{"title":"A Simple Comment on Keynesian Economics","authors":"M. Davidsson","doi":"10.5296/JSR.V4I1.3168","DOIUrl":null,"url":null,"abstract":"In this paper we will discuss the strength (austerity does not work) and the weakness (Quantitative Easing) of Keynesian economics. We will describe the ergodic hypothesis which plays a critical role in Keynesian economics. We will also try to provide an answer to the question: What role does people, debt and ensemble and time averages play in macroeconomics? The conclusion of the paper is that it was a mistake to abandon the gold standard (which Keynes argued for) because it gave price stability i.e. no fiat money.","PeriodicalId":127579,"journal":{"name":"ERN: Keynes; Keynesian; Post-Keynesian (Topic)","volume":"05 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2013-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Keynes; Keynesian; Post-Keynesian (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.5296/JSR.V4I1.3168","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
In this paper we will discuss the strength (austerity does not work) and the weakness (Quantitative Easing) of Keynesian economics. We will describe the ergodic hypothesis which plays a critical role in Keynesian economics. We will also try to provide an answer to the question: What role does people, debt and ensemble and time averages play in macroeconomics? The conclusion of the paper is that it was a mistake to abandon the gold standard (which Keynes argued for) because it gave price stability i.e. no fiat money.
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