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1、MODERN ECONOMICSMODERN ECONOMICSGourp 2: 张煜 王诗颖 周源 高安娜OUTLINEOUTLINEIntroduction of John Maynard KeynesKeynesian economics and the background Keynes influencePost Keynesian economicsJOHN MAYNARD KEYNESJOHN MAYNARD KEYNESBorn5 June 1883(1883-06-05) Cambridge, Cambridge shire, England, United KingdomD
2、ied21 April 1946(1946-04-21) (aged 62) Tilton, near Firle, East Sussex, England, United KingdomNationalityBritish FieldPolitical economy, probability Alma materKings College, Cambridge OpposedMarx Hayek Marshall His father an economist and a lecturer at the University of Cambridge.his mother a local
3、 social reformerContributionsMacroeconomics, Keynesian Economics, Liquidity preference, Spending multiplier, Aggregate Demand-Aggregate Supply modelINTRODUCTION OF KEYNES INTRODUCTION OF KEYNESp he is one of the 100 most important and influential people of the 20th (20 世纪最有影响力的人物)p “His radical idea
4、 that governments should spend money they dont have may have saved capitalism.“PERSONAL LIFEPERSONAL LIFEhomosexual affairs.a successful investor.a writera director of the Bank of Englanda patron of the arts and an art collectora part of the Bloomsbury Group of intellectualsa philosopheran advisor t
5、o several charitable trustsHISTORICAL HISTORICAL BACKGROUNDBACKGROUND KEYNESIAN KEYNESIAN ECONOMICSECONOMICSGreat DepressionWorld War IIthe post-war.The Great DepressionChange in economic indicators 1929 32 United States Great Britain France Germany Industrial production 46% 23% 24% 41% Wholesale pr
6、ices 32% 33% 34% 29% Foreign trade70% 60% 54% 61% Unemploy ment+607% +129% +214% +232% WORLD WAR WORLD WAR How to Pay for the War （1940）： that the war effort should be largely financed by higher taxation and especially by compulsory saving (essentially workers lending money to the government), rathe
7、r than deficit spending, in order to avoid inflation. The General Theory of Employment, Interest and Money（ 1936）.increasing government spending and/or cutting taxes.Bretton Woods systemleader of the British delegation and chairman of the World BankKeynes-planthe creation of a common world unit of c
8、urrency, the Bancor and of new global institutions a world central bank and the International Clearing UnionKEYNESIAN ECONOMICSKEYNESIAN ECONOMICSa macroeconomic theory (宏观经济学理论) The General Theory of Employment, Interest and Money, (1936) 就业、 利息和货币通论（凯恩斯，1936）It contends that private sector decisio
9、ns sometimes lead to inefficient macroeconomic outcomes and therefore advocates public policy including monetary policy and fiscal policy Keynes contended that a general glut（供过于求） would occur when aggregate demand for goods was insufficient, leading to the high unemployment and losses of output. So
10、 the government should employ the expansionary economic policy, to reduce unemployment and deflationTHREE CLASSICS THREE CLASSICS The General Theory of Employment, Interestand Moneythe Capitalthe Wealth of NationsThe influence1).application: After the WW, many countries use Keynesian Economics, whic
11、h stimulates the growth of economy and mitigate the financial crisis and reduce the unemployment rate.(促进经济发展 ，降低失业率)2). Limitation: It cannot resolve the basic contradictory of capitalism, large budget deficits and high inflation, and eliminate the problem of unemployment. POST KEYNESIAN ECONOMICSP
12、OST KEYNESIAN ECONOMICS BackgroundThe overall picture of Post-Keynesian economicsSome strands of Post KeynesiansThe contribution of Post Keynesian economicsNeo-liberal economicsBACKGROUND BACKGROUND THE OVERALL PICTURE OF THE OVERALL PICTURE OF POST-POST- KEYNESIAN ECONOMICSKEYNESIAN ECONOMICSThe th
13、eoretical foundation of Post Keynesianeffective demandfull employment Main idea rebuild economic theory in the light of Keyness ideas and insightsSOME STRANDS OF POST KEYNESIANSSOME STRANDS OF POST KEYNESIANSThe New classical Synthesis新古典综合派The New Cambridge school新剑桥学派The New Keynesian新凯恩斯主义Hickss
14、interpretation and modification to Keynesian Economics(希克斯对凯恩斯的解释和 发挥)THE NEW CLASSICAL SYNTHESISTHE NEW CLASSICAL SYNTHESIS新古典综新古典综 合派合派Background the coexistence and integration of Keynesianism and Neo -classical Representatives: Samuelson, Tobin, SolowThe core ideause macro-fiscal policy and mone
15、tary policy to regulate the economicTHE NEW CAMBRIDGE SCHOOLTHE NEW CAMBRIDGE SCHOOL新剑桥学派新剑桥学派The dispute of the two Cambridge Robinson and SamuelsonThe core ideatry to deny The New classical Synthesis and restore the tradition of RicardoMain theoriesincome distribution theoryTheory of Economic Grow
16、th PropositionTHE NEW KEYNESIANTHE NEW KEYNESIAN新凯恩斯主义新凯恩斯主义Main theories: General non- equilibrium theory, Binary Decision Hypothesis of Clower.(二元决策假说 )HICKSS INTERPRETATION AND HICKSS INTERPRETATION AND MODIFICATION TO KEYNESIAN MODIFICATION TO KEYNESIAN ECONOMICSECONOMICS( (希克斯对凯恩斯的解释和发挥希克斯对凯恩斯的解释和发挥) )Main theories:Investment inventory and Multiplier theory投资、存 货、乘数
