Description
Book SynopsisMeghnad Desai's work presents a significant challenge to economics as currently practised. This volume brings together a collection of essays on issues in macroeconomics and monetary theory from an unorthodox but rigorous position.
Beginning with a series of essays which address the inflation problem using an extension of the Goodwin model, the volume continues with his revisionist interpretation of the Phillips Curve, assessments of monetarism, discussion of the economics of Keynes and Hayek, and an original paper on monetary theory. Later chapters include the author's work on applied econometrics, endogenous and exogenous money, and financial innovation.
The volume also includes a substantial autobiographical preface, in which Lord Desai explains how he became an economist and the influences behind the development of his thought, as well as a specific introduction explaining how he came to produce the papers included in this volume.
Trade Review'There are two themes that appeared to me to unite all these contributions. The first was a deep respect for the work of earlier economists, and it is fascinating to see the influence of Marx, Keynes and others played out in his research. The second is a belief in the importance of macroeconomic research for understanding current issues and policy dilemmas, which helps account for the fact that understanding inflation plays a key role in a number of the papers. It is perhaps the unusual combination of these two themes which help make this collection both intriguing and a joy to read.' -- Simon Wren-Lewis, The Economic Journal
Table of ContentsGrowth cycles and inflation in a model of the class struggle; the Phillips Curve - a revisionist interpretation; the task of monetary theory - the Hayek-Sraffa debate in a modern perspective; an econometric model of the share of wages in national income - UK 1855-1965; growth cycles with induced technical change; inflation, unemployment and monetary policy - the UK experience; monetary theory and monetary policy in the general theory; wages, prices and unemployment a quarter century after the Phillips Curve; a Keynesian macro-econometric model of the UK - 1955-1984; measuring the opportunity for product innovation; a Keynesian model for a post-monetarist open economy; profit and profit theory, endogenous and exogenous money; Kaldor between Hayek and Keynes, or - did Nicky kill capital theory?; incomes policy in a political environment - a structural model for the UK 1961-1980; value of money in a monetary economy.
