Hardback
Keynes and Macroeconomics After 70 Years
Critical Assessments of The General Theory
9781847205810 Edward Elgar Publishing
In this substantial new collection, esteemed Post-Keynesian scholars reassess the relevance of Keynes’s The General Theory to a broad array of topic areas, ranging from the environment, investment finance, exchange rates, and socialism, as well as inquiries into general Post-Keynesian theory.
More Information
Critical Acclaim
Contributors
Contents
More Information
In this substantial new collection, esteemed Post-Keynesian scholars reassess the relevance of Keynes’s The General Theory to a broad array of topic areas, ranging from the environment, investment finance, exchange rates, and socialism, as well as inquiries into general Post-Keynesian theory.
In response to the current economic crisis, many people looking for new solutions are excitedly re-discovering the Post-Keynesian tradition of money modeling and theory. This book offers a broad array of recent Post-Keynesian scholarship, providing a good contextual understanding of the current state of the field from which innovative money solutions are springing. Topics covered here include: Keynes and heterodox economics, the founding fathers of Post-Keynesian economics, Keynesian models, Keynesian policy, and the modern development and extensions of Keynesian economics.
Academics and practitioners eager for a solid heterodox approach to economics and money theory, the environment, finance, and political science will find the book an invaluable addition to their collection.
In response to the current economic crisis, many people looking for new solutions are excitedly re-discovering the Post-Keynesian tradition of money modeling and theory. This book offers a broad array of recent Post-Keynesian scholarship, providing a good contextual understanding of the current state of the field from which innovative money solutions are springing. Topics covered here include: Keynes and heterodox economics, the founding fathers of Post-Keynesian economics, Keynesian models, Keynesian policy, and the modern development and extensions of Keynesian economics.
Academics and practitioners eager for a solid heterodox approach to economics and money theory, the environment, finance, and political science will find the book an invaluable addition to their collection.
Critical Acclaim
‘The book is strongly recommended for those interested in the continuing reception of Keynes’s thinking.’
– John B. Davis, EH.NET
– John B. Davis, EH.NET
Contributors
Contributors: H.S. Atesoglu, J. Bonales, L.C. Bresser-Pereira, L.D. Carvalho, B. Cho, J. Courvisanos, C.G. da Silva, E. Dickens, M. Forstater, P. Gala, G.C. Harcourt, W. Huang, S. Keen, S. Kelton, J.E. King, P. Kriesler, E. Le Heron, A. Lourenço, J. Muñoz, J.W. Nevile, J.L. Oreiro, C. Panico, C. Richardson, L. Sau, A. Slifi, L.R. Wray
Contents
Contents:
Introduction
PART I: KEYNES AND HETERODOX ECONOMICS
1. Heterodox Macroeconomics: What, Exactly, Are We Against?
John E. King
2. Keynes the Keynesian: A Lakatosian Insight into Keynes’s
‘Probable’ Theoretical Contributions to Macroeconomics after 1937
Jesús Muñoz and Joel Bonales
PART II: FOUNDING FATHERS OF POST KEYNESIAN ECONOMICS
3. Minsky and Keynes on Investment Volatility: Was There an
Overstatement?
André Lourenço
4. Two Founding Fathers of the Post Keynesian Critical Appraisal of
Self-balancing Mechanisms?
Lino Sau
5. The Contributions of Tom Asimakopulos to Post Keynesian Economics
G.C. Harcourt
6. Asimakopulos’s Criticism of Keynes’s Short-period Equilibrium: A
Reformulation
Abdelkader Slifi
PART III: KEYNESIAN MODELS
7. Modeling Keynes with Kalecki
Colin Richardson and Jerry Courvisanos
8. A Keynesian Model for the 21st Century
H. Sonmez Atesoglu
9. Capital Accumulation, Income Distribution, Technical Progress and
Endogenous Money in a Post Keynesian Macrodynamic Model
Luciano Dias Carvalho and José Luís Oreiro
PART IV: KEYNESIAN POLICY
10. Keynes on the Control of the Money Supply and the Interest Rates
Carlo Panico
11. Inflation Targeting in Brazil: A Keynesian Approach
Luiz Carlos Bresser-Pereira and Cleomar Gomes da Silva
12. Eisner’s Radical Approach to Social Security – Tell the Truth!
Stephanie Kelton
PART V: MODERN DEVELOPMENT AND EXTENSIONS OF KEYNESIAN ECONOMICS
13. Investment Finance and Financial Sector Development
Bokhyun Cho
14. Keynes’s Theory of Probability, Investment Behavior, and
Behavioral Finance
Edwin Dickens
15. Real Exchange Rate Levels, Investment and Growth: A Keynesian
Perspective
Paulo Gala
16. A Reinterpretation, Remedy and Development of Keynes’s Liquidity
Preference Theory
Wenge Huang
17. Keynes’s ‘Revolving Fund of Finance’ and Transactions in the
Circuit
Steve Keen
18. Monetary and Fiscal Policies in a Post Keynesian Stock-flow
Consistent Model
Edwin Le Heron
19. Expectations and Unemployment
J.W. Nevile and Peter Kriesler
Index
Introduction
PART I: KEYNES AND HETERODOX ECONOMICS
1. Heterodox Macroeconomics: What, Exactly, Are We Against?
John E. King
2. Keynes the Keynesian: A Lakatosian Insight into Keynes’s
‘Probable’ Theoretical Contributions to Macroeconomics after 1937
Jesús Muñoz and Joel Bonales
PART II: FOUNDING FATHERS OF POST KEYNESIAN ECONOMICS
3. Minsky and Keynes on Investment Volatility: Was There an
Overstatement?
André Lourenço
4. Two Founding Fathers of the Post Keynesian Critical Appraisal of
Self-balancing Mechanisms?
Lino Sau
5. The Contributions of Tom Asimakopulos to Post Keynesian Economics
G.C. Harcourt
6. Asimakopulos’s Criticism of Keynes’s Short-period Equilibrium: A
Reformulation
Abdelkader Slifi
PART III: KEYNESIAN MODELS
7. Modeling Keynes with Kalecki
Colin Richardson and Jerry Courvisanos
8. A Keynesian Model for the 21st Century
H. Sonmez Atesoglu
9. Capital Accumulation, Income Distribution, Technical Progress and
Endogenous Money in a Post Keynesian Macrodynamic Model
Luciano Dias Carvalho and José Luís Oreiro
PART IV: KEYNESIAN POLICY
10. Keynes on the Control of the Money Supply and the Interest Rates
Carlo Panico
11. Inflation Targeting in Brazil: A Keynesian Approach
Luiz Carlos Bresser-Pereira and Cleomar Gomes da Silva
12. Eisner’s Radical Approach to Social Security – Tell the Truth!
Stephanie Kelton
PART V: MODERN DEVELOPMENT AND EXTENSIONS OF KEYNESIAN ECONOMICS
13. Investment Finance and Financial Sector Development
Bokhyun Cho
14. Keynes’s Theory of Probability, Investment Behavior, and
Behavioral Finance
Edwin Dickens
15. Real Exchange Rate Levels, Investment and Growth: A Keynesian
Perspective
Paulo Gala
16. A Reinterpretation, Remedy and Development of Keynes’s Liquidity
Preference Theory
Wenge Huang
17. Keynes’s ‘Revolving Fund of Finance’ and Transactions in the
Circuit
Steve Keen
18. Monetary and Fiscal Policies in a Post Keynesian Stock-flow
Consistent Model
Edwin Le Heron
19. Expectations and Unemployment
J.W. Nevile and Peter Kriesler
Index
