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Keynes and Macroeconomics After 70 Years

Critical Assessments of The General Theory Edited by L. Randall Wray, Professor of Economics, University of Missouri-Kansas City, US; Senior Scholar, Levy Economics Institute, US and Research Director, Centre for Full Employment and Price Stability, US and Mathew Forstater, Associate Professor of Economics and Director, Center for Full Employment and Price Stability, University of Missouri, Kansas City, US
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.
Extent: 352 pp
Hardback Price: £109.00 Web: £98.10
Publication Date: 2008
ISBN: 978 1 84720 581 0
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  • Economics and Finance
  • Post-Keynesian Economics
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.
‘The book is strongly recommended for those interested in the continuing reception of Keynes’s thinking.’
– John B. Davis, EH.NET
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:

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