The return to Keynes
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Bibliographic Information
The return to Keynes
Belknap Press of Harvard University Press, 2010
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Note
Includes bibliographical references (p. [277]-299) and index
Description and Table of Contents
Description
Keynesian economics, which proposed that the government could use monetary and fiscal policy to help the economy avoid the extremes of recession and inflation, held sway for thirty years after World War II. However, it was discredited after the stagflation of the 1970s, which not only proved resistant to traditional Keynesian policies but was actually thought to be caused by them. By the 1990s, the anti-Keynesian counter-revolution seemed to reach its pinnacle with the award of several Nobel Prizes in economics to its architects at the University of Chicago.
However, with the collapse of the dot-com boom in 2000 and the attacks of 9/11 a year later, the nature of macroeconomic policy debate took a turn. The collapse prompted a major shift in macroeconomic policy, as the Bush administration and other governments around the world began to resort to Keynesian measures-both monetary and fiscal policies-to stabilize the economy. The Keynesian rebirth has been most dramatically illustrated during the past year when central banks have pumped billions of dollars of liquidity into the world's financial system to address the crises of confidence, illiquidity, and insolvency that were triggered by the sub-prime lending crisis. The Return to Keynes puts Keynesian economics in a fresh perspective in order to assess this surprising new era in economic policy making.
Table of Contents
* Introduction: The Return to Keynes Bradley W. Bateman, Toshiaki Hirai and Maria Cristina Marcuzzo Part I: Keynesian Economic Policy: Past, Present and Future * Keynes Returns to America Bradley W. Bateman * Japan's Long-run Stagnation and Economic Policies Yoshiyasu Ono * European Macroeconomic Policy: A Return to Active Stabilization? Hans-Michael Trautwein Part II: Interpreting Keynesian Theory and Keynesianism * From the 'Old' to the 'New' Keynesian-Neoclassical Synthesis: An Interpretation Richard Arena * Tobin's Keynesianism Robert W. Dimand * The New Neoclassical Synthesis and the Wicksell-Keynes Connection Mauro Boianovsky and Hans-Michael Trautwein Part III: Re-reading and Interpreting Keynes * An Abstruse and Mathematical Argument: The Use of Mathematical Reasoning in the General Theory Roger E. Backhouse * The General Theory: Toward the Concept of Stochastic Macro-equilibrium Hiroshi Yoshikawa * Keynes's Economics in the Making Toshiaki Hirai * Keynes, Sraffa and the Latter's "Secret Skepticism" Heinz D. Kurz * Keynes and the War of Words Gilles Dostaler Part IV: Global Crisis: Lessons from Keynes * Keynes and Modern International Finance Theory Marcello De Cecco * Keynes's Influence on Modern Economics: Some Overlooked Contributions of Keynes's Theory of Finance and Economic Policy Jan A. Kregel * Current Global Imbalances: Might Keynes Be of Help? Anna M. Carabelli and Mario A. Cedrini * References * Contributors * Index
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