Comments on Paul Davidsons Full Employment, Open Economy Macroeconomics, and Keynes General Theory: Does the Swan Diagram Suffice?

Peter Temin () and David Vines
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Peter Temin: MIT

No 36, Working Papers Series from Institute for New Economic Thinking

Abstract: This is a response to a critique by Paul Davidson of our 2013 book Keynes: Useful Economics for the World Economy and related work,3 where we describe, amongst other things, how the Swan diagram can be used to show how economies can use policy tools to achieve internal and external balance. In his article Full Employment, Open Economy Macroeconomics, and Keynes General Theory: Does the Swan Diagram Suffice? Davidson rejects our use of the Swan diagram and argues that it distorts Keynes own views. We show here why Davidsons critique is incorrect, inconsistent and ahistorical.

Keywords: Swan Diagram; balance of payments; fiscal policy; neoclassical Synthesis Keynesianism; Post Keynesianism. (search for similar items in EconPapers)
JEL-codes: B3 E12 E42 E61 F33 F41 (search for similar items in EconPapers)
Pages: 9 pages
Date: 2015-12
New Economics Papers: this item is included in nep-hpe and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:thk:wpaper:36

DOI: 10.2139/ssrn.2735600

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