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Method Theory And Policy In Keynes
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Book Synopsis General Theory Of Employment , Interest And Money by : John Maynard Keynes
Download or read book General Theory Of Employment , Interest And Money written by John Maynard Keynes and published by Atlantic Publishers & Dist. This book was released on 2016-04 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
Book Synopsis The General Theory and Keynes for the 21st Century by : Sheila Dow
Download or read book The General Theory and Keynes for the 21st Century written by Sheila Dow and published by Edward Elgar Publishing. This book was released on 2018-07-27 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is devoted to the lasting impact of The General Theory (and Keynes’s thought) on macroeconomic theory, methodology and its relevance for understanding the post-crisis challenges of the 21st Century. A number of contributions take their departure from Keynes's presentation during the 1930's of his new macroeconomic understanding and its policy implications. Other chapters take a more pluralistic view of Keynes's ideas and their importance for contemporary debates. Further, it is demonstrated that many textbooks often misrepresent The General Theory and therefore cannot be a reliable guide to 21st Century economic policy.
Book Synopsis Method, Theory, and Policy in Keynes by : Philip Arestis
Download or read book Method, Theory, and Policy in Keynes written by Philip Arestis and published by Edward Elgar Publishing. This book was released on 1998 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the third and final volume of essays celebrating the work and lifetime contribution of Paul Davidson to economics, specifically the development of post Keynesian Economics. The outstanding group of international economists examine areas in which Paul Davidson has an interest, or has made significant contributions. They explore international macroeconomic issues such as consumption and investment, wage and price flexibility, sticky prices and aggregate production, and financial liberalization. Other contributions discuss economic rhetoric and post Keynesian methodological issues while the final part of the book turns to real problems such as the politics and economics of the European Union, the stabilization of the international oil market and realities of financial liberalization.
Book Synopsis Finance & Development, September 2014 by : International Monetary Fund. External Relations Dept.
Download or read book Finance & Development, September 2014 written by International Monetary Fund. External Relations Dept. and published by International Monetary Fund. This book was released on 2014-08-25 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.
Book Synopsis Raising Keynes by : Stephen A. Marglin
Download or read book Raising Keynes written by Stephen A. Marglin and published by Harvard University Press. This book was released on 2020-07-14 with total page 921 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back to the future: a heterodox economist rewrites Keynes's General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century. John Maynard Keynes's General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes's lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins. Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes's intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand. Ordinary citizens have paid a steep price for the distortion of Keynes's message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose. Fleshing out Keynes's intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.
Book Synopsis Keynes's General Theory, the Rate of Interest and Keynesian' Economics by : G. Tily
Download or read book Keynes's General Theory, the Rate of Interest and Keynesian' Economics written by G. Tily and published by Springer. This book was released on 2016-01-12 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book argues that Keynesian economists have betrayed Keynes' theory and policy conclusions, and that the world has been misled about those policies. Keynesians have focused attention on policies for dealing with effects of economic failure as they arise, whereas Keynes was concerned with the cause and then the prevention of economic failure.
Download or read book Keynes and Marx written by Bill Dunn and published by Manchester University Press. This book was released on 2021-07-06 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: Keynes was an elitist and pro-capitalist economist, whom the left should embrace with caution. But his analysis provides a concreteness missing from Marx and engages with critical issues of the modern world that Marx could not have foreseen. This book argues that a critical Marxist engagement can simultaneously increase the power of Keynes’s insight and enrich Marxism. To understand Keynes, whose work is liberally invoked but seldom read, Dunn explores him in the context of the extraordinary times in which he lived, his philosophy, and his politics. By offering a detailed overview of Keynes’s critique of mainstream economics and General Theory, Dunn argues that Keynes provides an enduringly valuable critique of orthodoxy. The book develops a Marxist appropriation of Keynes’s insights, arguing that a Marxist analysis of unemployment, capital and the role of the state can be enriched through such a critical engagement. The point is to change the world, not just to understand it. Thus the book considers the prospects of returning to Keynes, critically reviewing the practices that have come to be known as ‘Keynesianism’ and the limits of the theoretical traditions that have made claim to his legacy.
Book Synopsis The General Theory of Employment, Interest and Money by : John Maynard Keynes
Download or read book The General Theory of Employment, Interest and Money written by John Maynard Keynes and published by . This book was released on 1989 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Keynes's General Theory for Today by : Jesper Jespersen
Download or read book Keynes's General Theory for Today written by Jesper Jespersen and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔAt a time of renewed interest in Keynes, this volume provides an illuminating and forward-looking collection of papers. They explain the meaning of KeynesÕs great contribution and also show how that contribution can be developed further for application to modern economic policy issues. Most important, the papers explain the ways in which KeynesÕs methodological approach is so different from that which continues to dominate mainstream economics and how productive it would be if that approach were applied to our modern experience.Õ Ð Sheila Dow, University of Stirling, UK ÔThis book celebrates the 75th anniversary of KeynesÕs General Theory, which has proved yet again to be an endless source of inspiration. These authors take The General Theory as a point of departure from which to address the problems of today from fresh perspectives. This volume is indeed Keynes for today Ð and tomorrow.Õ Ð Victoria Chick, University College London, UK ÔKeynesÕs General Theory for Today is a fine set of thoughtful and highly relevant essays. They relate several ideas of Keynes to todayÕs happenings, putting forward modifications and extensions to take into account both short-term and long-term happenings in advanced capitalist economies. Especially useful are the investigations of KeynesÕs revolutionary methods of reasoning in economics, long abandoned by orthodox economists, to the great detriment of our understanding of what is happening and what may be done about it. These essays should be required reading for students, teachers and policy makers alike.Õ Ð G.C. Harcourt, University of New South Wales, Australia The themes of this important new volume were chosen to mark the 75th anniversary of the publication of The General Theory of Employment, Interest and Money. The distinguished authors concentrate on the relevance of this seminal publication for macroeconomic theory, method and the politics of today. This is particularly pertinent as similarities with the 1930s are striking in terms of unemployment, low growth, financial fragility and the European monetary union resembling the gold standard. Illustrating new ways of understanding the importance of uncertainty in macroeconomics, particularly in view of the importance of finance and balance of payments imbalances within a monetary union, this book will prove a stimulating and challenging read for academics, researchers and students of macroeconomics, heterodox economics, and the methodology and history of economic thought.
Book Synopsis Money, Method and Contemporary Post-Keynesian Economics by : Sheila Dow
Download or read book Money, Method and Contemporary Post-Keynesian Economics written by Sheila Dow and published by Edward Elgar Publishing. This book was released on 2018-07-27 with total page 207 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume concentrates on contemporary Post-Keynesian contributions in money, method and economic policy. Post-Keynesian economics shares with Keynes the ambition of understanding the economy as a whole and as an integrated part of society. The book begins by analysing money, banks and finance as dynamic phenomena, followed by chapters focusing on methodological themes such as uncertainty, longer-term issues, sustainability and other non-monetary economic activities.
Book Synopsis Understanding Keynes’ General Theory by : B. Sheehan
Download or read book Understanding Keynes’ General Theory written by B. Sheehan and published by Springer. This book was released on 2009-01-15 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a comprehensive guide for those seeking to fully understand Keynes' General Theory of Employment, Interest and Money , and especially those approaching the work for the first time. It also highlights Keynes' important policy insights. This book is an essential introduction to Keynes' most influential text.
Book Synopsis Keynes Against Capitalism by : James Crotty
Download or read book Keynes Against Capitalism written by James Crotty and published by Routledge. This book was released on 2019-04-29 with total page 411 pages. Available in PDF, EPUB and Kindle. Book excerpt: Keynes is one of the most important and influential economists who ever lived. It is almost universally believed that Keynes wrote his magnum opus, The General Theory of Employment, Interest and Money, to save capitalism from the socialist, communist, and fascist forces that were rising up during the Great Depression era. This book argues that this was not the case with respect to socialism. Tracing the evolution of Keynes’s views on policy from WWI until his death in 1946, Crotty argues that virtually all post-WWII "Keynesian" economists misinterpreted crucial parts of Keynes’s economic theory, misunderstood many of his policy views, and failed to realize that his overarching political objective was not to save British capitalism, but rather to replace it with Liberal Socialism. This book shows how Keynes’s Liberal Socialism began to take shape in his mind in the mid-1920s, evolved into a more concrete institutional form over the next decade or so, and was laid out in detail in his work on postwar economic planning at Britain’s Treasury during WWII. Finally, it explains how The General Theory provided the rigorous economic theoretical foundation needed to support his case against capitalism in support of Liberal Socialism. Offering an original and highly informative exposition of Keynes’s work, this book should be of great interest to teachers and students of economics. It should also appeal to a general audience interested in the role the most important economist of the 20th century played in developing the case against capitalism and in support of Liberal Socialism. Keynes Against Capitalism is especially relevant in the context of today’s global economic and political crises.
Book Synopsis Macroeconomic Methodology by : Jesper Jespersen
Download or read book Macroeconomic Methodology written by Jesper Jespersen and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Methodological practice is at the heart of divisions between schools of macroeconomic thought. Jesper Jespersen s book explains why and precisely how, and gives the reader the insight to choose between rival approaches. His own inspiration comes from Critical Realism and Popper s Three World analysis, with Keynes as the main exponent of a realist approach. The starting point of realist theory is a view of how the world is, rather than axioms, and the test is whether the theory can make, as Jespersen puts it, the round trip back to reality , to give practical guidance to policy. This is only the focal point of a rich and attractive canvas. How I wish this book had been available when I taught methodology! And how I wish economists from all schools of thought would read it! Victoria Chick, University College London, UK This welcome volume by Jesper Jespersen offers an up-to-date realist approach to macroeconomics, drawing on recent developments in methodology, notably critical realism, as well as earlier Popperian ideas. He shows how economics in the Post-Keynesian tradition, using this approach, can address the important macro policy issues, and sets out a seven-point agenda for future theory development. This book provides an important launching-off point for addressing macroeconomic questions without the need for the abstractions as narrowly rational representative agents. Rather Jespersen explores the interdependencies between the macro and micro levels in real economic processes under conditions of uncertain knowledge. Sheila Dow, University of Stirling, UK Jesper Jespersen presents a treatise on the importance of the choice of methodology within macroeconomics. Given that no scientifically based macroeconomic policy recommendation should be established without an evaluation of the methods employed, this book gives a clear exposition of how proper macroeconomic analysis should be undertaken. Furthermore, it is convincingly argued that one of the lasting contributions of John Maynard Keynes was his emphasis on methodology; that macroeconomic consequences of uncertainty could not be analysed within the established general equilibrium framework. It is due to post-Keynesian economics supported by critical realism that the understanding of Keynes s methodology has been resurrected, which has eventually resulted in renewed debate on realistic macroeconomic policies to restore full employment without inflation. Macroeconomic Methodology is an inquiry into the question of how to conduct a proper scientific analysis of uncertainty within macroeconomics. It will be of great interest to scholars of the philosophy of social sciences and methodology, as well as post-Keynesian and heterodox economists.
Book Synopsis The Science and Practice of Monetary Policy Today by : Volker Wieland
Download or read book The Science and Practice of Monetary Policy Today written by Volker Wieland and published by Springer Science & Business Media. This book was released on 2009-12-01 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bridging the theory and practice of monetary policy, this book presents aspects of the New-Keynesian theory of monetary policy and its implications for the practical decision-making of central bankers. It also outlines important lessons for policymakers.
Book Synopsis Keynes: Philosophy, Economics and Politics by : R.M. O'Donnell
Download or read book Keynes: Philosophy, Economics and Politics written by R.M. O'Donnell and published by Springer. This book was released on 1989-06-12 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: A systematic study contending that the distinctive theory of rationality found at the heart of Keynes' philosophy moulded his economic theorist policy-making, scientific methodology and politics. It aims to resolve his departure from Neoclassical economics to his radical "General Theory".
Book Synopsis Samuelson Friedman: The Battle Over the Free Market by : Nicholas Wapshott
Download or read book Samuelson Friedman: The Battle Over the Free Market written by Nicholas Wapshott and published by W. W. Norton & Company. This book was released on 2021-08-03 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Financial Times Best Economics Book of 2021 From the author of Keynes Hayek, the next great duel in the history of economics. In 1966 two columnists joined Newsweek magazine. Their assignment: debate the world of business and economics. Paul Samuelson was a towering figure in Keynesian economics, which supported the management of the economy along lines prescribed by John Maynard Keynes’s General Theory. Milton Friedman, little known at that time outside of conservative academic circles, championed “monetarism” and insisted the Federal Reserve maintain tight control over the amount of money circulating in the economy. In Samuelson Friedman, author and journalist Nicholas Wapshott brings narrative verve and puckish charm to the story of these two giants of modern economics, their braided lives and colossal intellectual battles. Samuelson, a forbidding technical genius, grew up a child of relative privilege and went on to revolutionize macroeconomics. He wrote the best-selling economics textbook of all time, famously remarking "I don’t care who writes a nation’s laws—or crafts its advanced treatises—if I can write its economics textbooks." His friend and adversary for decades, Milton Friedman, studied the Great Depression and with Anna Schwartz wrote the seminal books The Great Contraction and A Monetary History of the United States. Like Friedrich Hayek before him, Friedman found fortune writing a treatise, Capitalism and Freedom, that yoked free markets and libertarian politics in a potent argument that remains a lodestar for economic conservatives today. In Wapshott’s nimble hands, Samuelson and Friedman’s decades-long argument over how—or whether—to manage the economy becomes a window onto one of the longest periods of economic turmoil in the United States. As the soaring economy of the 1950s gave way to decades stalked by declining prosperity and "stagflation," it was a time when the theory and practice of economics became the preoccupation of politicians and the focus of national debate. It is an argument that continues today.
Book Synopsis Perspectives on Keynesian Economics by : Arie Arnon
Download or read book Perspectives on Keynesian Economics written by Arie Arnon and published by Springer Science & Business Media. This book was released on 2010-11-29 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book combines historical and policy-oriented perspectives on the relevance of the Keynesian approach for economic theory, policy, and crisis analysis. The first part focuses on historical, theoretical, and methodological issues, and puts them in context with current developments. The second part focuses on the application of the Keynesian approach to modeling the economy, policy-making, and analyzing the ongoing crisis of the early 21st century. Bringing together contributions by leading macroeconomists such as Laidler, Cukierman, Colander and Boyer, and leading historians of economics such as Hollander, Boianovsky, Marcuzzo, Dimand, Witztum, Young, deVroey and Arnon, the book offers a comprehensive overview of Keynesian economics today. One of the book’s most essential features are the commentaries on the papers, which promote a cross-fertilization between macroeconomists and historians of economics, providing, in conjunction with the papers themselves, a balanced outlook on the current relevance of Keynesian economics.
