Keynes, a instabilidade do capitalismo e a teoria dos ciclos econômicos

Abstract

This paper deals with Luca's criticism of Keynes's macroeconomics for causing the demise of business cycle theory. Fists, we examine two families of cyclical models: a) perpetuum-mobile type models of cyclical processes, such as the acelerator/multiplier model; and b) propagation models, such as Schumpeter's innovation theory. Keynes's works before the General Theory are shown to fit in the latter group. In the General Theory, however, Keynes focused on the determinants of final equilibrium positions rather than on cyclical fluctuations. The impulse rather than the means of propagation became the subject, The development of the method of expectations allowed Keynes to do it.