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Keynesian Economics provides a wide-ranging critical examination of the presuppositions and procedures of Keynesian analysis. The result is both a clear guide to modern macro-economic theory and policy and a revealing exercise in the recent history of ideas - ideas which are highly contentious and still deeply influential.""(Alan) Coddington made several substantive contributions to the understanding of Keynesian economics which established his fame not merely in the UK but in major centres of economics around the world."" The Times

Frontmatter -- PREFACE -- PREFACE TO SECOND PRINTING -- CONTENTS -- I. Introduction -- II. The Character of the Keynesian System and its Units -- III. The Role of Expectations in the Keynesian System -- IV. Rates of Interest and Long-Period Equilibrium -- V. The Demand for Money and the Constitution of the Liquidity Function L1 -- VI. The Rate of Interest and the Demand for Money -- VII. Definitions and Assumptions Connected with the Multiplier Functions -- VIII. The Average and Marginal Propensities to Consume -- IX. The General Concept of the Multiplier -- X. The Process of Valuation in the Investment-Goods Industries -- XI. The Marginal Efficiency of Capital and the Investment Functions -- XII. The System of the Shifting Equilibrium -- XIII. The Field of the Shifting Equilibrium -- XIV. Implications

A review article on a book edited by: Peter A. Hall, The Political Power of Economic Ideas: Keynesianism across Nations (Princeton: Princeton U Press, 1989 [see listing in IRPS No. 60]). While it is suggested that John M. Keynes held the somewhat naive view that ideas "make the world go round," this text nonetheless offers different analytical approaches to the nature of the relationship between ideas & politics, & includes a broad selection of national studies & theoretical questions that reflect on the empirical material. Though largely based on US studies, the data are of great use in enhancing comprehension of the post-WWII period. L. Baker

Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modelling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy stimulus proposals are not robust. Government spending multipliers in an alternative empirically-estimated and widely-cited new Keynesian model are much smaller than in these old Keynesian models; the estimated stimulus is extremely small with GDP and employment effects only one-sixth as large.

Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modeling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy stimulus proposals are not robust. Government spending multipliers in an alternative empirically-estimated and widely-cited new Keynesian model are much smaller than in these old Keynesian models; the estimated stimulus is extremely small with GDP and employment effects only one-sixth as large.

Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modeling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy stimulus proposals are not robust. Government spending multipliers in an alternative empirically-estimated and widely-cited new Keynesian model are much smaller than in these old Keynesian models; the estimated stimulus is extremely small with GDP and employment effects only one-sixth as large.

Original articles by leading scholars of post Keynesian economics make up this authoritative collection. Current topics of the greatest interest are covered, such as: perspectives on current economic policy; post Keynesian approaches to monetary theory and policy; economic development, growth and inflation; Kaleckian perspectives on distribution; economic methodology; and history of heterodox economic theory. The contributors explore a variety of prevailing issues including: wage bargaining and monetary policy in the EMU; the meaning of money in the internet age; stability conditions for small open economies; and economic policies of sustainable development in countries transitioning to a market economy. Other enduring matters are examined through the lens of economic theorists--Kaleckian dynamics and evolutionary life cycles; a comparison between Keynes's and Hayek's economic theories; and an analysis of the power of the firm based on the work of Joan Robinson, to name a few

The New Keynesian Economics has been the most significant development in economics in recent years. Does it actually build upon Keynes' work? In this volume, leading post Keynesian economists challenge New Keynesianism both on the grounds that it is not Keynesian, and does not provide an adequate account of our current economic problems