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John Maynard Keynes (1883–1946) was the most important economist of the twentieth century. He was also a philosopher who wrote on ethics and the theory of probability and was a central figure in the Bloomsbury Group of writers and artists. In this volume contributors from a wide range of disciplines offer new interpretations of Keynes's thought, explain the links between Keynes's philosophy and his economics, and place his work and Keynesianism - the economic theory, the principles of economic policy, and the political philosophy - in their historical context. Chapter topics include Keynes's philosophical engagement with G. E. Moore and Franz Brentano, his correspondence, the role of his General Theory in the creation of modern macroeconomics, and the many meanings of Keynesianism. New readers will find this the most convenient, accessible guide to Keynes currently available. Advanced students and specialists will find a conspectus of recent developments in the interpretation of Keynes.
This study examines the pioneering economic work by John Maynard Keynes, "The General Theory of Employment, Interest and Money", and attempts to explain, with constant reference to the original sources, the complexity of Keynes' theories and the critical response they evoked.
This is an examination of the concept of the Law of Markets, controversial since Keynes' General Theory, and also debated even longer, since James Mill propounded it 200 years ago. Kates suggests that Keynes' General Theory originated in Keynes' discovery of Malthus's writings about Say's Law.
The name of John Maynard Keynes is still the focus of political and economic controversy, and in the course of it, "what Keynes really meant" has suffered much distortion. This book represents a quest for the historical Keynes. It follows the story of an argument which arose out of the performance of the British economy in the period of depression between the wars and provides an account of Keynes's thinking in the years that led up to the General Theory, making it comprehensible to specialists and non-specialists alike.
While standard accounts of the 1930s debates surrounding economic thought pit John Maynard Keynes against Friedrich von Hayek in a clash of ideology, this reflexive dichotomy is in many respects superficial. It is the argument of this book that both Keynes and Hayek developed their respective theories of the business cycle within the tradition of Swedish economist Knut Wicksell, and that this shared genealogy manifested itself in significant theoretical affinities between the two supposed antagonists. The salient features of Wicksell's work, namely the importance of money, the role of uncertainty, coordination failures, and the element of time in capital accumulation, all motivated the Keynesian and Hayekian theories of economic fluctuations. They also contributed to a fundamental convergence between the two economists during the 1930s. This shared, "Wicksellian" vision of economic problems points to a very different research agenda from that of the Walrasian-style, general equilibrium analysis that has dominated postwar macroeconomics. This book will appeal to economists interested in historical perspective of their discipline, as well as historians of economic thought. The author not only deconstructs some of the historical misconceptions of the Keynes versus Hayek debate, but also suggests how the insights uncovered can inform and instruct modern theory. While much of the analysis is technical, it does not assume previous knowledge of 1930s economic theory, and should be accessible to academics and graduate students with general economics training.
Various explanations have been put forward as to why the Keynesian Revolution in economics in the 1930s and 1940s took place. Some of these point to the temporal relevance of John Maynard Keynes's The General Theory of Employment, Interest, and Money (1936), appearing, as it did, just a handful of years after the onset of the Great Depression, whilst others highlight the importance of more anecdotal evidence, such as Keynes’s close relations with the Cambridge ‘Circus’, a group of able, young Cambridge economists who dissected and assisted Keynes in developing crucial ideas in the years leading up to the General Theory. However, no systematic effort has been made to bring together these and other factors to examine them from a sociology of science perspective. This book fills this gap by taking its cue from a well-established tradition of work from history of science studies devoted to identifying the intellectual, technical, institutional, psychological and financial factors which help to explain why certain research schools are successful and why others fail. This approach, it turns out, provides a coherent account of why the revolution in macroeconomics was ‘Keynesian’ and why, on a related note, Keynes was able to see off contemporary competitor theorists, notably Friedrich von Hayek and Michal Kalecki.
Will Hutton argues that Keynesian revolution has yet to take place. Economists, he finds, have not yet come to terms with the heart of Keynes' argument: that there are limits to what prices can do in a market economy. But referring closely to Keynes' writings, Hutton demonstrates that Keynes was concerned to show how the financial sector of the economy originated and how it reinforced the incapacities of the market economy.Post-war Keynesianism, Will Hutton concludes, has overstressed the role of fiscal policy in programmes of Keynesian economic management: it is but one element in a larger policy of financial and momentary leverage aimed at leaning against these market incapacities. By insisting that government intervention is a prerequisite to the proper functioning of the market, Keynesianism in effect becomes a political philosophy challenging the entire panoply of economic and political liberalism. As such it may require important changes in the structure of government if it is to be implemented successfully.
Concerned with the emergence of Keynesianism in America, in which Tarshis played a fundamental role, this memorial volume includes reflection on the impact of Keynesianism on many of the eminent early American post-war economists.