Solving the Crisis in Economic Theory

Paul Davidson

Chapter 1 in International Money and the Real World, 1992, pp 1-25 from Palgrave Macmillan

Abstract: Abstract Except for a few brief years in the 1930s, the development of monetary theory and international trade theory has been dominated by a pre-Keynesian, i.e. neoclassical, logic. This analytical approach may have been useful as a rough approximation a century or more ago when agricultural products made up a large proportion of the gross national product and economic and financial affairs were organised on a significantly different basis than currently.

Keywords: General Equilibrium; Money Supply; Full Employment; Calendar Time; Neoclassical Economist (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1057/9780230378094_1

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