Capital controversy in the birth of macrotheory: the Keynes-Hayek exchange in retrospect

Detalhes bibliográficos
Autor(a) principal: Lima,Gilberto Tadeu
Data de Publicação: 2000
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402000000300002
Resumo: A close historical inspection shows that many theoretical issues occupying contemporary macroeconomists surfaced in the Keynes-Hayek debate in the early 1930s. This paper, however, focuses only upon some capital-theoretic issues involved in that debate, this being done with a view to tentatively evaluate to what extent some theoretical conclusions advanced in Keynes' Treatise on Money are undermined by Hayek's capital-theoretic objections. It is submitted that a major source of disagreement between them regards the role played by monetary factors in the process through which eventual disequilibria between investment and saving lead to changes in the price level. Keynes argued that such disequilibria may lead to changes in the price level even if the amount of money in circulation remains constant, whereas Hayek claimed that changes in the price level arising from such disequilibria will be necessarily accompanied by proportional changes in the amount of money in circulation.
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spelling Capital controversy in the birth of macrotheory: the Keynes-Hayek exchange in retrospectinvestmentsavingmonetary circulationcapitalprice levelA close historical inspection shows that many theoretical issues occupying contemporary macroeconomists surfaced in the Keynes-Hayek debate in the early 1930s. This paper, however, focuses only upon some capital-theoretic issues involved in that debate, this being done with a view to tentatively evaluate to what extent some theoretical conclusions advanced in Keynes' Treatise on Money are undermined by Hayek's capital-theoretic objections. It is submitted that a major source of disagreement between them regards the role played by monetary factors in the process through which eventual disequilibria between investment and saving lead to changes in the price level. Keynes argued that such disequilibria may lead to changes in the price level even if the amount of money in circulation remains constant, whereas Hayek claimed that changes in the price level arising from such disequilibria will be necessarily accompanied by proportional changes in the amount of money in circulation.Fundação Getúlio Vargas2000-09-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402000000300002Revista Brasileira de Economia v.54 n.3 2000reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGV10.1590/S0034-71402000000300002info:eu-repo/semantics/openAccessLima,Gilberto Tadeueng2010-09-03T00:00:00Zoai:scielo:S0034-71402000000300002Revistahttp://bibliotecadigital.fgv.br/ojs/index.php/rbe/issue/archivehttps://old.scielo.br/oai/scielo-oai.php||rbe@fgv.br1806-91340034-7140opendoar:2010-09-03T00:00Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)false
dc.title.none.fl_str_mv Capital controversy in the birth of macrotheory: the Keynes-Hayek exchange in retrospect
title Capital controversy in the birth of macrotheory: the Keynes-Hayek exchange in retrospect
spellingShingle Capital controversy in the birth of macrotheory: the Keynes-Hayek exchange in retrospect
Lima,Gilberto Tadeu
investment
saving
monetary circulation
capital
price level
title_short Capital controversy in the birth of macrotheory: the Keynes-Hayek exchange in retrospect
title_full Capital controversy in the birth of macrotheory: the Keynes-Hayek exchange in retrospect
title_fullStr Capital controversy in the birth of macrotheory: the Keynes-Hayek exchange in retrospect
title_full_unstemmed Capital controversy in the birth of macrotheory: the Keynes-Hayek exchange in retrospect
title_sort Capital controversy in the birth of macrotheory: the Keynes-Hayek exchange in retrospect
author Lima,Gilberto Tadeu
author_facet Lima,Gilberto Tadeu
author_role author
dc.contributor.author.fl_str_mv Lima,Gilberto Tadeu
dc.subject.por.fl_str_mv investment
saving
monetary circulation
capital
price level
topic investment
saving
monetary circulation
capital
price level
description A close historical inspection shows that many theoretical issues occupying contemporary macroeconomists surfaced in the Keynes-Hayek debate in the early 1930s. This paper, however, focuses only upon some capital-theoretic issues involved in that debate, this being done with a view to tentatively evaluate to what extent some theoretical conclusions advanced in Keynes' Treatise on Money are undermined by Hayek's capital-theoretic objections. It is submitted that a major source of disagreement between them regards the role played by monetary factors in the process through which eventual disequilibria between investment and saving lead to changes in the price level. Keynes argued that such disequilibria may lead to changes in the price level even if the amount of money in circulation remains constant, whereas Hayek claimed that changes in the price level arising from such disequilibria will be necessarily accompanied by proportional changes in the amount of money in circulation.
publishDate 2000
dc.date.none.fl_str_mv 2000-09-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402000000300002
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402000000300002
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/S0034-71402000000300002
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Fundação Getúlio Vargas
publisher.none.fl_str_mv Fundação Getúlio Vargas
dc.source.none.fl_str_mv Revista Brasileira de Economia v.54 n.3 2000
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
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