Keynes And Macroeconomics After 70 Years: Critical Assessments of The General Theory

Copyright......Page 5
Contents......Page 6
Contributors......Page 8
Introduction......Page 10
PART I Keynes and heterodox economics......Page 28
1. Heterodox macroeconomics: what, exactly, are we against?......Page 30
2. Keynes the Keynesian: a Lakatosian insight into Keynes’s ‘probable’ theoretical contributions to macroeconomics after 1937......Page 47
PART II Founding fathers of Post Keynesian economics......Page 62
3. Minsky and Keynes on investment volatility: was there an overstatement?......Page 64
4. Two founding fathers of the Post Keynesian critical appraisal of self-balancing mechanisms?......Page 78
5. The contributions of Tom Asimakopulos to Post Keynesian economics......Page 91
6. Asimakopulos’s criticism of Keynes’s short-period equilibrium: a reformulation......Page 107
PART III Keynesian models......Page 124
7. Modeling Keynes with Kalecki......Page 126
8. A Keynesian model for the 21st century......Page 150
9. Capital accumulation, income distribution, technical progress and endogenous money in a Post Keynesian macrodynamic model......Page 164
PART IV Keynesian policy......Page 182
10. Keynes on the control of the money supply and the interest rates......Page 184
11. Inflation targeting in Brazil: a Keynesian approach......Page 203
12. Eisner’s radical approach to social security – tell the truth!......Page 223
PART V Modern development and extensions of Keynesian economics......Page 232
13. Investment finance and financial sector development......Page 234
14. Keynes’s theory of probability, investment behavior, and behavioral finance......Page 250
15. Real exchange rate levels, investment and growth: a Keynesian perspective......Page 261
16. A reinterpretation, remedy and development of Keynes’s liquidity preference theory......Page 272
17. Keynes’s ‘revolving fund of finance’ and transactions in the circuit......Page 286
18. Monetary and fiscal policies in a Post Keynesian stock–flow consistent model......Page 306
19. Expectations and unemployment......Page 336
Index......Page 348