A History of Post Keynesian Economics Since 1936
'A thorough, thoughtful, issue-related history such as this is just the thing to contribute to the growing maturity of post Keynesian economics, clarifying where we have got to now, and indicating how the approach might develop in the future. By making sense of the twists and turns of post Keynesian thought, John King provides a sense of coherence out of a complex process.' - Sheila C. Dow, University of Stirling, UK 'This book provides a thorough account of the evolution of post Keynesian economics from its origins in interpretations of the General Theory in the late 1930s through to the present day. During this period the character of post Keynesian economics has changed from denoting the ideas of a small number of interpreters of Keynes to a more organised dissenting group spread across several continents. John King's book will interest anyone who wants to understand this transition or who has an interest in the more general question of how and why heterodox traditions have been established in economics.' - Roger E. Backhouse, University of Birmingham, UK This is a unique, comprehensive and international history of the post Keynesian approach to economics since 1936. the author locates the origins of post Keynesian economics in the conflicting initial interpretations of Keynes's General Theory and in the complementary work of Michal Kalecki. the book begins by focusing on Cambridge Growth, Distribution and Capital theory and early post Keynesian thought in the US. the failure of post Keynesian theory to supplant the neo-classical paradigm in the 1970s is also discussed, along with an overview of post Keynesian thinking in other countries. the book then deals with the search for coherence between various strands of post Keynesian thought and other schools of economic thought. the author concludes by assessing the progress made by post Keynesian economics since 1936 and considers several possible alternative futures for the post Keynesians.
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First reactions to The General Theory
An economist from Poland
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analysis Arestis argued argument Austrian Cambridge central bank Chapter claimed classical coherent commodity critical critique determined distribution econometric Economic Journal economic theory economists effective demand Eichner endogenous entrepreneurs equation equilibrium Essays expenditure full employment Fundamentalist Keynesians Garegnani Harcourt Harrod Hicks Hyman Minsky ibid important incomes policy increase inflation institutionalists interest rates investment IS-LM Joan Robinson Kaleckian Keynes Keynes's Kregel macroeconomic mainstream marginal productivity mark-up Marx Marxian ment methodological Michal Kalecki monetarism monetarists monetary policy money supply money wages neoclassical economics neoclassical synthesis neoclassical theory Nicholas Kaldor orthodox output paradigm Pasinetti Paul Davidson Piero Sraffa Political Economy Post Keynesian economics Post Keynesian theory problem published question rate of growth rate of interest rate of profit real wages Richard Kahn savings school of thought scientific share Sidney Weintraub social Sraffa Sraffian Steindl supply curve theoretical theorists tion uncertainty Walrasian workers