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About this book
Less than fifty years after the publication of Marshall's Principles Cambridge once again set economics on a new path with the publication of Keynes's General Theory. This book examines the developments in Cambridge monetary and trade cycle theory that were moving it forwards but were also sowing the seeds for the collapse of the Marshallian neoclassical framework. The analysis shows how Cambridge economists such as Keynes, Robertson, Lavington and Hawtrey had built on the foundations of Marshall and Pigou to produce theories of adaptive behaviour which acknowledged that the invisible hand could fail in the short run. This established a conflict with the long run theory of market clearing equilibrium which, though it could be ignored at first, had finally to be resolved.
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Table of contents (13 chapters)
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Front Matter
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Back Matter
About the author
ROBERT J. BIGG
Bibliographic Information
Book Title: Cambridge and the Monetary Theory of Production
Book Subtitle: The Collapse of Marshallian Macroeconomics
Authors: Robert J. Bigg
DOI: https://doi.org/10.1057/9780230371217
Publisher: Palgrave Macmillan London
eBook Packages: Palgrave Economics & Finance Collection, Economics and Finance (R0)
Copyright Information: Palgrave Macmillan, a division of Macmillan Publishers Limited 1990
Hardcover ISBN: 978-0-333-51657-7Published: 22 May 1990
eBook ISBN: 978-0-230-37121-7Published: 22 May 1990
Edition Number: 1
Number of Pages: XII, 228
Topics: History of Economic Thought/Methodology, Macroeconomics/Monetary Economics//Financial Economics