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A Critique of Keynesian Economics (Hardcover, 2Rev ed)
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A Critique of Keynesian Economics (Hardcover, 2Rev ed)
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This book brings together articles by international political
economists on Keynesian economics and its legacy. The book begins
with Don Patinkin's assessment of Keynes' early life and focuses
attention on Keynes' contribution to monetary economics. Among the
many controversies surrounding "The general theory", Axel
Leijonhufvud takes the view that the Keynesian revolution began and
stayed on the wrong track.;Leland Yeager refutes the idea that
Keynesian economics was responsible for the general prosperity in
the indusrialized world immediately after the Second World War.
Although Karl Brunner is not fundamentally against Keynes'
methodological approach, he is critical of his reliance on fiscal
rather than monetary policy. Whereas Terence Hutchison defends
Keynes, both against his critics but also against Keynesians, and
argues that Keynes would not have shared their interpretation of
his work on fundamental grounds. Patrick Minford traces the roots
of neoclassical economics, based on the concept of rational
expectations, back to "the general theory". In the final chapter,
Stephen Littlechild offers an alternative to Keynesian economics by
focusing attention on the Austrian school.
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