John Maynard Keynes: Book by Paul Davidson

John Maynard Keynes

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ISBN: 9780230229204    Publisher: Palgrave Macmillan Year of publishing: 2009     Format:  Paperback No of Pages: 256        
Now that every politician is calling for Keynesian remedies isn't it time for you to learn what Keynes's analysis is all about? The current global economic crisis has been caused by the de-regulation...Read more
Now that every politician is calling for Keynesian remedies isn't it time for you to learn what Keynes's analysis is all about? The current global economic crisis has been caused by the de-regulation of financial markets over the last three decades. Yet, orthodox economic theory during this period provided the rational for this political belief in the desirability of free efficient markets. This volume explains how, after the collapse of financial markets in 1929 led to the Great Depression, John Maynard Keynes, the greatest economic thinker of the 20th century, developed an alternative analytical framework to this orthodox theory. Keynes's alternative theory explains why this free efficient market theory is not, and cannot be, applicable to the entrepreneurial, market-oriented system in which we live. Instead, with unregulated or under-regulated markets the economy will be extremely volatile. Booms (investment bubbles) are likely to be followed by catastrophic collapses. In the absence of positive government action, long periods of economic stagnation could follow.
To avoid these catastrophic collapses and periods of stagnation, Keynes indicated that governments have two important roles to play. First governments must develop institutions, rules, and regulations that maintain the stability and liquidity of financial markets, domestically and globally. Second, the government must take whatever action necessary to make sure that the full employment of resources are continuously utilized in producing desirable and productive goods and services. Only then can we eliminate the two outstanding faults of our entrepreneurial system -- (1) the failure of the system to provide full employment and (2) the arbitrary and inequitable distribution of wealth and incomes.
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About the author: Paul Davidson
PAUL DAVIDSON is Editor and co-founder of the Journal of Post Keynesian Economics. He is the author, co-author or editor of 18 books and more than 220 published... Read more
PAUL DAVIDSON is Editor and co-founder of the Journal of Post Keynesian Economics. He is the author, co-author or editor of 18 books and more than 220 published professional articles. He has taught at the University of Pennsylvania, Rutgers University, University of Bristol (UK), and the University of Tennessee. He has also held Visiting Professorships at University of Nice, Institute For Advanced Studies (Vienna), and University of Strasbourg, He has been the Associate Director of the Economics Division of Continental Oil company, a member of the Brookings Economics Panel, and consultant to numerous organizations including Resources For the Future, Energy Policy Project (Ford Foundation), central Bank of Ecuador, Central Bank of Venezuela, Central Bank of Uruguay, and the Interamerican Institute of Capital Markets, Federal trade Commission, Western Union Telegraph Company, Chase Econometrics Associates, State of Alabama, New York State Consumer Protection Agency, Federal Trade Commission, and the U.S. International Communications Agency (USIA and USIS).
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Review:
'Davidson convincingly shows how Keynes's radical assault on classical economic theory was undermined by mainstream interpreters anxious to make his doctrines politically acceptable. Keynes's own...Read more
'Davidson convincingly shows how Keynes's radical assault on classical economic theory was undermined by mainstream interpreters anxious to make his doctrines politically acceptable. Keynes's own 'general theory' is compellingly explained; its obfuscators attacked with Davidson's familiar panache.' - Lord Skidelsky, author of John Maynard Keynes 1883-1946: Economist, Philosopher, Statesman 'This could be the best one-volume treatment of Keynes's economics since Keynes himself. Clear, logical and faithful, Paul Davidson introduces the real Keynes to a new generation. And do we ever need him.' - James K. Galbraith, The University of Texas at Austin and Levy Economic Institute 'Global imbalances, the unshackling of capital, the precarious state of modern capitalism: rarely has the world of economics been in more need of the thoughts of John Maynard Keynes. Although Keynes is no longer with us, this book is the next best thing. Paul Davidson is the leading expert on Keynes and Keynesianism and his book should be read by anybody who wants to understand the world as it is, rather than as the economic text books say it ought to be.' - Larry Elliott, Economics Editor, The Guardian 'Paul Davidson's fascinating, encyclopaedic book captures the drama of the appearance of the General Theory, illuminates the controversies still surrounding it, and passionately defends Keynes's radical innovations in economic theory and policy. It is high time for economists and policymakers to go back to Keynes's own words, whose power Davidson so effectively articulates.' - Peter L. Bernstein, President of Peter L. Bernstein, Inc., and author of Against the Gods: The Remarkable Story of Risk and Capital Ideas Evolving 'The publication of the first installments in Palgrave Macmillan's new series, "Great Thinkers in Economics," should be a major event for historians of economics.' - Roger Blackhouse, University of Birmingham
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