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Keynes’s General Theory Reconsidered in the Context of the Japanese Economy (SpringerBriefs in Economics) by Masayuki Otaki (auth.) is a nonfiction available to read on EtoBox.

What is Keynes’s General Theory Reconsidered in the Context of the Japanese Economy (SpringerBriefs in Economics) about?

This book reconsiders Keynes’s __The General Theory of Employment, Interest and Money__ and establishes a new interpretation. In contrast to the existing models, this book finds that the stickiness in the nominal wage is not crucial for his theory. Moreover, the author has also succeeds in capturing the concept of liquidity in a rigorous mathematical model. In conjunction with the development of the concept of liquidity, the separation of the decision between savings and capital investment, which plays a key role in the principle of effective demand and denies Say’s law, is exactly and originally formulated. The theory thus developed is applicable to elucidating some serious political economic causes that entrap the long-stagnated Japanese economy. For example, an analytical explanation is provided about why disinflation/deflation incessantly progresses despite the exorbitant expansionary monetary policy (__ijigen kin-yuu seisaku__) by the Bank of Japan. This phenomenon is an unsolvable question from the quantity-theoretic approaches (e.g., monetarism and new Keynesianism) which, although they differ in assumptions concerning the length of adjustment periods, commonly assume that t

Who reads Keynes’s General Theory Reconsidered in the Context of the Japanese Economy (SpringerBriefs in Economics)?

Author

Masayuki Otaki (auth.)

Publisher

Springer Japan : Imprint: Springer

Published

2016

Language

EN

ISBN

9784431559153

Category

nonfiction

Subjects

Business, Economics