Capital and Employment: A Study of Keynes's Economics

Business & Money

Milgate, Murray

Economics

Academic Pr

During the 1970s, monetarism and the new classical macroeconomics ushered in an era of neoliberal economic policymaking. Keynesian economics was pushed aside. It was almost forgotten that when Keynesian thinking had dominated economic policymaking in the middle decades of the twentieth century, it had coincided with postwar economic reconstruction in both Europe and Japan, and the unprecedented prosperity and stable growth of the 1950s and 1960s. The global financial crisis of 2007-2009 and the recession that followed changed all that. Influential voices in both academic economics and amongst policy-makers and commentators began to remind us how useful Keynesian ways of thinking could be, especially in coming to terms with our current economic predicaments. When politicians across the globe were confronted with economic crisis, they introduced pragmatic and workable measures that bore all the hallmarks of Keynesianism. This book is about the fall and rise of Keynesian economics. Eatwell and Milgate range widely across the landscape that defines their subject matter. They consider how powerful Keynesian ideas can be when applied to past and present economic problems. They show how helpful these ideas are in explaining why we came to find ourselves in the disorder we are in. They examine where and how the analytical and methodological foundations of conventional macroeconomic wisdom went wrong. They set out a blueprint for an alternative that provides a clearer, more consistent, and more applicable approach to understanding how markets work. They also highlight the interpretive shortcomings that have come to characterize Keynes scholarship itself. They do all of this within the context of a provocative reconsideration of some of the most pressing economic problems that confront financial markets and the global economy today. They conclude that Keynesian ideas are not just for crises, but for constructive economic policy making at all times.

The Fall and Rise of Keynesian Economics

Eatwell, John

Oxford University Press

This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on economic development, a subject that came into being only after World War II with the dawn of the post-colonial era and the growing disparitites between north and south, rich and poor, developed and less developed countries. Among the authors, there are 14 Novel laureates. Notes on contributors are printed as an appendix to each volume.

Economic Development (NEW PALGRAVE (SERIES))

W.W. Norton & Co., Inc.

Social Economics

This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on the topic of general equilibrium, a central theme in modern economic theory - the economy considered as a system of interrelated markets. The essays in this volume trace the evolution of general equilibrium theory from Wald and Walrus through Arrow, Debreu and McKenzie to the present day. The collection illuminates one of the grand theemes of 20th century economic thought.

General Equilibrium

Covers auctions, bidding, hidden actions, incentive compatibility, implicit contracts, market failure, decentralization, organization theory, public goods, signaling, and search theory

Allocation, Information, and Markets

Newman, Peter

This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on the topic of capital theory.

Capital Theory

Covers bargaining, bilateral monopoly, cooperative equilibrium, perfect information, the prisoner's dilemma, statistical decision theory, and zero-sum games

Game Theory

Problems of the Planned Economy

This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on problems encountered in a planned economy.

Time Series and Statistics (New Palgrave Series in Economics)

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