The Fall and Rise of Keynesian Economics

Hardcover | May 2, 2011

byJohn Eatwell, Murray Milgate

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During the 1970s, when doctrines like monetarism and new classical macroeconomics ushered in an era of neoliberal economic policymaking, Keynesian economics was pushed aside. It was almost forgotten that when Keynesian thinking had dominated economic policymaking in the middle decades of thetwentieth century, it had underwritten postwar economic reconstruction in both Europe and Japan, and was largely responsible for the unprecedented prosperity and stable growth of the 1950s and 1960s. The global financial crisis and recession changed all that. Influential voices in progressiveeconomics circles began to remind us how useful Keynesian ways of thinking could be again, especially in assisting us to come to terms with our economic predicaments. When politicians across the globe were confronted with economic crisis, almost by accident they introduced pragmatic and workablemeasures that bore all the hallmarks of Keynesianism. This book is about this fall and rise of Keynesian economics. Eatwell and Milgate range widely across the landscape that defines their subject matter. They consider how powerful Keynesian ideas can be when applied to our past and present economic problems. They show how helpful these ideas are in explaining why we came to find ourselves in the mess we are in.They examine where and how the analytical and methodological foundations of conventional macroeconomic wisdom went wrong. They set out a blueprint for an alternative that provides a clearer, more consistent, and more applicable approach to understanding how markets work. They also highlight theinterpretive shortcomings that have come to characterize Keynes scholarship itself. They do all of this within the context of a provocative reconsideration of some of the most pressing economic problems that confront financial markets and the global economy today.

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During the 1970s, when doctrines like monetarism and new classical macroeconomics ushered in an era of neoliberal economic policymaking, Keynesian economics was pushed aside. It was almost forgotten that when Keynesian thinking had dominated economic policymaking in the middle decades of thetwentieth century, it had underwritten postwa...

John Eatwell is the current President of Queens' College in Cambridge. Murray Milgate is Fellow and Director of Studies in Economics at Queens' College in Cambridge.
Format:HardcoverDimensions:400 pages, 9.25 × 6.12 × 0.98 inPublished:May 2, 2011Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199777691

ISBN - 13:9780199777693

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Table of Contents

PrefacePreamble1. The fall and rise of Keynesian economicsPart One: Practical2. Liquidity and financial crises3. A practical approach to the regulation of risk4. Can Barack Obama do it?5. Useful bubbles6. Unemployment on a world scale7. International financial liberalisationPart Two: Analytical8. The imperfectionists9. Effective demand and disguised unemployment10. Theories of value, output and employment11. Money, capital and forced savingPart Three: Critical12. Unemployment and the market mechanism13. The analytical foundations of monetarism14. Controversies in the theory of employment15. Is the International Monetary Fund past its sell-by date?Part four: Historical16. Keynes's General Theory17. Keynesian economic theory and European society18. The gold standard and monetary theory19. The economic possibilities of capitalismBibliographyIndex