Whay Keynes' a Treatise on Money Might Have Greater Relevance Today than his General Theory?

Mali serbestleşmeyle birlikte, 1930’lar mali buhranından önceki dönemi hatırlatır bir şekilde, piyasalarda varlık fiyat spekülasyonu ekonomik hayat açısından merkezi bir önem taşır hale geldi. Keynes’in Para Üzerine Bir Deneme eserinde, iş çevrimlerini açıklarken yaptığı analizlerde spekülasyon ve mali değişkenlerin önemli bir rol oynadığını görürüz. Oysa, daha iyi tanınan eseri, İstihdam, Faiz ve Paranın Genel Teorisi’nde Keynes’in spekülasyona ilişkin görüşlerine etraflıca yer verilmişse de, bu tür saptamalar bu eserde geliştirilen çıktı teorisinde kullanılmamıştır. Daha sonra, Genel Teori’yi, Keynes’in mali piyasalara ilişkin görüşlerini ön plana çıkaracak şekilde yorumlayan Minsky’nin, Keynes’in bu sözü edilen iki eseri arasındaki düşünsel ilişkiyi güçlendirdiği söylenebilir. Ancak, bu makalede, Minsky’nin bunu yaparken Keynes’in önceki eserinde varlık fiyat spekülasyonuna ilişkin geliştirdiği analizlerinden yeterince yararlanmadığı ve bunların günümüz piyasalarında yaşanan ekonomik sorunları anlamada özellikle önem taşıdığı savunulmaktadır.

Neden Keynes'in Para Üzerine Bir Deneme'si Bu gün Genel Teori'den Daha İlginç Olabilir?

Asset price speculation has come to play a central role in economic life in the age financial liberalization in a way that is reminiscent of the era right before the Great Depression. In his A Treatise on Money, financial variables and asset price speculation was an integral part of Keynes’ account of the business cycle dynamics. In his General Theory, Keynes commented on financial markets extensively, but did not use his insights on asset price speculation explicitly in his theory of output determination. In later years, Minsky’s interpretation of the General Theory bridged this gap in Keynes’ two works, by reviving his earlier emphasis on financial variables and speculation. But the paper argues that Minsky might not have gone far enough, on account of having overlooked that part of Keynes’ argument in the Treatise on asset price speculation which is of relevance in understanding business cycle dynamics today.

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