Open AccessANALYSIS OF J. KEYNES'S CONTRIBUTION IN THE DEVELOPMENT OF ECONOMIC THEORY
Author(s) -
Руслан Манн,
Natalia Ilchenko,
Natalia B. Tychkova,
Baranov Baranov
Publication year - 2021
Publication title -
zbìrnik naukovih pracʹ čerkasʹkogo deržavnogo tehnologìčnogo unìversitetu. serìâ: ekonomìčnì nauki
Language(s) - English
Resource type - Journals
ISSN - 2306-4420
DOI - 10.24025/2306-4420.1.60.2021.229181
Subject(s) - criticism , faith , economics , general theory , neoclassical economics , quantity theory of money , process (computing) , full employment , effective demand , economic analysis , circulation (fluid dynamics) , economic thought , keynesian economics , post keynesian economics , positive economics , macroeconomics , classical economics , unemployment , epistemology , law , philosophy , monetary policy , physics , thermodynamics , political science , computer science , operating system
The article describes the educational and scientific university environment in which Keynes's talent was formed, as well as the Bloomsbury Circle of Intellectuals, in which Keynes occupied a prominent place. The formation of Keynes's specific approach to economic problems, which combine the analysis of real problems, theory and formulation of the practical proposals, is considered on the example of the early work of Keynes in the 1910s. The article argues that Keynesianism is the real engine of the modern economy. Keynes developed methods and apparatus by which the conceptual vision of economics is transformed into concrete representations of the economic theory. After a long journey, shown in his works ("General Theory of Employment, Interest and Money"), Keynes developed his vision of economic and social phenomena as an analytically functional analysis, and finally destroyed the logical capacity of people's faith in the ability of a free market economy to automatically maintain full employment, identified the possibility of influencing the regulation of money circulation on prices, exports, imports, production process and employment. Despite criticism of his theoretical evidence, even his opponents agreed that Keynes's ideas had been confirmed in practice. At the end of the article are the assessments of Keynes' research by authors and scientists with different views.