The neglect of replacement investment in keynesian economics

Michael Perelman

Review of Political Economy, 2006, vol. 18, issue 4, 547-559

Abstract: This article describes Keynes's early analysis of replacement investment and his subsequent neglect of the subject, especially by his followers. It goes on to explain how this deficiency helped to mislead later economists who attempted to use Keynes as a guide for economic policy and theory and the consequences of the errors of these economists.

Date: 2006
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DOI: 10.1080/09538250600915741

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