Overview

The purpose of this monograph to sort through the issues of the Liquidity-Preference / Loanable-Funds (LP/LF) debate in order to provide a definitive explanation of the way in which the rate of interest is determined, and, beyond this, to explain the fundamental connection between the central thesis of Keynes' General Theory and the economic, political, and social problems we face today. Specifically, it explains how ignoring Keynes' analysis of the long-period problem of saving criticized by Robertson in the LP/LF debate led to the adoption of economic policies that resulted in the Crash of 2008 and the economic stagnation that followed. In addition, the manuscript is written as a primer on Keynes' General Theory, directed toward economics students in the hope that it will facilitate among the young a better understanding of Keynes' work and of the way in which the economic system actually works in the real world.

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9781979591782

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Dr. Blackford received a bachelor's degree in business administration and economics in 1966 and a master's degree in economics in 1967 from the University of Michigan. He received his Ph.D. degree in economics (with a dissertation in monetary and macroeconomic theory) from State University of New York at Buffalo in 1974. He taught various undergraduate and graduate courses in introductory economics, money and banking, intermediate macroeconomic and microeconomic theory, econometrics, business forecasting, research methods, healthcare, and managerial economics from 1967 through 1987 as a lecturer, assistant, and associate professor at Ferris State College, the State University of New York at Buffalo, the State University of New York Colleges at Potsdam and at Buffalo, Kettering University, and at the University of Michigan-Flint where he served as the chair of the department of economics. In 1988, he founded DMC Software, Inc., retired from academia, and published A Statistical Package for Business, Economics, and the Social Sciences which was licensed to colleges and universities and as a supplement to statistics textbooks. In 2009, Dr. Blackford began posting articles on his website, Real-World Economics at www.rwEconomics.com, including Where Did All the Money Go? (which explains how lower, taxes, less government, and deregulation redistribute income and create economic instability) and Understanding the Federal Budget (which explains what the taxes and expenditures of the federal government actually look like in the real world), that are available as eBooks at Amazon.com as well as on his website.

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