Abstract
Despite the radically different policy conclusions that emerge from the New Cambridge model, its structure is very similar to the Keynesian income-expenditure model discussed in the previous chapter. Both schools, for similar reasons, agree that ‘money does not matter’and this aspect is not discussed further (see, for example, Cripps and Fetherston, 1977). The main structural differences between the two models occur over the treatment of private-sector expenditure and the wage-price sector and these are discussed in some detail.
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Selected Reading
Ball, R. J., Burns, T. and Laury, J. S. E. (1976) ‘The Role of Exchange Rate Changes in Balance of Payments Adjustment — the United Kingdom Case’, Economic Journal, March, pp. 1–29.
Cuthbertson, K. (1979), ‘Demand Management and the New School: A Comment’, Applied Economics, vol. 11, no. 1, pp. 71–6.
Godley, W. A. H. (1977) ‘Inflation in the United Kingdom’, in Krause and Salant (1977).
Smith, R. P. (1976) ‘Demand Management and the “New School”’, Applied Economics, vol. 8, no. 3, September.
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© 1979 Keith Cuthbertson
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Cuthbertson, K. (1979). New Cambridge Views. In: Macroeconomic Policy. Macmillan New Studies in Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-16204-8_3
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DOI: https://doi.org/10.1007/978-1-349-16204-8_3
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-25988-7
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