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Indeed, if he held the views expressed in Foundations, they could not be. ISBN alk.

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For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Darrel McCalla. Carabelliin a rare discussion of this problem, argues that had Keynes offered a special theory, Keynes would have had to produce persuasive empirical evidence for it, a task that would have been particularly difficult given that the classical theory had such a long history and was so well established.

Why Study Economics? Keynes wanted to demonstrate that the cause of unemployment was not to be found in wage inflexibility. Foundations did not offer anything more than a methodological unification of economic theory, for there was no presumption that the whole of economics could be derived from a common theory.

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During the war years, when Samuelson worked part-time at the National Resources Planning Board, they remained close, debating fiscal policy, and in they produced a joint report. You can help correct errors and omissions.

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The book virtually swept the board in elementary economics teaching in the United States, so much so that it was later claimed that all introductory economics textbooks were clones of Samuelson. He introduced Samuelson to the Le Chatelier Principle, governing the way in which chemical equilibrium changes when a system is subject to external changes. Most economists believe that this relationship explains long-run changes in the price level. Although it would have been a short step from the maximisation found in the early chapters of Foundations to a theory of rational choice in which it is taken as axiomatic that human agents conform to certain norms of rationality, Samuelson chose not to make that step. Keynes thus sought to argue that his theory was a more general theory, encompassing the theory of competitive supply and demand represented by Mill and Marshall. Government spending does not have to make up for the entire output gap. Had Samuelson believed that all economic models could be derived from optimisation, the correspondence principle might have been unnecessary, because second order conditions for an optimum would have been sufficient to ensure stability.

The total output of the economy is measured GDP per person. The way he claims to have come to this was very pedestrian: working in different branches of economics, he had found himself proving the same theorems time and time again.

Keynes also noted the role uncertainty and animal spirits can play in the economy. For more details on the data and methods, go to gecon.

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