Description
Book SynopsisKeynesian economics has recently seen a rebirth, most dramatically illustrated when central banks pumped billions of dollars of liquidity into the world's financial system to address the crises of confidence, illiquidity, and insolvency triggered by the sub-prime lending crisis. The contributors assess this new era in economic policy making.
Trade ReviewDuring the 1990s, John Maynard Keynes, and Keynesian economics, were declared to be well and truly dead. Then came the financial and economic crises of 2008 and they were reborn as a way of understanding economies with significant unemployment. This excellent collection of essays, brought together by three prominent scholars of Keynes and Keynesian policy, will be a convenient way for those who have forgotten Keynesian economics to refresh themselves, and for others to learn for the first time. -- Craufurd Goodwin, Duke University
This fascinating collection of papers addresses the current status and relevance of Keynes from a number of perspectives: the return of macroeconomic policy activism, the state of modern macroeconomics, the recent scholarship of Keynes's life and work, and some elements of Keynes's work that might be relevant to the current crisis. The authors' backgrounds are diverse and their scholarship often cutting-edge. A fine guide to the present state of play. -- D.E. Moggridge, University of Toronto
It is a basic truth in the history of economics that great ideas never die. They attain this permanence because they are shaped by both the internal demands of economic theorizing as well as the external realities of the economy.
The Return to Keynes, edited by three distinguished scholars, testifies to this truth and demonstrates that doing the history of economics is a part of doing economics well. Keynesian macroeconomic policy as a tool for stabilization is now firmly fixed in the toolbox of economics. -- Yuichi Shionoya, Hitotsubashi University
Table of Contents* Introduction: The Return to Keynes Bradley W. Bateman, Toshiaki Hirai and Maria Cristina Marcuzzo Part I: Keynesian Economic Policy: Past, Present and Future * Keynes Returns to America Bradley W. Bateman * Japan's Long-run Stagnation and Economic Policies Yoshiyasu Ono * European Macroeconomic Policy: A Return to Active Stabilization? Hans-Michael Trautwein Part II: Interpreting Keynesian Theory and Keynesianism * From the 'Old' to the 'New' Keynesian-Neoclassical Synthesis: An Interpretation Richard Arena * Tobin's Keynesianism Robert W. Dimand * The New Neoclassical Synthesis and the Wicksell-Keynes Connection Mauro Boianovsky and Hans-Michael Trautwein Part III: Re-reading and Interpreting Keynes * An Abstruse and Mathematical Argument: The Use of Mathematical Reasoning in the General Theory Roger E. Backhouse * The General Theory: Toward the Concept of Stochastic Macro-equilibrium Hiroshi Yoshikawa * Keynes's Economics in the Making Toshiaki Hirai * Keynes, Sraffa and the Latter's "Secret Skepticism" Heinz D. Kurz * Keynes and the War of Words Gilles Dostaler Part IV: Global Crisis: Lessons from Keynes * Keynes and Modern International Finance Theory Marcello De Cecco * Keynes's Influence on Modern Economics: Some Overlooked Contributions of Keynes's Theory of Finance and Economic Policy Jan A. Kregel * Current Global Imbalances: Might Keynes Be of Help? Anna M. Carabelli and Mario A. Cedrini * References * Contributors * Index
