Post Keynesian Macroeconomic Theory: A Foundation for Successful Economic Policies for the Twenty-First Century - Softcover

Davidson, Paul

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9781852788360: Post Keynesian Macroeconomic Theory: A Foundation for Successful Economic Policies for the Twenty-First Century

Softcover

ISBN 10: 1852788364 ISBN 13: 9781852788360

Publisher: Edward Elgar Publishing, 1994

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Working from Keynes’s revolutionary analysis of a money-using entrepreneurial economy, this important new book presents a real world alternative to the basic macroeconomic analytical model. In Post Keynesian Macroeconomic Theory, Paul Davidson addresses the limitations of conventional mainstream New Classical and New Keynesian analysis for developing successful economic policies. Important features of this book include an aggregate supply and demand analysis that does not rely on aggregate supply imperfections, such as inflexible wages and prices or co-ordination failures, to demonstrate the existence of involuntary unemployment; the application of Keynes’s original 1936 closed economy analysis to an open economy engaged in significant international trade in order to resolve international balance of payments problems; and the argument that both old and new Keynesian analytical models were logically incompatible to Keynes’s analysis, and so led to unsuccessful policies.Students are encouraged to return to the path of Keynes’s analysis which can be applied to understand real world economic problems and to design policies to resolve them. Unlike other textbooks, Post Keynesian Macroeconomic Theory challenges the orthodoxy, providing students of economics with a useful analytical framework as well as a clear understanding of how and why mainstream economics has gone wrong.

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About the Author:

Paul Davidson, Holly Chair of Excellence Emeritus, University of Tennessee, US and Founding Editor of the Journal of Post Keynesian Economics

Review:

`In Post Keynesian Macroeconomic Theory Paul Davidson takes direct aim at mainstream "Keynesian" economists who tack on, somewhat ad hoc, imperfections in the form of "temporary" rigidities, or stickiness, in the price/wage adjustment mechanism, but otherwise accept the axiomatic foundations of classical theory. Among his targets are such economists as Samuelson, Tobin, Hicks, Blanchard and Mankiw. Davidson believes that although their hearts may be in the right place, these economists have misinterpreted the essence of Keynesian theory, which is not to be found in such temporary inflexibilities. . . . as one of those whose analysis and teaching Davidson is criticising, I found the experience stimulating and provoking.' -- C.A.E. Goodhart, London School of Economics, UK `. . . this book represents a major achievement. . . . Post Keynesian Macroeconomic Theory is the best exposition of an updated Keynes. . .' -- J.E. King and Marc Lavoie, Eastern Economic Journal `I found Davidson's Post Keynesian Macroeconomic Theory a hard book to put down. Davidson has read and absorbed everything Keynes ever wrote as well as practically everything anyone else has written about Keynes and The General Theory since its publication in 1936, and he has something interesting and provocative to say about all of it. The book is a veritable mother lode of information about Keynes and Keynesian Economics that no serious student of macroeconomics can afford to neglect.' -- Robert Clower, University of South Carolina, US `A refreshing antidote to too much of what has been passing for macroeconomics' -- Robert Eisner, Northwestern University, US `Post Keynesians will find much with which to agree, which is a testament to both the degree of development of the post Keynesian approach and to Davidson's ability to bring together disparate research efforts into a general , Post Keynesian, theory.' -- L. Randall Wray, Review of Political Economy `. . . carefully crafted and closely reasoned book. . . ' -- Wallace C. Peterson, Journal of Economic Issues `Post Keynesian Macroeconomic Theory is a good introduction to post Keynesian thinking, suitable for use in intermediate level courses. . . . Davidson well demonstrates Keynes's continued relevance to policy economics.' -- Bernard Malamud, Southern Economic Journal

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