INDEX
Keynes and the Classics
'animal spirits' : as natural proclivity to invest
Ackley, G.
activities : deflated to mental operations in OCT 63 ; individual by definition ; must fall within compass of economics ; ruled out by perfect market 53 ; socially visible or not ; vary according to contexts
Aggarwala, K.C.
aggregate individual income, Keynesian : simple summation
aggregate variables, Keynesian : related functionally as are linked in individuals' heads ; related in terms of socially differentiated individuals aggregate variables, neoclassical : articulated 'socially'
Akerlof, G.A. and Yellen, J.L.
analogies : admixture of ; economy as firm (Marshall) ; Mirowski's theses ; misunderstood ; reveal cosmologies ; see also neoclassical economics
analytical sciences
Aristotle's cosmology ; and classical economics ; his dynamics ; and Marshall ; theory of natural places ; time and space 1
Aristotle
Arndt, H.
Arthur, W.B.
Asimakopulos, A.
assets : see also debts
Attali, J. and Guillaume, M.
Azariadis, C.
banks : scant treatment in G.T
Barber, W.
bargaining : absent from neoclassical economics
Barrère, A.
Beault, M. and Dostaler, G.
Bentham, J.
Bharadwaj, K.
Blaug, M.
Böhm-Bawerk, E.
Boland, L.A.
bonds in G.T : lumped with shares
bonds, archetypal : definition ; as 'labouring money'
Brunner, K. and Meltzer, A.H.
Burtt, E.A.
Cairnes, J.E.
Cantillon, R.
capital : competing with labour ; labour plus 'a lot of waiting'
capitalism, Marx : rule of capital, not capitalists ; subordinates social relations to relationships between things
Caplin, A.S. and Spulber, D.F.
Carabelli, A.M.
Cartesian cosmology
certainty : analogous to Galileo's vacuum for Keynes ; attribute of knowledge ; enables Keynes to replicate Galileo's achievements ; Keynes's second experimental scenario ; Keynesian economy Linder ; and neoclassical economics ; rules out speculation ; yields full use of resources ; yields full use of resources in neoclassical economics equally ; see also rates of interest, Keynesian
Checkland, S.G.
Chick, V.
choice : no virtual activity ; ruled out by timeless market
Clark, J.B.
classical economics : Aristotelian ; imperfect and incomplete (Marx) ; its shortcomings to Marx ; Keynes's understanding of ; no orthodoxy ; scientific (Marx) ; see also Smith, A. ; Ricardian economics
Clower, R.W.
Coddington, A.
commodities : as exchange-entitlements
competition, neoclassical : belongs to objects not individuals
completely monetarized economy : Keynes's first experimental scenario
complexity theory : and G.T
Comte, A.
conceptual discontinuity : to be found mostly in social organization
consumption, neoclassical ; absorption of utilities ; as negative production (Marshall)
consumption, Keynes's theory of : coupled to income theoretically ; coupled to income definitionally ; detached from production ; linked to output outside any market representation ; linked to output through macro-circularity of exchange ; as purchase of money
consumption, reappraised : a pragmatist view ; sale of money for goods ; two meanings
consumption goods : sectorally defined as domestic goods
cosmology : affects definition of concepts ; definition ; leads to different questions ; medieval ; most explicit in initial statements ; no theory of its link to theories ; of classical science ; some preclude science ; underlies all theories ; as world-view ; see also analogies
cosmology, neoclassical ; precludes description of any economy ; see also neoclassical economics ; perfect market ; perfect competition
Cournot, A.A. credit : wrongly conflated with money's services
Crosser, P.K.
Davenport, H.J.
Davidson, P.
Deane, P.
debts, Keynesian : encompass all financial assets and exclude real capital ; old distinct from new ; old spell speculation
demand : its two compartments in G. T ; Marshall's definition ; must be coupled to exchange ; subjective in neoclassical economics
demand schedules, neoclassical : additive ; cannot intersect supply schedules ; ex ante preferences ; imaginary ; their construction
Descartes, René
disconsumption
disequilibrium theorists
disinvestment ; sectoral and non-transactional
Dobb, M.
dual-decision hypothesis 212
economic rationality : socially differentiated in G.T ; socially undifferentiated in neoclassical economics
Edgeworth, F.Y.
effective demand ; can settle at less than full employment ; cannot represent intersection ; cannot be aggregated ; cannot apply to output as a whole ; Chick's confusion about ; confused with aggregate demand ; definition ; ends up transactional and ex post ; an entrepreneur's consideration ; intersection of aggregate supply and demand functions ; Keynes and neoclassical economics on ; no-nonsense definition ; originally expectational and non-transactional ; presupposes a single economy-wide firm ; refers to output that will be supplied ; as theory of output
employment, Keynes's theory of : linked to output in the short run ; non-transaction representation ; short-term consideration
entrepreneurs Keynesian : definition ; receive private incomes
entrepreneurs neoclassical : deflated to managers
epistemology : and history of science ; not philosophy of science
equilibrium : bars strategy and speculation ; exiles trade ; at intersection of supply and demand prices (Marshall) ; precludes time ; as rest ; rules out profits ; various meanings of
equilibrium general : definition ; underlies Marshall's treatment of distribution
equilibrium partial : basis of Marshall's theory of exchange ; definition
equilibrium prices : corollary of perfect market ; and maximization
equimarginal distribution ; defined as management ; equated with principle of substitution
equivalence : see also trade equivalents
ex ante/ex post : impossible to argue from either one to the other
exchange neoclassical : asymmetrical when money introduced ; collapsed to individual's equimarginal distribution of his income ; collapsed to a mental operation in OCT 63 ; definition ; deflated to relationship between individuals and commodities ; illusory ; internal to the individual ; macro-circular in monetarized economy ; nothing but choice ; source of laws in OCT 66-67 ; unilateral flow of commodities
exchange : dyadic and bilateral ; not pricing
Exchange monetary : bilateral in G.T ; bilateralism avoided by Keynesians ; implies sale and purchase of money ; transforms goods into commodities (Marx) ; transmutes individual into social labour (Marx) ; transmutes a quantitative into a qualitative equivalence (Marx)
expectations: corollary of Keynes's vision of the individual ; ruled by subjective probability
felicific calculus ; in Marshall
Fender J.
field formalism : internalization of space ; linked to anti-utilitarian stance ; post development ; see also Mirowski
field cosmos : see field formalism firms : equated with markets ; as management units ; in OCT and Walrasian economics ; paradigm to analyse all organizational levels of economy
Fisher, I.
Fisher R.M.
Fitzgibbons A.
Fletcher G.A.
flows : as reiterative exchanges ; require time discontinuities
Foley
V. Fradin J.
Fraser L.
Friedman M.
Galileo G. ; and experimentation ; and inertial motion ; and medieval cosmos ; revolutionary dynamics ; and space and time ; and the vacuum
goods : confused with labour (Marx) ; corporate ; domestic and private
government : role ignored in G.T
Green F.
groups : absent from the Capital ; not composed of social relationships ; not sums of social relationships
Guillebaud C.W.
Guitton H.
Hausman D.M.
Hawtrey R.G.
Heckscher E.F.
Hegelianism : in Marshall's treatment of substitution
Hicks J.R.
history : arbitrary source of capitalist income distribution ; transverse approach to
hoarding : conflated with income in G. T
Hobbes T.
Hobson J.
Hodgson G.
Hollis M. and Nell E.J.
Hutchison T.W.
Hutton W.
ideology capitalist : cause of neoclassical economics' survival ; root of neoclassical economics
illiquidity : under certainty natural tendency to
imperfect markets : absurd ; impossible to derive from perfect markets ; sham and bogus
income entrepreneurial : goods sold for money ; sale of goods income individual : sale of labour and services to entrepreneurs ; see also aggregate individual income Keynesian
income Keynesian : absurd as value of output ; conflated with hoarding ; definitional problems ; as flow ; focal variable ; not 'revenue' ; as purchase of money ; value of output sold to avoid contradictions
income disposal ; meaning of second equation
income rises reappraised : do not spell more saving ; narrow gap between consumption and saving
incomes neoclassical : all merge into one another ; defined in a substantialist way
individual Keynesian : intrinsically moving ; socially differentiated ; true minimal unit ; truly decides and acts ; see also Keynes's cosmology
individual Marxian
individual neoclassical : ambiguous ; averse to economic action ; biblical ; defined teleologically ; an illusion ; a micro-firm ; passive ; a patient not an agent ; reluctant to save ; simple carrier of goods ; as smallest market ; socially undifferentiated
inertial motion in G.T
institutionalism : implicit in G.T ; to complete Keynes's economics ; residual category
investment Keynesian : badly articulated to theory of output ; conflated with speculation ; detached from saving ; discrepancies ; involves long-term expectations ; natural proclivity to ; non-transactional representation ; sometimes positive rate of change sometimes not ; substantialist survivals
investment neoclassical : linked to employment ; Marshall's two views ; transactional
investment sectoral : as acceleration of output ; as corporate consumption ; definitional identity when equal to saving ; inhibited by decreasing incomes ; not equal to saving ; a pragmatist view ; should be cause of involuntary unemployment
investment goods : defined by identity of exchanging partners in G.T ; sectorally redefined as corporate goods
IS-LM rendition of Keynes
Jaffé W.
Jevons W.S.
Kaldor N.
Katz L.
Keynes J.N.
Keynes's cosmology ; Galilean ; sectoral ; under certainty
Keynes's economics : and complexity theory ; economics of a 'monetary production economy' ; its experimental scenarios ; experimental (no theory of phenomenal world) ; Galilean ; incompatible with neoclassical economics ; and institutionalism ; mechanistic in places ; non-transactional ; premature generalization ; retrieves money at theoretical level only ; sectoral ; true to methodological individualism ; would be pure macro-economics ; would reduce neoclassical economics to a special case
Klein L.R.
Koyré A.
Kregel J.A.
Kuhn T.
labour : competing with capital
labour : confused with labourer ; not a factor of production
labour power : means the labourer ; phenomenon sui generis ; source of capitalists' profits ;
labour theory of value : against mercantilism ; equality of exchanging partners ; not analytical ; substantialist ; subsumes profits under interest ; and trade equivalents
Lackman C.L.
land : own-rate of interest once greatest because of its serviceability-premium
Lange O.
Lauderdale Earl of
Lavoie D.
Leibniz G.W.
Leijonhufvud A.
Lester R.A.
liquidity : as convertibility ; not convertibility (Hicks) ; power of disposal over an asset ; varies in degrees ; varies in time and space ; see also liquidity preference
liquidity functions
liquidity preference : definition ; motives behind ; natural tendency ; no demand for money ; partly Aristotelian ; price of money's services ; 'propensity to hoard' ; relates to total demand for money ; stems from uncertainty
liquidity preference total liquidity-premium
loanable-funds theory ; Aristotelian ; conceptually vitiated ; neoclassical
loans : wrongly equated with money's services
Longfield M.
Lovejoy A.
Lowe A.
Machlup F.
macro-circularity of exchange : avoids tautology at aggregate level ; enables Keynes to avoid transactional representation of the market
management neoclassical : as allocation of scarce resources to alternative uses ; always conditional ; encompasses all economic functions ; equated with equimarginal distribution (Marshall)
marginal calculus : Aristotelian
marginal efficiency of capital : dictates investment against rate of interest ; not Marshall's marginal productivity of capital
marginal utility
marginal propensity to consume ; decreases as incomes rise ; determined by level of real income ; questioned
marginalism : justification of capitalism ; revolution ; the three brands (see also neoclassical economics)
market : transactional representation absent from G.T ; understood as firm (Marshall)
Marshall A.
Marshall's economics : against Mill on distribution ; Aristotelian ; bias towards production ; conflates exchange and distribution ; labourer assimilated to labour ; laws to be discovered in conditions of supply ; markets appear imperfect ; reifying ; and rent ; and time ; transactional ; weds Jevons's separate perspectives on exchange
Marx : all economic categories hypostatized ; animist ; capital hypostatized ; classical economics would be scientific ; does not escape barter representation ; epistemological critique ; exchange breeds money ; excludes groups and social relationships ; income disparities historical ; introduces money to explode barter myth ; labourer sells his labour power ; mechanicist ; positivist ; profits flow from trading of labour power ; reifies ; shortcomings of classical economics ; substantialist thinker ; see also exchange monetary ; labour theory of value ; trade equivalents
Marx K.
Maxwell C.
Ménard C.
Menger C.
mercantilists : seek to imitate Galilean revolution ; see also Mirowski and mercantilism (Appendix l)
methodological individualism : 'analytical' ; applies only to isolated activities ; applies to empirical sciences only ; implications for comparison ; leads to terminal tautology in neoclassical economics ; not ontological methodologism ; at root of Marshall's economics ; should lead to holism ; should lead to probabilistic thinking ; true version in G.T. ; its unavoidable constraints ; underlies construction of supply and demand schedules ; working definition
Meyerson E.
Mill J.S. ; capitalist distribution of incomes (see also Marshall's economics) ; how appeared to Jevons ; ; precursor of Marshall ; utility theory of value
Minsky H.P.
Mirowski P. ; and history of science ; and mercantilism ; omits experimentation from history of science ; and political economy
mistaken identities ; their price
money : definition avoided ; greatest serviceability-premium after Industrial Revolution ; necessary corollary of exchange (Marx) ; undifferentiated and unspecialized
money Keynesian : characteristic attributes of ; orients exchange ; as serviceability-premium corrects Keynes's inconsistencies ; its services conflated with its use ; should be implanted at conceptual level ; small elasticity of production ; theoretical role only ; uniqueness of its own-rate of interest ; zero elasticity of substitution
money marginal utility : contradiction in terms ; in Marshall ; nothing but marginal utility of money expenditures in general ; why Marshall imported it
money neoclassical : cannot be exchanged ; cannot be a commodity ; cannot have utility ; its cost is that of saving ; deflated to utility ; an illusion ; Marshall avoids mentioning it ; nothing but numéraire ; subsumed under capital
money stock : confused with labouring 'money' in G.T ; contradictions in G.T.
Morishima M.
motion : both spatial (displacement) and economic (activities) motion economic ; constant at equilibrium in OCT 62
motion spatial : resisted at equilibrium in OCT 62 ; takes place within the mind
Mummery A.F.
Myrdal G.
national income : definition ; definitional identity with national output rejected ; definitional identity with national output ; as sum of personal incomes
nature/culture contrast : at heart of Marshall's distinction of supply and demand
neoclassical economics : 'analytical' science ; 'socializes' relationships of aggregate real variables ; analogies from proto-energetics (see also Mirowski and field formalism) ; analogies from Galileo and Newton ; Aristotelian ; biblical ; denies the reality of exchange ; felicific ; individual its building-block ; legitimates capitalism ; Marshall's Principles justifiably representative ; methodologically individualist ; Panglossian ; precludes time ; predicated on perfect market ; reifies ; rules out choices ; rules out activities ; scholastic ; special case of Keynes's General Theory ; three traditions ; transactional (see also Marshall) ; utilitarian ; would be relational ; see also perfect market ; perfect competition ; equilibrium
neoclassical theory of value : and quantity theory ; see also theory of value
networks
New Classical Macro-economics
Newton I.
numéraire ; an illusion of money ; no fiction ; no source of greater realism
OCT : its cosmological achievements ; defines supply as 'reverse demand' ; deflates all activities to mental operations ; discovers laws in conditions of demand ; internalizes space ; inverted mirror image of Marshall's economics ; locates motion within the mind ; its prices are demand prices ; rules out activities choices and individuals ; rules out money ; timeless ; see also opportunity costs
Ogilvie F.W.
Ohlin B.
ontological individualism
opportunities : immaterial and timeless opportunity costs : as displacement costs ; implies motion of illusory commodities in a timeless space
output Keynesian : determined by entrepreneurs through effective demand ; inseparable from employment ; linked to employment in non-transactional manner
Pareto V.
Parkin M.
Patinkin D.
perfect competition : imposes prices ; and omniscience ; and perfect expectation ; and perfect rationality ; predicated on perfectly homogeneous (socially undifferentiated) agents ; presupposes action of monopolist ; presupposes perfectly divisible products ; presupposes independence of producer and consumer ; see also equilibrium ;
perfect market perfect market : analogous to Galileo's vacuum ; communication free and instantaneous ; defined in negative terms ; homogeneous and isotropic space ; lack of price differentials ; and simultaneous equations ; thought-experimental ; underpins all static equilibrium analysis ; where prices settle at equilibrium ; see also perfect competition
perfection : can never yield imperfection ; described in negative terms ; spells infinity ; a theological construct
Peterson W.C.
Petty W. physiocrats : see Mirowski and political economy (Appendix ) ;
Quesnay potential income ; unsold goods Pribram K.
prices Keynesian : irrelevant in the aggregate ; lose pivotal role prices Marshallian : are above all supply prices ; definition ; demand prices ; if coherent all prices rooted in labour theory of value ; indication of utility ; supply prices defined in real costs
prices neoclassical : articulate inconsistent neoclassical cosmologies ; articulate supply to demand ; demand prices in OCT 59 ; include and exclude others in exchange ; pivotal to research programme ; regulate transactions
prices neoclassical theory : in reality substantialist ; would be relational
pricing : completely internal with Jevons ; an isolated derivative and virtual activity
probabilistic thinking : flows from methodological individualism
production and consumption : not symmetrical in reality ; objective manifestations of neoclassical supply and demand
production Marshallian : deflated to management ; encompasses trading ; as rearrangement of matter
profits : connected to wages (Marx) ; as fair earnings of businessmen ; stem from exchange of labour power for money (Marx) ; subsumed as interest by labour theorists
propensity : various meanings in G.T.
propensity to consume : enables Keynes to by-pass prices in theory of consumption ; related to income
Proudhon P.J.
quantity theory : and neoclassical theory of value
quasi-rent : conflated with interest ; conflated with rent ; contradictions ; Marshall's definition
Quesnay F. ; physiological not dynamic analogy ; would hold labour theory of value
rate of interest classical and neoclassical : brings forth flow of saving ; Marshall's definition of ; price of putting off consumption (saving) ; returns to free capital in exchange equations ; returns to investments in distribution equations ; returns to capital ; supply price of saving
rate of interest, Keynesian : acts on disposal of savings ; affects investment through marginal efficiency of capital ; confusions ; contradictions ; involves Central Bank ; logical flaw in Keynes's reasoning ; logically indeterminate ; price paid for money's use ; price of not hoarding ; regulates quantity of money in circulation ; rental price of money ; reward for parting with liquidity ; would remain stable at full employment in conditions of certainty
rate of interest, reappraised : conditions of certainty ; do not equilibrate anything ; not price for 'not doing something' ; not price of money loans ; pure mercantilist view right one ; true mercantilist view inverts Keynes's perspective
Rational Expectations Theory
real analysis
real costs : aspect of realistic Marshall ; 'historical' costs ; suppose real time and activities ; see also Marshall's economics
real magnitudes realistic Keynes : danger of so representing
reification : definition ; in Marshall's theory of employment ; in neoclassical economics
relational thinking ; in neoclassical economics ; in Newton
rent : according to Ricardo and Marshall ; both natural and cultural surplus ; contradictions ; defined at the margin ; predicated on law of diminishing returns ; is price-determined ; reified representation since Ricardo
research programmes : cannot be all simultaneously valid ; circular ; economics' three ; spiralling
revealed preference theory
revenue : not income
Ricardian economics : justifies industrial capitalism ; labour theory of value ; its manner of reasoning ; radicalist implications ; see also classical economics
Ricardo D.
Robbins L.
Robertson D.H.
Robinson J.
Rogin L.
Rosenberg A.
Samuelson A
Samuelson P.
saving Keynesian : decision not to consume ; equality with investment ; natural proclivity to ; no longer brings borrowers and lenders ; not related to investment ; related to income
saving neoclassical : equals flow of investment ; as 'waiting'
saving reappraised : does not inhibit investment ; equal to investment by definitional identity only ; as income disposal ; no equality with investment ; theoretically useless ; would result from decreasing incomes
Schoeffler S.
Schumpeter JA.
scientific revolutions : mostly cosmological ; various types
Scrope G.P.
sectoral approach : about economic rationality ; about language ; contradictions because transactional ; investment ; Keynes's definition of ; necessary to include time discontinuities ; should not be transactional ; to be defined with respect to circuit of exchange
Sen A.
Senior N.
Shackle G.S.
shares archetypal
shares : see bonds
Shaw G.K.
Shove G.F.
Shuster J.
simultaneous equations : exclude time ; underlie perfect market
Sismondi (de) J.C.L.
Smith A.
Smith A. : accumulation as acceleration ; causes and laws of production and accumulation ; market as phenomenal hindrance ; productive and unproductive activities ; theory of value
social differentiation : at heart of Keynes's macroeconomic thinking
social relationships : cannot be summed up ; delineate networks
social undifferentiation : corollary of perfect market ; in neoclassical economics ; of neoclassical individual ; rules out bargaining ; rules out exploitation
space neoclassical : an illusion in OCT 62 ; internalized
speculation : applies to all old financial assets ; cause of Keynes's confusion over rates of interest ; colours Keynes's view of economic world ; as gambling on time ; and investment ; leads to Aristotelian view of the economy ; see also equilibrium
Stewart I.M.
Stigler G.S.
Streissler E.W.
substantialism : Aristotelian ; blurs definitions of incomes ; in classical economics ; corollary of utilitarianism ; corollary of theory of value ; definition ; inhibits conceptualization ; in labour theory of value ; in neoclassical economics
substitution principle of (Marshall) : equated with equimarginal distribution ; equated with market competition ; operates in Hegelian fashion ; special case of survival of the fittest
supplementary costs
supply : as 'reversed demand' in OCT 54
supply Keynesian : determined by effective demand ; determined by income ; is entrepreneur's privilege ; as theory of output
supply schedules : cannot intersect demand schedules ; their construction
supply and demand neoclassical : asymmetrical ; aggregate projections of social relationships ; posited as symmetrical ; synonymous with production and consumption ; their articulation in Marshall
synthetic sciences : see also Comte A.
tâtonnements : problems surrounding
teleology : medieval 1 ; in neoclassical economics ; not in modern science 1
theory of value : cause of substantialism in economics
time : Aristotelian ; in classical science ; excluded in neoclassical economics ; illusory in neoclassical economics ; and Marshall
Tobin J.
trade equivalents : in labour theory ; in marginalism
trade : ruled out by perfect market
transactional : see neoclassical economics ; Marshall's economics transactions-motive : as income disposal
Tsiang S.C.
uncertainty : aberrant in neoclassical economics ; its economic implications ; enables Keynes to move from experimental to observed ; and
neoclassical economics ; phenomenal interference to Keynes ; possible to move from certainty to ; wrong theses about
unemployment equilibrium : could have been deduced from purely individualist-probabilistic premises
user costs ; absurd when applied to sales of finished goods ; Aristotelian survival ; encompass all capital equipment ; expectational ; Keynes believes necessary for definition of income ; predicated on idea of gains from inactivity ; proper redefinition ; results from speculative view of economy ; useless to calculate income
utilitarianism : necessary corollary of an Aristotelian economics ; necessarily felicific
utility theory of value : felicific ; focalizes on consumption ; must be wedded to marginal utility ; places value in market exchanges ; is relational
Verdon M.
Von Mises L.
wage-fund theory : contradicts Marshall's theory of wages ; as primitive theory of labour market ; as theory of labourers' demand for capital
Waldrop M. Walker D.
Walras L. ; shares the neoclassical cosmology
Wicksteed P.H.
Wieser F.V.
Wolff J.
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