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Keynes and the Confidence Fairies

Considine, John and Duffy, David (2016) Keynes and the Confidence Fairies. Cambridge Journal of Economics, 40 (1). pp. 309-325. [Journal article]

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URL: http://cje.oxfordjournals.org/content/40/1/309.full

DOI: 10.1093/cje/beu065

Abstract

Budgetary constraints were never the primary object of policy for John Maynard Keynes. They were constraints, not objectives. However, Keynes identified the psychological channels through which budgetary discipline and other policy conventions might influence investment. He even accepted that in rare circumstances the psychological factors might overwhelm direct policy interventions. Unfortunately, the polarisation of the current debate means traditional Keynesians are unlikely to search out this aspect of his work and the confidence faeries are unlikely to read any of Keynes’s work. This article draws attention to this aspect of his work.

Item Type:Journal article
Keywords:Expansionary fiscal contraction, Keynes, Financial Crisis, Economic Thought
Faculties and Schools:Ulster Business School > Department of Accounting, Finance and Economics
Ulster Business School
ID Code:34929
Deposited By: Dr David Duffy
Deposited On:06 Jul 2016 15:17
Last Modified:06 Jul 2016 15:17

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