Keynes's general theory reconsidered in the context of the Japanese economy / Masayuki Otaki.
Otaki, Masayuki, author.
2016
HC462.95
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Title Keynes's general theory reconsidered in the context of the Japanese economy / Masayuki Otaki.
Author Otaki, Masayuki, author.
ISBN 9784431559153 (electronic book)
4431559159 (electronic book)
9784431559139
Published [Tokyo] : Springer, 2016.
Language English
Description 1 online resource.
Call Number HC462.95
Dewey Decimal Classification 330.952
Summary 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 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.
Bibliography, etc. Note Includes bibliographical references and index.
Access Note Access limited to authorized users.
Source of Description Online resource; title from PDF title page (viewed June 14, 2016).
Series Development Bank of Japan research series.
SpringerBriefs in economics.
Available in Other Form Keynes's General Theory Reconsidered in the Context of the Japanese Economy
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Foreword; 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

Appendix 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

6.3 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

9.2 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

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