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