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Henry A. Abbati: Keynes' Forgotten Precursor - Selected Writings (Hardcover)
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Henry A. Abbati: Keynes' Forgotten Precursor - Selected Writings (Hardcover)
Series: Routledge Studies in the History of Economics
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Henry A. Abbati was not an economist by profession. After retiring
from business, in 1924 he published his first book, The Unclaimed
Wealth: How Money Stops Production in which he expounded his theory
of 'effective demand' (terminology of his own) and its differences
with respect to current theories on economic fluctuations. He was
advocating public intervention in the economy in the crisis. His
second book, The Final Buyer marshalled his criticisms of current
theories and further clarified salient aspects of his theory, such
as 'saving' and its various definitions, the working of the banking
system, the interest rate and the role of public works as a means
of reducing unemployment. Later work in the 30s and 40s looked at
full employment, reflections on the economic crisis and further
analysis of the concept of unclaimed wealth. In many ways Abbati's
work in the twenties was an important precursor to Keynes' Treatise
on Money, though despite being admired by Robertson and indeed
Keynes, his work is today largely unknown and entirely ignored by
the numerous authors who have examined the debate of the twenties
and thirties on the crises and business cycles and by academic
opinion in general. In this book, Di Gaspare restores Abbati's
position as a pioneer in macroeconomic theory with a selection of
his writings and a far reaching introduction to his contribution to
the history of economic thought.
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