Elective Course - 3nd Semester (Autumn 2nd year)
According to the curriculum, students must choose two elective courses during the third semester

Lecturer

Konstantinos Loizos

Language of instruction

Greek

Course contents

The purpose of this course is to familiarize graduate students in economics with the original text and the ideas developed in J. M. Keynes’s “General Theory”. This is achieved through the study of the English text itself, supplemented by parallel and strictly supplementary guidance for students from contemporary commentators on the “General Theory,” such as Victoria Chick, Mark Hayes, and others. The goal is to understand the distinctive character of Keynesian theory as both a continuation and a discontinuity with the Marshallian tradition, as well as to highlight the usefulness of Keynes’s ideas for addressing contemporary economic problems without the burden of the neoclassical synthesis and New Keynesian interpretations.

Course Syllabus

1. Marshallian Roots
   (ΕΚ. Prologue)
2. The Principle of Effective Demand
   (G.T. Chs. 1,3,18; MAK Chs. 1,4,5,13)
3. National Accounting and User Cost
   (G.T. Chs. 4,6; MAK Ch. 3)
4. Short term Expectations
   (G.T. Ch. 5; MAK Ch. 4)
5. The Propensity to Consume
   (G.T. Chs. 8,9,10; MAK Chs. 6,14)
6. The Marginal Efficiency of Capital
   (G.T. Ch. 11; MAK Ch. 6)
7. Long Term Expectations
   (G.T. Ch. 12; MAK Ch. 6)
8. Liquidity Preference and the Rate of Interest
   (G.T. Chs. 13,15; MAK Chs. 9,10,11)
9. The Essential Properties of Money
   (G.T. Ch. 17; MAK Ch. 17)
10. The Forward Markets
    (T.M. Ch. 29)
11. Money Wages and Prices
    (G.T. Chs. 19,20,21; MAK 7,15)
12. The Trade Cycle
    (G.T. Chs. 22; MAK Ch. 16)
13. Notes on Mercantilism
    (G.T. Ch. 23)
14. The Social Philosophy of the General Theory
    (G.T. Ch. 24)

Primary Readings

• Keynes, J. M. (1936[1973]) The General Theory of Employment, Interest and Money, London and Basingstoke: MacMillan, Cambridge University Press (GT)
• Keynes, J. M. (1930[1950]) Treatise on Money. Vol. II The Applied Theory of Money, London: MacMillan (TM)

Secondary Readings:

• Chick, V. (1983) Macroeconomics after Keynes. A Reconsideration of the General Theory,Cambridge MA: The MIT Press (MAK)
• Hayes, M. G. (2006) The Economics of Keynes. A New Guide to The General Theory, Cheltenham & Northampton, MA: Edward Elgar (EK)