This book provides a reassessment of Keynes' theory of liquidity
preference. It argues that the failure of the Keynesian revolution
to be made in either theory or practice owes importantly to the
fact that the role of liquidity preference theory as a pivotal
element in Keynes' General Theory has remained underexplored and
indeed widely misunderstood even among Keynes' followers and until
today. The book elaborates on and extends Keynes' conceptual
framework, moving it from the closed economy to the global economy
context, and applies liquidity preference theory to current events
and prominent hypotheses in global finance.
Jorg Bibow presents Keynes' liquidity preference theory as a
distinctive and highly relevant approach to monetary theory
offering a conceptual framework of general applicability for
explaining the role and functioning of the financial system. He
argues that, in a dynamic context, liquidity preference theory may
best be understood as a theory of financial intermediation. Through
applications to current events and prominent hypotheses in global
finance, this book underlines the richness, continued relevance,
and superiority of Keynes' theory of liquidity preference; with
Hyman Minsky standing out for developing Keynes' vision of
financial capitalism.
General
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