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000762943 1001_ $$aOtaki, Masayuki,$$eauthor.
000762943 24510 $$aKeynes's general theory reconsidered in the context of the Japanese economy /$$cMasayuki Otaki.
000762943 264_1 $$a[Tokyo] :$$bSpringer,$$c2016.
000762943 300__ $$a1 online resource.
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000762943 337__ $$acomputer$$bc$$2rdamedia
000762943 338__ $$aonline resource$$bcr$$2rdacarrier
000762943 4901_ $$aSpringer briefs in economics.
000762943 4901_ $$aDevelopment Bank of Japan research series
000762943 504__ $$aIncludes bibliographical references and index.
000762943 5050_ $$aForeword; Preface; Contents; About the Author; Reconsideration of The General Theory; 1 Analyzing the Structure of The General Theory; Abstract; References; 2 Analyzing Book I of The General Theory; Abstract; 2.1 Introduction; 2.2 Involuntary Unemployment and the Stability of Society; 2.3 The Existence Proof of Involuntary Unemployment; References; 3 Analyzing Book II of The General Theory; Abstract; 3.1 Introduction; 3.2 The Conundrum in the Aggregation Problem of Prices and Quantities; 3.3 Some Definitions; 3.3.1 Definition of forced saving
000762943 5058_ $$aAppendix 1: A Solvable Case of the Aggregation Problem Regarding Total EmploymentReference; 4 Analyzing Book III of The General Theory; Abstract; 4.1 Introduction; 4.2 The Propensity to Consume; References; 5 Analyzing Book IV of The General Theory; Abstract; 5.1 Introduction; 5.2 Investment Function and Stock Market; 5.3 Liquidity Preference and the Theory of Interest; Appendix 2: The Derivation of the Formula of the Marginal Efficiency of Investment; References; 6 Analyzing Book V of The General Theory; Abstract; 6.1 Introduction; 6.2 Effects of Change in the Nominal Wage
000762943 5058_ $$a6.3 The Employment Function6.4 Liquidity and the Stable Nominal Wage; References; 7 Analyzing Book VI of The General Theory; Abstract; 7.1 Introduction; 7.2 Keynes's View of the Business Cycle; 7.3 The Obituary to Keynes's Predecessors; 7.4 Some Philosophical Notes; References; 8 Concluding Remarks of Part I; Abstract; 8.1 The Misunderstanding of Keynes and His Conscience as a Liberalist; Reference; Developing a New Collective Intelligence from The General Theory; 9 Developing a New Collective Intelligence from The General Theory; Abstract; 9.1 Introduction
000762943 5058_ $$a9.2 Exorbitant Accumulation of Public Debt and Economic Growth9.2.1 The Nature of Public Debt and Taxation; 9.2.2 Adjustment Cost and Investment Function; 9.2.3 Market Equilibrium; 9.2.4 Economic Policy and Its Long-Run Implication: Exorbitant Expansionary Monetary Policy Suppresses the Potentiality of an Economy; References; 10 Concluding Remarks of Part II; Abstract; Index
000762943 506__ $$aAccess limited to authorized users.
000762943 520__ $$aThis book reconsiders Keynes's The General Theory of Employment, Interest and Money and establishes a new interpretation. In contrast to the existing models, this book finds that the stickiness in the nominal wage is not crucial for his theory. Moreover, the author has also succeeds in capturing the concept of liquidity in a rigorous mathematical model. In conjunction with the development of the concept of liquidity, the separation of the decision between savings and capital investment, which plays a key role in the principle of effective demand and denies Say's law, is exactly and originally formulated. The theory thus developed is applicable to elucidating some serious political economic causes that entrap the long-stagnated Japanese economy. For example, an analytical explanation is provided about why disinflation/deflation incessantly progresses despite the exorbitant expansionary monetary policy (ijigen kin-yuu seisaku) by the Bank of Japan. This phenomenon is an unsolvable question from the quantity-theoretic approaches (e.g., monetarism and new Keynesianism) which, although they differ in assumptions concerning the length of adjustment periods, commonly assume that the price level sooner or later rises in proportion to the quantity of money. Owing much to Keynes, the author's approach considers that the price level is mainly governed by its marginal prime cost which is equal to the nominal wage as a first approximation. As such, the drastically sagging wages during the past 10 years provoke serious disinflation/deflation. It should be noted that this discussion never depends on the quantity of money.
000762943 588__ $$aOnline resource; title from PDF title page (viewed June 14, 2016).
000762943 650_0 $$aKeynesian economics.
000762943 651_0 $$aJapan$$xEconomic conditions.
000762943 651_0 $$aJapan$$xEconomic policy.
000762943 77608 $$iPrint version:$$aOtaki, Masayuki$$tKeynes's General Theory Reconsidered in the Context of the Japanese Economy$$dTokyo : Springer Japan,c2016$$z9784431559139
000762943 830_0 $$aDevelopment Bank of Japan research series.
000762943 830_0 $$aSpringerBriefs in economics.
000762943 852__ $$bebk
000762943 85640 $$3SpringerLink$$uhttps://univsouthin.idm.oclc.org/login?url=http://link.springer.com/10.1007/978-4-431-55915-3$$zOnline Access$$91397441.1
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