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Essays on Keynesian and Kaldorian Economics
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Keynes’s General Theory of Employment, Interest and Money is undoubtedly regarded as the most important book on economics in the twentieth century, and this view would be shared, I think, by those who are wholly opposed to its teaching as well as by its adherents. Nearly 50 years after its appearance controversy still rages around its basic ideas and prescriptions, and I do not think that any major economist in the West would regard the issues raised by Keynes as finally settled. In this respect Keynes’s General Theory is in sharp contrast to all the previous pathbreaking books on economics – such as Adam Smith’s Wealth of Nations or Ricardo’s Principles or Marshall’s Principles – whose main tenets have not given rise to violent controversies in the same way as Keynes’s. The possible exception is Karl Marx’s Capital, but then Marx was a revolutionary which Keynes was certainly not – Keynes’s avowed purpose was to save the capitalist system, not to destroy it.
Why then all this turbulence? We have authors who have written several fat books on Keynes (and I presume still keep on writing them) the main message of which is that Keynes said nothing new, and others who spent the better part of their life-time in demonstrating (unsuccessfully in my view) that Keynes was entirely wrong.
A.P. Thirlwall - Personal Name
1st Edtion
978-1-137-40948-5
NONE
Essays on Keynesian and Kaldorian Economics
Economics
English
Palgrave Macmillan
2015
USA
1-392
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