Economic Thought Since Keynes provides a concise overview of changing economic thought in the latter part of the twentieth century. Part 1 gives an analysis of topics including: * Keynes and the General Theory, * the triumph of interventionism, * the neoclassical synthesis, * the resurgence of liberalism. Part 11 gives a concise biography of the 150 most influential economists since Keynes. This invaluable book will be a useful reference tool for anyone teaching or studying economics.
Economic Thought Since Keynes provides a concise overview of changing economic thought in the latter part of the twentieth century. Part 1 gives an analysis of topics including: * Keynes and the General Theory, * the triumph of interventionism, * the neoclassical synthesis, * the resurgence of liberalism. Part 11 gives a concise biography of the 150 most influential economists since Keynes. This invaluable book will be a useful reference tool for anyone teaching or studying economics.
John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
Assembling contributions from top thinkers in the field, thiscompanion offers a comprehensive and sophisticated exploration ofthe history of economic thought. The volume has a threefold focus:the history of economic thought, the history of economics as adiscipline, and the historiography of economic thought. Provides sophisticated introductions to a vast array oftopics. Focuses on a unique range of topics, including the history ofeconomic thought, the history of the discipline of economics, andthe historiography of economic thought.
This book looks at the life of Keynes leading up to the writing of his seminal General Theory , examines the General Theory in detail, and explores how it differs from classical theory. The impact of Keynes's work on the economy postwar and up to the present day is also assessed.
In this concise yet comprehensive history, Heinz D. Kurz traces the long arc of economic thought from its emergence in ancient Greece to its systematic presentation among the classical thinkers of the late eighteenth and early nineteenth centuries to the influential work of scholars such as Paul Samuelson and Kenneth J. Arrow. With a keen eye for how economic insights are acquired, lost, and reborn, Kurz focuses on the dynamic individuals who give old ideas new life and the historical events that provoke different approaches and theories. Over the course of this journey, Kurz explains what Adam Smith meant by the "invisible hand"; how Karl Marx's "law of motion" works in capitalist economies; the roots of the Austrian economists' emphasis on the problems of information, incomplete knowledge, and uncertainty; John Maynard Keynes's principle of effective demand and economic stabilization; and the insights and challenges offered by growth theory, welfare economics, game theory, and more. He concludes with a deft summation of world economists' major concerns today and their critical relation to world events.
Back to the future: a heterodox economist rewrites Keynes's General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century. John Maynard Keynes's General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes's lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins. Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes's intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand. Ordinary citizens have paid a steep price for the distortion of Keynes's message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose. Fleshing out Keynes's intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.
Economic Thought Since Keynes provides a concise overview of changing economic thought in the latter part of the twentieth century. Offering a concise biography of 150 influential economists since Keynes, it is an invaluable reference tool.
This book provides an overview or an introduction to the development of economic thought from the time of the early Greek and Roman writers to the mid-20th century. It provides a basic, no frills account of how economic ideas which were first cited by the early philosophers were later refined by the writings of the medieval schoolmen and still later by the contributions of the mercantilists and physiocrats. All these ideas were collected and synthesized by Adam Smith in his Wealth of Nations which provided the basis for economics as a formal subject of inquiry. From Smith’s magnum opus emerged the works of the classical economists, most notably, David Ricardo, Thomas Malthus, and John Stuart Mill. Their work was not left unchallenged by the Utopian Socialists, the Associationists, and other social reformers and most importantly by Karl Marx. Nevertheless, classical economics was not to be denied thanks to Alfred Marshall who succeeded in fusing the Austrians’ concept of utility on the demand side with the classicists’ cost of production on the supply side of the market to provide a new theory of value. He gave new life to the classicists with his Neo-Classicism, the basis for microeconomics, to be followed fifty years later by Keynes’ General Theory of Employment, Interest and Money and the ushering in of macroeconomics.
This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.
