Raising Keynes: A Twenty-First-Century General Theory (Hardback)
  • Raising Keynes: A Twenty-First-Century General Theory (Hardback)
zoom

Raising Keynes: A Twenty-First-Century General Theory (Hardback)

(author)
£79.95
Hardback 928 Pages / Published: 15/06/2021
  • We can order this from the publisher

UK delivery within 3-4 weeks

  • This item has been added to your basket
Your local Waterstones may have stock of this item. Please check by using Click & Collect

Back to the future: a heterodox economist rewrites Keynes's General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century.

John Maynard Keynes's General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes's lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins.

Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes's intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand.

Ordinary citizens have paid a steep price for the distortion of Keynes's message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose.

Fleshing out Keynes's intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.

Publisher: Harvard University Press
ISBN: 9780674971028
Number of pages: 928
Dimensions: 235 x 156 mm


MEDIA REVIEWS
"Stephen Marglin's magnum opus makes a powerful case that we cannot expect the economy to solve its own problems, and that instead economists and policymakers need to put persistent unemployment at the center of their thinking in order to both better understand the economy and to make a stronger case for using fiscal and monetary policy to change it for the better."-Jason Furman, Harvard University, former Chairman of the U.S. Council of Economic Advisers
"This is a thought-stimulating reconstruction of John Maynard Keynes's insight that market economies do not automatically gravitate to full-employment equilibrium even if prices are flexible. Stephen Marglin shows, with modern analytical tools and (yet) in an often entertaining style, how normal signal processing leads to real-time adjustments to shocks that can move a competitive economy out of equilibrium in the short run and into a different equilibrium in the long. He succeeds in demonstrating this without invoking all those frictions and imperfections so indispensable to New Keynesians. The book opens a wide array of unorthodox, but well-founded perspectives on past and current issues of economic policy. It is the fruit of life-long research, and it deserves a wide readership."-Hans-Michael Trautwein, University of Oldenburg, Germany
"Raising Keynes is a work of great significance that anyone seriously interested in how capitalism functions and malfunctions should read carefully. Stephen Marglin succeeds in clarifying the central ideas in John Maynard Keynes's revolutionary macroeconomic framework, while also extending and deepening those ideas in important ways, applying the ideas to our contemporary conditions, and also delivering devastating critiques of orthodox macroeconomic theory and practice. The book is also highly accessible for a work of this nature, without skimping at all on technical details-an almost impossible combination to pull off."-Robert Pollin, University of Massachusetts Amherst

You may also be interested in...

Development as Freedom
Added to basket
Conspicuous Consumption
Added to basket
The Theory of Moral Sentiments
Added to basket
Small Is Beautiful
Added to basket
The Penguin History of Economics
Added to basket
Keynes: A Very Short Introduction
Added to basket
The Essential Keynes
Added to basket
The Wealth Of Nations
Added to basket
Capital
Added to basket
£8.99
Paperback
The Wealth of Nations
Added to basket
Happiness
Added to basket
£10.99
Paperback
The Wealth of Nations
Added to basket
How Markets Fail
Added to basket
£10.99
Paperback
Capitalism: A Very Short Introduction
Added to basket

Please sign in to write a review

Your review has been submitted successfully.