Keynes was brilliant, and his economic theories work fine in the short run in closed economies. Medium and long run, in economies open to international capital movements, his equations only work when they are identities, eg
Y=C+I+G+X-M, with I including international capital.
On Nash who did no more than examine a special case of Cournot's duopoly equilibrium I'm in agreement with Craven.
Hi guys,
You might be interested to learn that John Maynard Keynes' early title, "The Economic Consequences of the Peace", has been published online at
www.econlib.org. You can find the table of contents
here. Happy browsing!
Paul Krugman has written a preface to Keynes's
General Theory. It explains what was so radical about Keynes's ideas when he first published them, and why they are now so widely accepted even by conservatives who claim to abhor everything Keynesian. Definitely worth a read.
Thanks for the link, Thomas. I would examine the article.
