Raising Keynes : a twenty-first-century general theory / Stephen A. Marglin.

Format:

Book

Author/Creator:

Marglin, Stephen A., author.

Language:

English

Subjects (All):

Keynesian economics.

Industries--Self-regulation.

Industries.

Keynes, John Maynard, 1883-1946.

Keynes, John Maynard.

Physical Description:

1 online resource (720 p.)

Place of Publication:

Cambridge, Massachusetts : Harvard University Press, [2021]

Language Note:

In English.

Summary:

Keynes’s General Theory has been misunderstood as relying on frictions to justify the need for the visible hand of government to complement the invisible hand of the market. Fleshing out the GT with tools not available to Keynes, Marglin exposes the fundamental failure of markets to self-regulate and draws lessons for fiscal and monetary policies.

Contents:

Frontmatter

Contents

Notation

Prologue: What Is This Book About?

Part I. Background: The Rise and Fall

1 Introduction: Is This Resurrection Necessary?

2 What Were They Thinking? Economics Before The General Theory

Part II. Keynes Defeated: Static Models and the Critics

3 The Determination of Output and Employment: First and Second Passes at Equilibrium

4 Equilibrium with a Given Money Supply: Critical Perspectives on the Second-Pass Model

Part III. Keynes Vindicated: A Theory of Real-Time Changes

5 The Price Mechanism: Gospels According to Marshall and Walras

6 The General Theory without Rigid Prices and Wages

7 Dynamics vs. Statics: Can the Economy Get from the Here of Unemployment to the There of Full Employment?

8 A Dose of Reality: The Evidence of the Great Depression

Part IV. Building Blocks

9 Consumption and Saving

10 Investment

11 The Theory of Interest, I: Liquidity Preference in a World of Money and Bonds

12 The Theory of Interest, II: Liquidity Preference as a Theory of Spreads

13 Taking Money Seriously

Part V. Fiscal Policy in Theory and Practice

14 Functional Finance and the Stabilization of Aggregate Demand

15 Did the Obama Stimulus Work?

16 Functional Finance and the Composition of Aggregate Demand

Part IV. Keynes in the Long Run

17 First Steps into the Long Run: Harrod, Domar, Solow, and Robinson

18 Keynes in the Long Run: A Theory of Wages, Prices, and Employment

19 Inflation and Employment Empirics in the Keynesian Long Run

Notes

References

Acknowledgments

Index

Notes:

Description based on print version record.

Includes bibliographical references and index.

ISBN:

9780674246201

0674246209

9780674246225

0674246225

OCLC:

1250086158