History of Modern Non-Marxian Economics: From Marginalist Revolution through the Keynesian Revolution to Contemporary Monetarist Counter-revolution

Front Matter....Pages 1-12
Front Matter....Pages 13-13
A General Survey of Subjective Economics in the 1870s....Pages 15-19
The Subjective Interpretation of Value....Pages 20-22
Jevons’s Attempt to Determine the Equilibrium Exchange Ratio by Means of Marginal Utility....Pages 23-26
Marshall’s Attempt to Build the Demand Function on the Principle of Diminishing Utility....Pages 27-31
Gossen’s Second Law....Pages 32-34
The Law of Costs According to the Followers of the Marginal Utility Theory....Pages 35-41
A Critique of the Marginal Utility Theory....Pages 42-51
Walras’s and Cassel’s General Equilibrium Theory....Pages 52-63
Marginal Productivity Theory....Pages 64-102
Böhm-Bawerk’s and Samuelson’s Attempts to Find a Measure of the Volume of Capital Goods....Pages 103-115
Front Matter....Pages 117-117
The Transformation of Subjective Value Theory into the Logic of Rational Choice....Pages 119-122
Attempts at Constructing the Demand Curve by the Indifference-Curve Approach....Pages 123-145
An Attempt to Derive the Supply Curve from the Behaviour of the Profit-Maximizing Entrepreneur....Pages 146-193
The Outlines and Critique of a Modern Variant of General Equilibrium Theory....Pages 194-203
The Welfare Effects of Pure Competition....Pages 204-215
Front Matter....Pages 217-217
Introduction....Pages 219-221
Price Determination in a Monopoly Situation....Pages 222-227
Chamberlin’s Theory of Monopolistic Competition....Pages 228-233
The Problems of Market Equilibrium in Duopoly....Pages 234-243
In the Presence of Monopolistic Elements the Efficiency Criteria of Pure Competition No Longer Apply....Pages 244-245
Front Matter....Pages 217-217
The Classification of Market forms by Triffin....Pages 246-247
A Critique of the Non-Marxian Interpretation of Monopoly....Pages 248-255
Front Matter....Pages 257-257
General Characteristics....Pages 259-265
The Analysis of Problems Relating to Delayed Adjustment by Means of the Cobweb Theorem....Pages 266-272
The Period Analysis of the Stockholm School. The Role of Expectations....Pages 273-278
Front Matter....Pages 279-279
General Characteristics....Pages 281-283
Ragnar Frisch’s Attempt to Measure the Marginal Utility of Money....Pages 284-286
Attempts to Formulate the Macro-Economic Production Function in Terms of Econometrics....Pages 287-298
Front Matter....Pages 299-299
Introduction....Pages 301-302
The Viewpoint of the German Historical School....Pages 303-304
The Viewpoint of the Socio-Legal School....Pages 305-307
Eucken’s Attempt to Resolve the “Great Antinomy” in a Historical and Logical Approach to Economic Phenomena....Pages 308-311
Front Matter....Pages 313-313
Introduction....Pages 315-315
The Determination of the Price Level in Irving Fisher’s Theory....Pages 316-319
The Cash-Balance Approach....Pages 320-327
Wicksell’s Explanation of Changes in the Price Level....Pages 328-338
Front Matter....Pages 339-339
Introduction....Pages 341-345
The Outlines of Keynes’s Employment Theory....Pages 346-349
Keynes’s Theory of Aggregate Demand....Pages 350-357
Investment....Pages 358-366
Front Matter....Pages 339-339
The Determination of the Equilibrium Level of National Income—The Multiplier Effect....Pages 367-383
Keynes’s Theory of Money and Interest....Pages 384-398
Post-Keynesian Micro-Theory of the Demand for Money....Pages 399-401
Hicks’s and Hansen’s Attempts to Determine the Rate of Interest and National Income Simultaneously by Means of the IS and LM Curves....Pages 402-408
The Labour Market in Keynes....Pages 409-415
A Summary Appraisal of the Keynesian Theory....Pages 416-419
Kaldor’s Attempt to Create a Distribution Theory on a Keynesian as Distinct from a Marginal Productivity Basis....Pages 420-428
Front Matter....Pages 429-429
Introduction....Pages 431-432
Growth Models Built upon a Keynesian Theoretical Basis....Pages 433-469
Neo-Classical Growth Models....Pages 470-518
Kaldor’s Growth Theory....Pages 519-530
Front Matter....Pages 531-531
The Phillips Curve Doctrine....Pages 533-540
Friedman’s Monetarist Counter-Revolution....Pages 541-561
The New Micro-Economics....Pages 562-568
The New Classical Macro-Economics....Pages 569-579
Cost-Push Inflation....Pages 580-584
The New Macro-Economics....Pages 585-594
The New-New Micro-Economics. The Contract Theory of the Market....Pages 595-604
Back Matter....Pages 605-619