Keynesianism and Neo-Keynesianism. Exposition and critique of the Keynesian analysis: the unemployment-equilibrium doctrine and the IS curve; the consumption and savings functions; the diminishing marginal efficiency of capital; liquidity preference and the liquidity trap; compensatory fiscal policy and the multipliers. The economic consequences of Keynesianism.

READINGS

  • Reisman: Chapter 18
  • Samuelson: Chapters 6–8 (to p. 142)
  • Optional: Samuelson, Chapter 15
  • Ludwig von Mises “Stones Into Bread, The Keynesian Miracle” and “Lord Keynes and Say’s Law” in Supplementary
  • Readings in Macroeconomics. [Ludwig von Mises, Planning for Freedom, pp. 50–71]
  • Optional: Adam Smith, “Of Public Debts” in Supplementary Readings in Macroeconomics. [Adam Smith, The Wealth of Nations, Book 5, Chapter 3]

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