This book argues that the coordination problem lies at the heart of
Keynes's economics. It shows how Keynes's message got lost in the
post-War period and develops a more fruitful extension of Keynes's
ideas within a general equilibrium framework and alternative
frameworks such as post Keynesian and Austrian economics. It is
demonstrated that in the absence of a coordinating device like the
Walrasian auctioneer or in the presence of uncertainty,
coordination can no longer be superimposed. This ultimately implies
that apart from some notable exceptions, the Keynesian revolution
was in fact stifled at birth because the validity of the central
concepts of microeconomics have never been challenged.This lively
and fascinating book is likely to provoke debate amongst economists
and policymakers. Its conclusions place a question mark over the
development of economic theory since the Second World War.
General
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