When history repeats itself, the first time is a tragedy; the next is a farce.…
Asset Prices, Liquidity Preference and the Business Cycle Korkut A. Erturk
The role Keynes’ treatment of investment in the General Theory played in weakening his liquidity preference argument has been little recognized. This paper goes back to the original argument in the Treatise and shows that its reconsideration can greatly enhance the Keynesian analysis of the business cycle.
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