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Refugees from Ukraine value job opportunities over welfare. [PDF]
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Major Issue in Monetary Economics
Oxford Economic Papers, 1974THE purpose of this paper is to survey the major issues in monetary economics, with a view to discerning the most fruitful lines of future theoretical and empirical research. This is a useful point in time at which to undertake such a survey, for both a negative and a positive reason.
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Monetary Economics, History of
2008As with so much else in the Western tradition, theorizing about the role of money can be traced back to Plato and Aristotle in the fourth century bce, although they may have drawn on pre-Socratic philosophers whose works survive, if at all, only in fragments. In his Republic (1974), Plato remarked that money was a symbol devised to make exchange easier.
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1996
Kalecki and Keynes share honors for discovering the principle of aggregate demand. But whereas Keynes set out this principle in a static model expressed in Neoclassical language, Kalecki explored it in a disequilibrium dynamic model incorporating Marxian and Classical insights about class conflict and income distribution.
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Kalecki and Keynes share honors for discovering the principle of aggregate demand. But whereas Keynes set out this principle in a static model expressed in Neoclassical language, Kalecki explored it in a disequilibrium dynamic model incorporating Marxian and Classical insights about class conflict and income distribution.
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Monetary Economics and Monetary Policy
2007The whole body of Keynes’s economics arose from recognition that classical theory did not provide an adequate representation of economic activity because it neutralised the role of money in the economic system. Economies were not based on the commodity money assumed by classical economics, but on bank money. Keynes saw that the evolution from commodity
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