KEYNESIAN TEACHINGS: PAST AND PRESENT
KEYNESIAN TEACHINGS: PAST AND PRESENT

Summary/Abstract: As markets are organized and influenced at present, the market estimation of the marginal efficiency of capital may suffer such enormously wide fluctuations that the offset cannot be sufficiently only by adjusting to the fluctuations of the interest rates. As long as injections of cash work by reducing interest rates, they cannot be taken as a reliable solution. According to Keynes, the duty of ordering the current volume of investment cannot safely be left in private hands. On the other hand, it does not imply that Keynes thought booms and slumps could be prevented merely by pulling fiscal and monetary policy levers.

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