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Futures Finally Refute Keynes
Author(s) -
Miller Robert C B
Publication year - 1985
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.1985.tb01687.x
Subject(s) - futures contract , economics , miller , post keynesian economics , keynesian economics , investment (military) , financial economics , neoclassical economics , capital (architecture) , law , history , archaeology , ecology , politics , political science , biology
Keynesian economists , such as Lord Kaldor, have argued that the development of futures markets, exchanges based on anticipated prices deflect investment from the capital markets and stunt economic growth. Robert Miller, a Consultant to the London International Financial Futures Exchange, argues that Professor Ludwig Lachmann discovered a fundamental flaw in Keynesian economics which has been confirmed by the development of trading in financial futures.