Reading Keynes in Buenos Aires: Prebisch and the Dynamics of Capitalism

Esteban Perez Caldentey and Matías Vernengo

Working Paper Series, Department of Economics, University of Utah from University of Utah, Department of Economics

Abstract: Keynes had a profound influence on Prebisch in terms of the diagnosis about the main failures of market economies and the need to pursue pro-active and anti-cyclical policies. However, Prebisch was critical of some aspects of Keynes General Theory of Employment, Interest and Money, in particular on the theory of interest and the multiplier. His attitude can be explained by a difference in the object and method of analysis. Prebisch interests focused on dynamics and the cycle, themes that were peripheral to Keynes central message. Prebischs Keynesian influence and his rejection of some aspects of Keynes magnum opus explains why at the same time that Prebisch is often described as the Latin American Keynes, he is portrayed as concerned mainly with the long-run development problem of Latin America and without proper consideration to demand factors as fundamental determinants of output and employment.

Keywords: Business Cycles; Interest Rate; Multiplier; Center-Periphery JEL Classification: B22; E32; E40; F55 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2013
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-pke
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Journal Article: Reading Keynes in Buenos Aires: Prebisch and the Dynamics of Capitalism (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:uta:papers:2013_08

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