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Unemployment, Recession and Effective Demand

The Contributions of Marx, Keynes and Kalecki Claudio Sardoni, Professor of Economics, University of Rome ‘La Sapienza’, Italy
In the midst of the current world economic crisis, many claim there is a necessity to return to the Marxian and Keynesian traditions in order to better understand the dynamics of market economies. This book is an important step in that direction. It presents a critical examination of the foundations of macroeconomics as developed in the traditions of Marx, Keynes and Kalecki, which are contrasted with the current mainstream. Particular attention is given to the problem of market forms and their relevance for macroeconomics.
Extent: 192 pp
Hardback Price: $125.00 Web: $112.50
Publication Date: 2011
ISBN: 978 1 84844 969 5
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Paperback Price: $46.00 Web: $36.80
Publication Date: 2013
ISBN: 978 0 85793 988 3
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  • Economics and Finance
  • History of Economic Thought
  • Post-Keynesian Economics
In the midst of the current world economic crisis, many claim there is a necessity to return to the Marxian and Keynesian traditions in order to better understand the dynamics of market economies. This book is an important step in that direction. It presents a critical examination of the foundations of macroeconomics as developed in the traditions of Marx, Keynes and Kalecki, which are contrasted with the current mainstream. Particular attention is given to the problem of market forms and their relevance for macroeconomics.

Professional economists and postgraduate students in economics, in particular those concerned with macroeconomics and the history of economic thought in the 20th century, will find this insightful resource invaluable. This book should be required reading for a large proportion of the economics profession who are dissatisfied with the mainstream.
‘This volume is a welcome update of an earlier book, Marx and Keynes on Economic Recession, published in 1987.’
– Jo Michell, Eronomk Issues

‘There is a great deal to commend in this book. The structure of the argument is concise and easy to follow. Sardoni leads the reader logically from one point t the next in such a way that there is little doubt where we have been, where we are going, or why. The line between ‘principles of’ and ‘recent controversies in’ can be exceedingly fine when treating complex theoretical issues in brief, but it is a line that Sardoni walks with aplomb. This approach makes the book perfectly accessible to all readers with advanced economic training; in fact, there is much to be gained even by specialists in the field from Sardoni’s argument. Given the structure of the book it is ideally suited for young researchers of the graduate or post-graduate level, and even for neoclassical economists shaken by the most recent failure of mainstream models.’
– James Andrew Felkerson, Review of Keynsian Economics

‘There is a great deal to comment in this book. The structure of the argument is concise and easy to follow. Sardoni leads the reader logically from one point to the next in such a way that there is little doubt where we have been, where are we going, or why. The line between “principles of” and “recent controversies in” can be exceedingly fine when treating complex theoretical issues in brief, but it is a line that Sardoni walks with aplomb. This approach makes the book perfectly accessible to all readers with advanced economic training; in fact, there is much to be gained even by specialists in the field from Sardoni’s argument. Given the structure of the book, it is ideally suited for young researchers of the graduate or post-graduate level, and even for neoclassical economists shaken by the most recent failure of mainstream models. It appears that this notion is in the back of Sardoni’s mind when he composed chapter 8, which culminates in an appeal to greater plurality in economics. It may be, though, that this optimism is misplaced. Casual inspection of the recent literature published in “reputable” journals unfortunately shows mainstream economists to be doing exactly what Sardoni advises them against through the “uncritical reproduction of essentially the same model, enriched by some minor variations”.’
– James Andrew Felkerson, Review of Keynesian Economics

‘Unemployment, Recession and Effective Demand is a fine example of how critical analysis and debate about fundamental issues should be carried on. Claudio Sardoni does not pull his punches, but he criticises with courtesy in a learned and fair-minded way. His writings are a role model of proper procedure allied with cumulative persuasion through weight of evidence, sound scholarship and argument.’
– From the foreword by G.C. Harcourt
Contents: Foreword by G.C. Harcourt Preface 1. Introduction 2. The Marxian Notion of a Monetary Economy and the Critique of Say's Law 3. General Overproduction Crises 4. Keynes’s Critique of Say’s Law 5. Keynesian Underemployment Equilibria 6. A Critique of Keynes’s Microfoundations 7. Kaleckian Macroeconomics: An Outline 8. The Problem of Market Forms in Modern Macroeconomics 9. Concluding Remarks A. A Formalization of Marx’s Schemes of Reproduction B. Effects of Wage Changes in Keynes’s Model C. Price Determination and Income Distribution in Kalecki Bibliography Index