• 제목/요약/키워드: Keynes

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케인스 『일반이론』의 혁명성 : 반박과 재검토 (The Revolution of Keynes's General Theory: Refutation and Revisitation)

  • 조복현
    • 사회경제평론
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    • 제31권1호
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    • pp.63-105
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    • 2018
  • 케인스는 그의 "일반이론"을 통해, 자본주의경제는 불완전고용이 일반적이고, 불완전 고용은 자동적으로 회복될 수 없으며, 주기적인 경기순환을 겪는다는 혁명적 주장을 제시했다. 그러나 케인스의 혁명적 주장에 대해, 힉스는 불완전 고용은 불경기에 나타나는 특수한 경우이며, 모딜리아니는 임금경직성이라는 특수한 가정 하에서만 타당하다고 반박했다. 또한 피구와 파틴킨은 임금과 가격이 신축적인 경제에서 실업은 자동적으로 치유된다고 반박했다. 힉스 등의 이러한 도전은 케인스 "일반이론"에서 나타나는 혁명성을 쇠퇴하게 만들었다. 그러나 이들의 주장은 케인스 주장을 올바로 해석한 것도, 또 그것을 효과적으로 반박한 것도 아니다. 이들은 케인스를 협소하게 고전파의 틀 속에서 해석했고, 또 고전파의 주장을 다시 불러내 케인스를 반박했다. 케인스 "일반이론"의 혁명성은 이들의 반박에 의해 그 타당성을 손상받지는 않으며, 오히려 오늘날의 경제현실을 분석하는데 있어서 더욱 더 큰 유용성을 갖는다고 할 수 있을 것이다.

포스트케인즈학파 내생화폐이론과 은행의 이중기능: 수평주의자와 구조주의자에 대한 새로운 이해 (Post Keynesian Endogenous Money Theory and Banking Activity)

  • 민병길
    • 사회경제평론
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    • 제38호
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    • pp.199-240
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    • 2012
  • 포스트케인즈학파(PK) 내생화폐이론에 따르면, 기업은 신규투자를 수행하기 위해 은행에 대한 대부수요를 만들고, 이에 대한 은행의 대출공급으로 예금화폐가 창조된다. 은행의 자산 측면에서의 신용창조가 부채측면에서 화폐창조로 이어지면서 은행의 대차대조표에서 실물과 화폐가 연결된다. 이 글은 은행의 기능을 중심으로 황재홍(2005)에 대한 비판적 고찰을 통하여 케인즈와 PK 내생화폐이론을 살펴보고자 한다. 이로써 다음과 같은 결론이 도출된다. 첫째, PK 내생화폐이론의 기반을 케인즈에게서 찾을 수 있다. 둘째, 케인즈의 화폐내생성과 빅셀의 그것은 본질적 측면에서 서로 다르다. 마지막으로, PK 내부의 수평주의자와 구조주의자의 논쟁을 이들의 논의의 결론이 아닌 분석상의 차이점에 초점을 두고 보면, 내생화폐이론과 유동성 선호이론은 케인즈 이론 체계에서 양립가능한 이론이 될 수 있다.

EffECTIVE PARTICULATES REDUCTION IN DIESEL ENGINES THROUGH THE USE OF FUEL CATALYSED PARTICULATE FILTERS

  • Vincent, M.-W.;Richards, P.-J.;Rogers, T.-J.
    • International Journal of Automotive Technology
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    • 제3권1호
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    • pp.1-8
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    • 2002
  • There is Increasing world-wide interest in diesel particulate filters (DPF) because of their proven effectiveness in reducing exhaust smoke and particulate emissions. Fine particulates have been linked to human health . DPF use requires a means to secure the bum-out of the accumulated soot, a process called regeneration. If this is not achieved, the engine cannot continue to operate. A number of techniques are available, but most are complex, expensive or have a high electrical demand. The use of fuel additives to catalyse soot bum-out potentially solves the problem of securing regeneration reliably and at low cost. Work on organo-metallic fuel additives has shown that certain metals combine to glove exceptional regeneration performance. Best performance was achieved with a combination of iron and strontium based compounds. Tests were carried out un a bed engine and on road vehicles, which demonstrated effective and reliable regeneration from a tow dose fuel additive, using a single passive DPF. No control valves, flow diverters. heaters or other devices were employed to assist regeneration. Independent particle size measurements showed that there were no harmful side effects from the use of the iron-strontium fuel additive.

Investigating Keynesian Theory in Reducing Unemployment and Poverty in Indonesia

  • PRASETYO, P. Eko;CAHYANI, E. Nur
    • The Journal of Asian Finance, Economics and Business
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    • 제9권10호
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    • pp.39-48
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    • 2022
  • This research aims to investigate the application of Keynes's theory in Indonesia, particularly in solving unemployment and poverty problems through government spending, economic growth, and human resource capacity. The basic concepts of the Keynesian theory were used as a method, through which government spending was harnessed toward economic growth in reducing unemployment and poverty rate. The analytical materials used were panel data for the 2017-2021 period in Central Java, Indonesia. The analytical methodology used was a multiple regression experimental design in selecting the best model according to Keynes's theory, especially for overcoming formidable problems. The main results showed that large Government spending program is ineffective in encouraging pro-growth, pro-job, pro-poor, and pro-equity development policy strategies. The causes of this failure include the violation of Keynes' assumptions about rationality and the low quality of education investment, which do not encourage productive and innovative entrepreneurship, as well as self-employment opportunities. As a result, government spending, including subsidies and direct financial assistance, used to implement the macroeconomic monetary, unstructured, and fiscal policy system is insufficient to significantly reduce the enormous difficulties. The main research results confirm that human capital capacity is the key to mitigating and reducing unemployment and poverty.

How to Recover From the Great Recession: The Case of a Two-Sector Small Open Economy with Traded and Non-Traded Capital

  • Jeon, Jong-Kyou
    • East Asian Economic Review
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    • 제17권2호
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    • pp.161-206
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    • 2013
  • Since the global financial crisis in 2008, the world economy has been suffering from the Great Recession characterized by high and persistent unemployment as well as drastic fall in asset prices. Real business cycle theory or new-Keynesian economics which has been the dominant paradigm in macroeconomics for the last four decades is unable to explain the high and persistent unemployment during the Great Recession. This implies that the economics of Keynes should be taken seriously again as a tool to explain the Great Recession. Farmer (2012) proposes a new way of interpreting the economics of Keynes by providing it with a solid micro-foundation based on labor markets with search. According to Farmer (2012), aggregate economic activity independently depends on the long-term self-fulfilling expectations about the stock prices. As a consequence, the government or the central bank should implement a policy that influences the public's confidence about the stock market. For an open economy like the Korean economy, it is not only stock price but also the price of asset such as house that matters more for the aggregate economic activity. Households in the Korean economy hold more than 70 percent of their wealth in the form of real estate asset, especially housing asset. This makes the public's confidence about the future prices of houses even more important in explaining the business cycles of the Korean economy. Policymakers should implement policies to improve the confidence of households about the housing market to recover from the recession caused by a fall in house prices. Little theoretical work has been done in explaining fluctuations in the aggregate economic activity from the point of house prices. This paper develops a small open economy model with traded and non-traded capital based on Farmer (2012) and shows that the aggregate economic activity also independently depends on the households' self-fulfilling expectations about the future prices of non-traded asset such as houses.

신도시 건설과 공공도서관 건립에 관한 연구 - 영국의 밀턴킨즈를 중심으로 - (A Study on the Construction of New Towns and the Establishment of Public Libraries: Focusing on Milton Keynes in the U.K.)

  • 김영석
    • 한국문헌정보학회지
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    • 제44권2호
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    • pp.381-403
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    • 2010
  • 영국이 오늘날과 같은 완벽한 공공도서관 인프라를 구축할 수 있었던 이유 중의 하나는, 1940~90년대 초에 전국에 30여개의 신도시를 건설할 때 많은 공공도서관을 함께 건립하였기 때문이다. 현재 우리나라에서도 많은 신도시를 건설하고 있는데, 이는 공공도서관을 효과적으로 건립할 수 있는 절호의 기회라고 생각한다. 이에 본 연구에서는 영국의 대표적인 신도시인 밀턴킨즈를 연구 대상으로 삼아 이 신도시 건설과정에서 공공도서관이 어떻게, 어떤 모습으로 건립되었는지를 조사 분석하였다. 조사 결과 신도시에 건설된 공공도서관들은 그 입지를 통해 봤을 때 애초에 신도시 계획에 포함되었고, 그 계획에 의하여 건립되었음이 밝혀졌다.

지방대학이 지역경제에서 차지하는 역할과 영향에 대한 연구 (A Study on Regional Economic Role and Impact of Regional University)

  • 차대규;조재완
    • 디지털융복합연구
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    • 제1권1호
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    • pp.255-282
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    • 2003
  • This study shows how much the local college influences the local economy using the Keynes Model, which is evaluated as the basic of macro economics. The methods of research are economic measurement and empirical study being used questionnaire study. First of all, the result being used Keynes model shows that the local economy has been grown by the students of "D" university from 1994 to 2002, which is approximately more than 100 billion won a year. The amount is more than 15-30% among the gross income in "S" city. Next, the survey was carried out making the students of "D" university and villagers an object of it, which is especially a comparative study between "D" university and "K" university nearby "S" city. The result is as the follows; the influence of the two universities towards local economy is almost same, but the villagers in "S" city underestimate the valuable. In the result, the shortage of understanding about the importance of local college would cause obstructing not only the potential ability of local college, eventually, but also the development of the region.

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한국의 집권정당별 거시경제정책 실증분석 - 그랜져 인과성 검정 및 충격반응분석 중심으로 -

  • 김종권
    • 대한안전경영과학회:학술대회논문집
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    • 대한안전경영과학회 2007년도 추계학술대회
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    • pp.503-516
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    • 2007
  • USA has distinct differences of economic policy by a ruling party. And, USA economy has mainly influenced on it of Korea. So, we examine whether a ruling party of Korea has different regime including rate of return in stock market. The Republican Party and Democratic Party have based on Milton Friedman and Keynes economy at each other's economic policy in the USA The Republican Party and Democratic Party have different interest level and excess return on equity, GDP growth rate, unemployment rate. Also, a ruling party of Korea has different regime and economic activity in this paper.

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맬더스(Malthus)와 그의 인구론 : 역사적 재조명 (MaIthus and his Population Theory: A Re-appraisal)

  • 이흥초
    • 한국인구학
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    • 제8권2호
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    • pp.30-45
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    • 1985
  • The "Dismal Theorem" (Essay) of Maithus is juxtaposed to the utopianism of both Marquis de Condorcet and of William Godwin who believed in the perfectibility of man and of the greater power of civilization over that of population. The socio-political environment that gave birth to the neo-Maltbusianism and of the economic Malthusianism is briefly sketched on, along with the discrepancy between the early theories (1978) of Malthus and the later Malthusian theory; nemely, the biological population principles of his early period runs head-on into his theory of effective demand and underconsumption. Malthus belonged to both the anti-Ricardian and the Ricardian classical tradition, and his attempt to reconcile the anomalies was not very satisfactory. Karl Marx criticized Malthus for his incon-sistent radical conservative theory of population and John Maynard Keynes came to the rescue of this Maltbusian dilemma in the 1930's, with but a morsel of success.f success.

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경제사상의 변화 (공급측면 경제학의 시험) (The changes of economic though (The trial of supply-side economics))

  • 서홍석
    • 한국관광식음료학회지:관광식음료경영연구
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    • 제8권
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    • pp.89-121
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    • 1997
  • Many of the measures and policies advocated by supply-siders, such as lower taxation, less government intervention, more freedom from restrictive legislation and regulation, and the need for increased productivity can be found in writing the classical economist. Nor is supply-side economics a complete divorcement from Keynesian analysis. In both camps the objectives are the same-high level employment, stable prices and healthy economic growth, the means or suggestions for attaining the objectives, however, differ. Consequently, recommended economic policies and measures are different. keynesians rely primarily on the manipulation of effective demand to increase output and employment and to combat inflation. They assume ample resources to be available in order that supply will respond to demand. The supply-siders emphasize the need to increase savings, investment, productivity and output as a means of increasing income. Supply-siders assume that the increase in income will lead to an increase in effective demand. Keynesians suggest that savings, particularly those not invested, dampen economic activity. Supply-siders hold that savings, or at least an increase in after-tax income, stimulates work effort and provides funds for investment. Perhaps keynesians are guilty of assuming that most savings are not going to be invested, whereas supply-siders may erroneously assume that almost all savings will flow into investment and/ or stimulate work effort. In reality, a middle ground is possible. The supply-siders stress the need to increase supply, but Keynes did not preclude the possibility of increasing economic activity by working through the supply side. According to Keynes' aggregate demand-aggregate supply framework, a decrease in supply will increase output and employment. It must be remembered, however, that Keynes' aggregate supply is really a price. Lowering the price or cost of supply would there by result in higher profit and/ or higher output. This coincides with the viewpoint of supply-siders who want to lower the cost of production via various means for the purpose of increasing supply. Then, too, some of the means, such as tax cuts, tax credits and accelerated depreciation, recommended by suply-siders to increase productivity and output would be favored by Keynesians also as a means of increasing investment, curbing costs, and increasing effective demand. In fact, these very measures were used in the early 1960s in the United State during the years when nagging unemployment was plaguing the economy. Keynesians disagree with the supply-siders' proposals to reduce transfer payments and slow down the process of income redistribution, except in full employment inflationary periods. Keynesians likewise disagree with tax measures that favored business as opposed to individuals and the notion of shifting the base of personal taxation away from income and toward spending. A frequent criticism levied at supply-side economics is that it lacks adequate models and thus far has not been quantified to any great extent. But, it should be remembered that Keynesian economics originally was lacking in models and based on a number of unproved assumptions, such as, the stability of the consumption function with its declining marginal propensity to consume. Just as the economic catastrophe of the great depression of the 1930s paved the way for the application of Keynesian or demand-side policies, perhaps the frustrating and restless conditions of the 1970s and 1980s is an open invitation for the application of supply-side policies. If so, the 1980s and 1990s may prove to be the testing era for the supply-side theories. By the end of 1990s we should have better supply-side models and know much more about the effectiveness of supply-side policies. By that time, also, supply-side thinking may be more crystallized and we will learn whether it is something temporary that will fade away, be widely accepted as the new economics replacing Keynesian demand analysis, or something to be continued but melded or fused with demand management.

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