By G. Harcourt
The eminent post-Keynesian economist Geoffrey Harcourt files the improvement of key matters and debates in sleek economics. this option of essays makes a speciality of the theoretical discussionsin Cambridge at this time.
The writer contains analyses of recent capitalism and the debates surrounding this, in addition to surveys of contemporary financial traditions, tributes to influential thinkers identified to the writer, evaluation articles and autobiographical essays.
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Additional resources for The Making of a Post-Keynesian Economist: Cambridge Harvest
Sample text
Western governments then, especially in the UK, were experimenting with all sorts of investment–incentive schemes, so I also did a taxonomic analysis of the effects on the choice of technique adopted of different schemes – accelerated depreciation, investment allowances, cash grants, and so on – when they in turn were combined with the different investment–decision rules. 8 (By the time I wrote Some Cambridge Controversies ... indd 24 12/23/2011 4:55:43 PM ‘Horses for Courses’ 25 reduced the analysis to a simple diagram which consisted of a 45 degree line and three concave to the origin curves.
I have already mentioned how significant Sraffa’s writings were for me as a result of my undergraduate years at Melbourne University. As well as the Ricardo volumes, we read his famous 1926 Economic Journal article, ‘The laws of returns under competitive conditions’. It was a major article on the honours reading list for the lectures on imperfect and monopolistic competition (indeed, it was the starting point) and it was in that context that I first tried to understand its arguments. We now know that Sraffa himself had by then (the early 1930s) repudiated this context, or, at least, considerably played it down (see, for example, Harcourt, 1990; Sardoni, 1992, pp.
With Australia’s history and tradition of centralised wage fixing through the Arbitration Commission (sadly now abandoned), this involved arguing for, amongst other things, indexation combined with restraint on the rate of increase of money-wages, then an unpopular and indeed dangerous thing to do. I remember one burly communist trade union official berating me for doing so (even though I argued it was intended to protect real wages and employment). One of my dearest friends, Donald Whitehead, changed from calling my proposals the silliest he had ever heard to broadly agreeing with them, sadly just before he died.