This book addresses the long absence of a satisfactory theory of
macroeconomics. Keynesian theory is not consistent with rational
self-interest, but neo-classical economics is unable to explain
economic volatility and the trade cycle. Athol Fitzgibbons
critiques the leading macroeconomic theories, which he believes are
unduly mechanistic because they are incompatible with
non-quantitative knowledge. The author sketches the intellectual
history of partial knowledge and judgement so far as these relate
to macroeconomics, and rejects the claims that Keynes recanted the
analysis of practical reason in his Treatise on Probability.
Fitzgibbons's theme is the possibility of a new synthesis of Keynes
and the neoclassical system. This stresses financial rationality,
but it also recognizes that there is an element of indeterminacy in
both government policies and the movements of the market.
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