Investment Fallen?," The Review of Economics and Statistics, MIT Press, vol. 65(1), pages 144-149, February.
    5. Swan, Peter L, 1972. "Optimum Durability, Second-Hand Markets, and Planned Obsolescence," Journal of Political Economy, University of Chicago Press, vol. 80(3), pages 575-585, May-June.
    6. W. E. G. Salter, 1962. "Marginal Labour And Investment Coefficients Of Australian Manufacturing Industry," The Economic Record, The Economic Society of Australia, vol. 38(82), pages 137-156, June.
    7. Alexander J. Field, 2003. "The Most Technologically Progressive Decade of the Century," American Economic Review, American Economic Association, vol. 93(4), pages 1399-1413, September.
    8. Rust, John, 1986. "When Is It Optimal to Kill Off the Market for Used Durable Goods?," Econometrica, Econometric Society, vol. 54(1), pages 65-86, January.
    9. Simon Kuznets & Lillian Epstein & Elizabeth Jenks, 1946. "National Product Since 1869," NBER Books, National Bureau of Economic Research, Inc, number kuzn46-1, April.
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