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The Economics of Keynes

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The Economics of Keynes

A New Guide to The General Theory

9781848440562 Edward Elgar Publishing
The late M.G. Hayes, formerly Robinson College, University of Cambridge, UK
Publication Date: 2008 ISBN: 978 1 84844 056 2 Extent: 288 pp
In his ‘New Guide’ to The General Theory, Mark G. Hayes presents Keynes’s illustrious work as a sophisticated Marshallian theory of the competitive equilibrium of the economy as a whole. This unique book takes full account of the nature of time and money and illustrates that The General Theory remains highly relevant to the teacher and advanced student of modern macroeconomics.

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Contents
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In his ‘New Guide’ to The General Theory, Mark G. Hayes presents Keynes’s illustrious work as a sophisticated Marshallian theory of the competitive equilibrium of the economy as a whole. This unique book takes full account of the nature of time and money and illustrates that The General Theory remains highly relevant to the teacher and advanced student of modern macroeconomics.

The Economics of Keynes introduces several interpretative innovations to resolve many puzzles presented in the literature of the last 70 years. It is designed to be read in parallel with The General Theory and will allow modern readers to find their bearings before plunging into an in-depth analysis of major themes contained in The General Theory. The key areas in which this ‘New Guide’ differs from the familiar exposition of current macroeconomics textbooks are also explicitly identified. The author reaches positive and hopeful conclusions for the development of economic theory and policy.

Promoting a thorough understanding of the legitimate domain of equilibrium analysis and a renewed commitment to the possibility of genuinely full employment, this book will provide an illuminating and fascinating read for anyone wishing to appreciate fully the value of The General Theory. More specifically, academics and advanced students of macroeconomics across the board – classical, orthodox, Post Keynesian and heterodox – interested in a fresh attempt to connect The General Theory with modern macroeconomics will find this book to be the ideal tool.
Critical Acclaim
‘Hayes has succeeded in bringing a fresh and stimulating look to Keynes's classic work. I recommend this book to his fellow economists.’
– Paul Dalziel, Economic Issues

‘Designed to be read along with The General Theory, The Economics of Keynes is an ideal companion to enhance one’s understanding of that classic work. A must for anyone who truly wants to call themselves an expert on economics.’
– Midwest Book Review

‘Hayes’s guide to The General Theory is very much better than most, and is strongly recommended. . .’
– J.E. King, History of Economics Review

‘Mark Hayes has thought long and deeply about Keynes’s General Theory and has developed a refreshingly original viewpoint which is bound to stimulate lively discussion and debate.’
– Victoria Chick, University College London, UK

‘Hayes’s volume is a work of exemplary scholarship, the outcome of prolonged and deep thought. Alas, all the incentives in modern academia pull against work such as this being done. It is to the author’s great credit that he has resisted them in order to give us this volume of lasting significance.’
– From the foreword by G.C. Harcourt, University of New South Wales, Australia
Contents
Contents: Foreword Preface Five Propositions of The General Theory Prologue 1. Two Theories of Employment 2. Definitions and Ideas 3. The Propensity to Consume 4. The Inducement to Invest 5. Employment, Money and the Price-Level 6. Policy Implications Epilogue References Index
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