The keynesians I.

Keynes himself, as noted previously, nowhere presented a formal, precise statement of the application of the General theory model to an open economy. The same point is made, inter alia, by Nurkse (1947a [1947:264]). (And when Moggridge (1986: 57) defines the topics Keynes dealt with over time, he adopts a list drawn up by Williamson in the policy-oriented context of monetary reform.) When the applications did come, they came in a great rush. I shall not cover all of them, but have chosen from among them on the basis of seminal or path-breaking quality in the sense of stimulating other research and applications, frequent citations in the literature, or inherent interest. We find the following types of works: Surveys. These include those of Metzler, in his survey article (1948 [1973: Chapter 1]); Iversen (1935), assessing where the theory of international economics is, or should be, going after Keynes; and Haberler (1937 [1941]), in the international portions of Prosperity and depression. Nurkse (1944) includes a brief and cogent summary statement. More narrow direct applications of the keynesian theory to the theory of international adjustment. The two striking examples here are Machlup (1943) and the two Metzler papers (1942a and 1942b [1973: Chapters 10 and 2]), which I have labeled “Early Metzler”. Both are presented as explicitly analytical works, neither econometric nor prescriptive. Both deal with the dynamics of the adjustment; Metzler, in particular, places great emphasis on the discussion of stability conditions. […] [ABSTRACT FROM AUTHOR]