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Keynes’s General Theory for Today

Contemporary Perspectives Edited by Jesper Jespersen, Professor of Economics, Roskilde University, Denmark and Mogens Ove Madsen, Associate Professor of Economics, Aalborg University, Denmark
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.
Extent: 256 pp
Hardback Price: £75.00 Web: £67.50
Publication Date: 2012
ISBN: 978 1 78100 951 2
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  • Economics and Finance
  • History of Economic Thought
  • Post-Keynesian Economics
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.
‘At a time of renewed interest in Keynes, this volume provides an illuminating and forward-looking collection of papers. They explain the meaning of Keynes’s 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 Keynes’s 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.’
– Sheila Dow, University of Stirling, UK

‘This book celebrates the 75th anniversary of Keynes’s 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 – and tomorrow.’
– Victoria Chick, University College London, UK

‘Keynes’s General Theory for Today is a fine set of thoughtful and highly relevant essays. They relate several ideas of Keynes to today’s 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 Keynes’s 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.’
– G.C. Harcourt, University of New South Wales, Australia
Contributors: A. Carabelli, E. De Antoni, E. Febrero, J. Galbraith, M.G. Hayes, J. Jespersen, M. Lainé, N. Levy-Orlik, M.O. Madsen, J. Paúl, G. Semieniuk, T.D. Togati, A. Truger, J. Uxó, T. van Treeck, S. Voss
Contents:

Introduction
Jesper Jespersen and Mogens Ove Madsen

1. The General Theory: A Neglected Work?!
M.G. Hayes

2. The Final Death and Next Life of Maynard Keynes
James Galbraith

3. The Crisis in Macro and the Limitations of the Economics of Keynes – or Why the Master will not Return Unless his General Theory is Dressed up in Neo-modern Clothes
Teodoro Dario Togati

4. Keynes on Method: Is Economics a Moral Science?
Michael Lainé

5. A New Methodological Approach to Economic Theory: What I Have Learnt from 30 Years of Research on Keynes
Anna Carabelli

6. Keynes’s Early Cognition of the Concept of Time
Mogens Ove Madsen

7. When Keynes and Minsky Meet Mandelbrot. . .
Stefan Voss

8. Keynes’s General Theory After 75 Years: Time to Re-read and Reflect
Jesper Jespersen

9. The General Theory After the Sub-prime Crisis: A Minskyan Perspective
Elisabetta De Antoni

10. Keynes’s Views in Financing Economic Growth: The Role of Capital Markets in the Process of Funding
Noemi Levy-Orlik

11. Nothing Learned from the Crisis? Some Remarks on the Stability Programmes 2011–2014 of the Euro Area Governments
Gregor Semieniuk, Till van Treeck and Achim Truger

12. European Economic Policy and the Problem of Current Account Imbalances: The Case of Germany and Spain
Jorge Uxó, Jesús Paúl and Eladio Febrero

Index