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Keynes's General Theory, the Rate of Interest and Keynesian' Economics - Geoff Tily

Keynes's General Theory, the Rate of Interest and Keynesian' Economics

Paperback Published: 31st January 2007
ISBN: 9780230277014
Number Of Pages: 347

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This book argues that Keynesian economists have betrayed Keynes' theory and policy conclusions, and that the world has been misled about those policies. Keynesians have focused attention on policies for dealing with effects of economic failure as they arise, whereas Keynes was concerned with the cause and then the prevention of economic failure.

' such an important book not merely another book on the history of Keynes's monetary thought. It provides compelling evidence of where 'Keynesians' of all shades have gone wrong and simultaneously provides them with the ammunition to generalize what passes for modern monetary theory and macroeconomics. It enables macroeconomists to put Keynes back into Keynesian economics.' - Colin Rogers, University of Adelaide, Australia

'This is an extraordinary book and a major and significant contribution to Post-Keyensian literature.' - Jan Toporowski, School of African and Oriental Studies, University of London, UK

'Above all, this book is a good read, which may achieve that rare combination of a high level of scholarship with relevance to the policy advisor.' - Mark Hayes, University of Cambridge, UK

What's all the fuss about then? Well, unlike most books on economics, this one is beautifully written, with only the simplest few equations, no acronyms or abstruse jargon in sight, and not too long. In three parts History, Theory, and Macroeconomics after Keynes Tily explains carefully and clearly what Keynes was concerned about and actually wrote; how that was used and abused by his contemporaries for their own academic purposes; and what are the implications of his persuasive arguments for the contemporary policy debate. . Tily argues in his new preface, at first surprisingly but ultimately convincingly, that it follows that Keynes's own view would have been that the problems of the last decade have been caused by so much credit advanced not at interest rates that were too low, but rather too high and that the multitude of derivatives (CDO² and so on) were then spawned in a doomed attempt to lower the effective cost of the debt burden assumed. It is a work of inspiring scholarship that will surely make a great present for someone interested in both economics and the history of the mid-twentieth century who would like to understand more about whom to support in the current vigorous policy debates: Krugman or Rogoff? Wolf or Osborne? And just what Keynes himself would have thought about what they have to say, . Do buy! - Diana Hunter, Financial World

List of Figures and Tablesp. viii
List of Abbreviationsp. ix
Acknowledgementsp. x
Preface to the Paperback Editionp. xi
Introductionp. 1
History
Monetary Economics and Monetary Policyp. 13
JMK and the Fourth Grand Monetary Discussionp. 37
The Origins of 'Keynesian' Economicsp. 92
Theory
Theory: Preliminary Discussionp. 133
The Saving-Investment Identity and the Transition from the Treatise to the General Theoryp. 152
The Theory of Liquidity Preference and Debt-Management Policyp. 183
The Monetary of Real Activityp. 226
Macroeconomics After Keynes
Keynes's Response to 'Keynesian' Economicsp. 251
The 'Keynesian' Counter-Revolution and Afterp. 271
The General Theory and the 'Facts of Experience'p. 291
Conclusionp. 312
Bibliographyp. 325
Indexp. 337
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780230277014
ISBN-10: 0230277012
Audience: General
Format: Paperback
Language: English
Number Of Pages: 347
Published: 31st January 2007
Publisher: Palgrave Macmillan
Country of Publication: GB
Dimensions (cm): 21.59 x 13.72  x 2.29
Weight (kg): 0.46
Edition Number: 1