Post Keynesian Macroeconomic Theory, Second Edition


Post Keynesian Macroeconomic Theory, Second Edition

A Foundation for Successful Economic Policies for the Twenty-First Century

2nd edition

9781849809795 Edward Elgar Publishing
Paul Davidson, Holly Chair of Excellence Emeritus, University of Tennessee, US and Founding Editor of the Journal of Post Keynesian Economics
Publication Date: 2011 ISBN: 978 1 84980 979 5 Extent: 360 pp
Using this textbook in macroeconomics courses will provide students with a pragmatic insight that will be both useful and productive.

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In this updated and revised edition of Post Keynesian Macroeconomic Theory, Paul Davidson explains how and why contemporary macroeconomic textbooks fail to incorporate Keynes’s liquidity and financial analysis framework to explain the importance of money and financial markets in the real world of experience.

This important text develops Keynes’s analytical framework for both closed and open economies and provides policy guidance for the global economy of the twenty-first century. In particular, it deals with problems such as inflation, financial contagion, global unemployment, outsourcing, trade patterns, and developing an international financial system that encourages expansionary growth among all trading partners while avoiding sovereign debt problems.

Using this textbook in macroeconomics courses will provide students with a pragmatic insight that will be both useful and productive.
Critical Acclaim
‘Paul Davidson is the leading expert on Keynes and Keynesianism.’
– Larry Elliott, Guardian

‘Paul Davidson is the keeper of the Keynesian flame. Keynes lives (intellectually), and Davidson is one of the reasons.’
– Alan S. Blinder, Princeton University, US

‘A work of art and science. Beautifully written and updated, rigorous, faithful and complete, Paul Davidson has given us a lucid and teachable Keynes for our time.’
– James K. Galbraith, The University of Texas at Austin, US
Contents: 1. The Background for Keynes’s Revolution 2. The Essential Difference between the General Theory and the Classical System 3. Taxonomy, Axioms and Expenditures Related to Income: Keynes’s D1 Category 4. Investment Spending 5. Government and the Level of Output 6. Delving Further into the Relationship between Money, Liquidity and Uncertainty 7. Liquidity Preference – the Basis of Keynes’s Revolution 8. The Finance Motive and the Interdependence of the Real and Monetary Sectors 9. Financial Markets, Fast Exits and Great Depressions and Recessions 10. Inflation: Causes and Cures 11. Keynes’s Aggregate Supply and Demand Analysis 12. The Demand and Supply of Labour 13. Money in an International Setting 14. Trade Imbalances and International Payments 15. International Liquidity and Exchange Rate Stability 16. Financing the Wealth of Nations 17. Export-led Growth and a Proposal for an International Payments Scheme 18. Epilogue: Truth in Labelling and Economic Textbooks Index
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