Veblen and Keynes: on the economic theory of the capitalist economy

Article Abstract:

It is interesting to compare the contributions made by Thorstein Veblen and John Maynard Keynes to the economic theory of the capitalist economy. Research in this area has sequentially compared Veblen's and Keynes's contributions in areas including the monetary theory of production, determination of price level and inflation and aggregate demand. It was found that Veblen's economic theory creates a framework in which Keynes's economic theory can supply a supplement to Veblen's incomplete work. Keynes regards public fiscal policy and socialization of investments as being able to stabilize the capitalist economy, while Veblen believes that a capitalist government's policies will not be able to stabilize the capitalist economy.

Research, Criticism and interpretation, Keynes, John Maynard, Comparative economics, Veblen, Thorstein

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Economic freedom and the environment for economic growth

Article Abstract:

It is important to identify in detail the characteristics that promote economic growth and the most significant institutional and policy factors that play a role in differences in growth rates between countries. Research based on the Economic Freedom Network (EFN) index has succeeded in identifying some of the factors involved in creating an environment conducive to economic growth. It is clear that factors emphasized by neoclassical growth models, such as investment in human and physical capital, are also important. There is a clear connection between increases in economic freedom, as measured by the EFN index, and economic growth.

Political aspects, Economic development

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Gains from trade in a deficit-ridden economy

Article Abstract:

Economic research indicates that the US government should not curb free trade to reduce or eliminate its current account deficit. Mathematical analysis used to demonstrated the impact of trade patterns on current account balance is illustrated and explained. Intertemporal trade patterns are considered.

United States, Administration of General Economic Programs, Export Promotion, Economic aspects, Balance of trade, Free trade, Commerce, Foreign trade promotion

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