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Bill Janeway | Venture Capitalism and the Future of the Innovation Economy

Hidden Forces

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The Role of Aggregate Demand in the Balance Sheet Recession

Keynes' message is actually not what became Keynesian economics. The notion of discretionary fiscal stimulus turned on and turned off when the economy was operating below full potential. When you say the incentives to invest, what do you mean exactly? I mean the prospective profit. What Keynes called the marginal efficiency of capital but what any businessman will tell you is the return I expect from investing in building or buying new resources.

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