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Post-Keynesian economic was formed and developed by economists such as Joan Robinson and Nicholas Kaldor who believed Keynesian economics was based on disequilibrium and uncertainty, and that challenges the general equilibrium assumptions of ne .... Middle of Term Paper
... rejected the quantity theory of money, preferring effective demand as the major influence on income distribution.1
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In 1930s, Harrodfs work on growth dynamics was the first development of post-Keynesian economic which distinct from Keynesian analysis. The prevailing theory in economics was static rather than dynamic. Harrodsf argued what was needed is a body of theory to explain what caused the observable movement of the economic system to change overtime. The Harrod-Domar formula, in which the growth rate as the dependent variable, is determined by the propensity to save and the ... |
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