Epstein Secrets

vailable for business to borrow and invest. But business lacked the “animal spirits” to take such a risk ina slump. We saw the same story after 2008. Keynes’ proposal was for government to do the borrowing and investing instead. That’s part of the “fiscal policy” I described in Chapter 1. Here we tend to

saving is invested, as I use the word, but finds different returns. Saving under the mattress is investment at zero return, and drops output just as Keynes said. Investment at the current average return keeps output unchanged. That’s what Keynes meant. But investment at lower returns lowers output, and c

which I accept but prefer to rephrase. I have traced Keynes’ argument and language on these points because | think it is now generally accepted by Keynesian and anti-Keynesian and neo-Keynesian schools alike. That’s why I think my own interpretation differs from a general Chapter 4 Mill’s Idea 1/11/16 5

d their market value in return, as if on the books of a firm. Chapter 6: Parallels with the Firm 2/4/16 21 HOUSE_OVERSIGHT_011055 Marshall’s pupil Keynes was thoroughly a marginalist, as are economists in general today and as am I. One of the features of his General Theory of 1936 was a kind of double-

t the human capital of children. But Farr deserves credit for pointing out that human capital in general capitalizes pay less invested consumption. Keynes’ teacher Alfred Marshall agreed with Farr in 1990’. As I read this passage, Marshall interpreted maintenance consumption as investment. So did B. F.

ans. (I call myself a free market Democrat, whether or not that’s a contradiction in terms.) Freshwater views tend to oppose intervention, but accept Keynesian basic definitions and equations such as the Y =] +C doctrine and the distinction between “attempted saving” and investment. It is these I question.

the players know that it is the Old Maid which is circulating, or that when the music stops some of the players will find themselves unseated." 3M Keynes [Keynes 1936] The following is a brief review of current research and emerging ideas within the field of liquidity. This section is something of a

persistent 'anomalies' as anomalies, ignoring raw data while retreating into the comforts of intellectual hypothesis, whether this be neoclassical, Keynesian, Marxian, behavioural or other. Even in areas such as post-Keynesian or behavioural economics, were data collection has become something of a fetish