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This timely book provides 15 chapters of cutting-edge academic work
related to Post-Keynesian economics for the future. This includes
stock-flow consistent modelling and analyses of the key challenges
associated with the economic policies of sustainability. The first
part highlights the important challenges of understanding the
increasingly disrupted macroeconomic system of global supply
chains, fluctuating inflation and unsustainable development in an
uncertain and unpredictable economic environment. These changes
call for an updated analytical framework at the global and national
levels. For this purpose, the expert contributors firstly present a
stock-flow consistent model framework to analyse these new
conditions in order to achieve sustainable development in the
future. The next sections contain contributions offering a renewed
understanding of key macroeconomic phenomena such as Keynes’s
fundamental uncertainty and principle of effective demand in an
increasingly unstable economic and political system. Following
chapters discuss how to re-establish and coordinate a demand-led
and sustainable growth path using unconventional fiscal and
monetary policy in an unpredictable global environment. The book
contains important updates of macroeconomic theory and method, and
presents a number of empirical case-studies. It will be an
indispensable read for scholars and students interested in the
development within Post-Keynesian theory, policy and methodology.
It will also be informative for civil servants working in the
Treasury or banking sectors, and policymakers in public and private
institutions making decisions for the future in an uncertain
economic environment.
The Post-Keynesian methodology emphasising uncertainty is
indispensable to analysing and understanding the major challenges
of the 21st Century. On that basis, this book focuses on the
failures of the market economic system to secure stability and
sustainability, and demonstrates why this is not recognised by
conventional economic theory. The Post-Keynesian economics set out
here aims for an understanding of the economy as a whole and as an
integral part of society. Chapters analysing money, banks and
finance as dynamic phenomena open the book. They are followed by
chapters focusing on methodological issues such as uncertainty,
longer-term aspects, sustainability and other non-monetary economic
activities. This important book is a useful tool for students and
researchers who wish to gain a better understanding of real world
economics. In these areas where conventional macroeconomic theory
may not be sufficient, this book offers viable post-Keynesian
alternatives. Contributors include: A. Asensio, V. Chick, S. Dow,
A. Freeman, J. Ghosh, C. Goodhart, P. Hawkins, J. Jespersen, M.O.
Madsen, R. McMaster, C.J. Rodriguez-Fuentes, R. Rotheim, S. Sen, R.
Studart, B. Tieben, G. Tily
Jesper Jespersen presents a treatise on the importance of the
choice of methodology within macroeconomics. Given that no
scientifically based macroeconomic policy recommendation should be
established without an evaluation of the methods employed, this
book gives a clear exposition of how proper macroeconomic analysis
should be undertaken. Furthermore, it is convincingly argued that
one of the lasting contributions of John Maynard Keynes was his
emphasis on methodology; that macroeconomic consequences of
uncertainty could not be analysed within the established general
equilibrium framework. It is due to post-Keynesian economics
supported by critical realism that the understanding of Keynes's
methodology has been resurrected, which has eventually resulted in
renewed debate on realistic macroeconomic policies to restore full
employment without inflation. Macroeconomic Methodology is an
inquiry into the question of how to conduct a proper scientific
analysis of uncertainty within macroeconomics. It will be of great
interest to scholars of the philosophy of social sciences and
methodology, as well as post-Keynesian and heterodox economists.
This timely book is devoted to the advance of post-Keynesian
economics, covering the last ten years of persistent and nuanced
disparities in many dimensions of macroeconomic 'reality'. Taking a
pluralistic approach to modern Keynesian economics, the book
presents innovative contributions to methodology, analyses of
financialization and macroeconomic modeling. It explores how to
model a complex macro-system at a time when economic uncertainty is
dominant. Rich case studies examine increasing macroeconomic
imbalances, paving the way for a better understanding of the
political challenges of the future. With chapters dedicated to
teaching macroeconomics, the book adopts a practical stance,
exploring the notion of moving away from mathematical modeling
towards problem-based learning. Provocative and comprehensive, this
book is crucial reading for all macroeconomists, from academic
researchers to ministerial officials, seeking guidance on dealing
with macroeconomic 'reality'. Postgraduate students of heterodox
economics and political economy will also benefit from the
innovative contributions of top post-Keynesian scholars, offering
an alternative understanding of contemporary macroeconomic theory.
This book is devoted to examining the lasting impact of The General
Theory and Keynes?'s thought on macroeconomic theory, methodology
and its relevance for understanding the financial and economic
challenges of the 21st Century. A number of contributions take
their departure from Keynes?'s presentation during the 1930s of his
new macroeconomic understanding and its policy implications. The
book also discusses pluralistic views of Keynes?'s ideas and their
importance for contemporary debates. The General Theory and Keynes
for the 21st Century develops the analysis of money and banking,
and the intertwined relationship between financial and real-world
activities throughout. It demonstrates how vital Keynes?s work is
to understanding the failure of the globalised financial system as
well as pointing to an alternative way forward. The broad scope and
richness of the contributions are reminders of how most books
severely misrepresent The General Theory and therefore fail to act
as a guide to 21st Century policy. As such, this book is a
necessary tool for scholars, researchers and advanced students of
economics, as well as policy makers who wish to create a more just
society in the face of the current deregulated global market
economy. Contributors include: G.M. Ambrosi, A.M. Carabelli, M.A.
Cedrini, V. Chick, T. Congdon, A. Denis, R. Desai, S. Dow, G.C.
Harcourt, M.G. Hayes, J. Jespersen, P. Kriesler, H.D. Kurz, M.C.
Marcuzzo, J.W. Nevile, R. Skidelsky, T.D. Togati, A. Vercelli
The present macroeconomic crisis has demonstrated that a deeper
understanding of the importance of relevant macroeconomic theories
and methods is wanting. Additionally, lack of methodological
awareness is behind much of the disagreement within macroeconomics
which, looked upon from outside, often appears incomprehensible.
The Handbook will give a structured presentation of the study of
principles and procedures by which macroeconomics is researched,
taught and communicated both within academia and to a wider
audience, and why specific theories, research strategies and
teaching are preferred. The principles of selecting theory relevant
to real-world problems are the core of methodology. This book will
contain a broad range of arguments behind theory construction and
appraisal and the consequences of these choices within the field of
macroeconomics. An international range of experts provide clear
analysis of key concepts, ideas and principles to give academics,
students and others a better understanding of the macroeconomics
behind policy conclusions which are put forward at different
levels.
This book takes a close look at macroeconomic imbalances within the
Eurozone and explores the profound consequences the introduction of
the European Monetary Union (EMU) has had on Euro area countries.
Particular attention is given to balance of payments deficits and
surpluses, and the profound difficulties of rebalancing the Euro
area. Throughout the chapters, the author argues that the EMU has
failed to support an optimal currency area with the correct
institutional arrangements due to misunderstandings at a
macroeconomic level. The author also sheds light on the stability
pact and the resulting macroeconomic trap which has left a number
of Eurozone countries with devastatingly high rates of
unemployment. The book argues that by disregarding important
macroeconomic imbalances, Euro-monetarists have derailed the entire
Eurozone project to such an extent that it is at risk of falling
apart. Key chapters discuss the establishment of the EMU from a
Euro-realist perspective and the role of the European Central Bank
in rebalancing financial markets. The concluding chapter looks
ahead to the future of the Euro and proposes necessary
institutional solutions to the macroeconomic problems it is
currently facing. Scholars and students with an interest in the
current economic disarray within the Eurozone will find this work
thought-provoking and highly informative.
This book takes a close look at macroeconomic imbalances within the
Eurozone and explores the profound consequences the introduction of
the European Monetary Union (EMU) has had on Euro area countries.
Particular attention is given to balance of payments deficits and
surpluses, and the profound difficulties of rebalancing the Euro
area. Throughout the chapters, the author argues that the EMU has
failed to support an optimal currency area with the correct
institutional arrangements due to misunderstandings at a
macroeconomic level. The author also sheds light on the stability
pact and the resulting macroeconomic trap which has left a number
of Eurozone countries with devastatingly high rates of
unemployment. The book argues that by disregarding important
macroeconomic imbalances, Euro-monetarists have derailed the entire
Eurozone project to such an extent that it is at risk of falling
apart. Key chapters discuss the establishment of the EMU from a
Euro-realist perspective and the role of the European Central Bank
in rebalancing financial markets. The concluding chapter looks
ahead to the future of the Euro and proposes necessary
institutional solutions to the macroeconomic problems it is
currently facing. Scholars and students with an interest in the
current economic disarray within the Eurozone will find this work
thought-provoking and highly informative.
This book contends that post Keynesian economics has its own
methodological and didactic basis, and its realistic analysis is
much-needed in the current economic and financial crisis. At a time
when the original message of Keynes' General Theory is no longer
present in most university syllabuses, this book celebrates the
uniqueness of teaching post Keynesian economics, providing
comparisons with traditional economic rationale and illustrating
the advantages of post Keynesian pedagogy. Against a backdrop in
which neo-classical textbooks prevail, the expert contributors
demonstrate that Keynes and The General Theory possess
indispensable insight that would furnish students with a clearer
understanding of the world economy in which they live. They explore
the teaching of post Keynesian economics from a number of different
perspectives, covering topics such as open system theorizing,
pluralism in teaching, rhetoric in the spirit of Keynes,
uncertainty, expectations and money. A critique of mainstream and
traditional economic textbooks is also provided. This highly unique
and fascinating book will provide an invaluable reference tool for
teachers and researchers in post Keynesian economics, as well as
their students.
At a time of renewed interest in Keynes, this volume provides an
illuminating and forward-looking collection of papers. They explain
the meaning of Keynes s great contribution and also show how that
contribution can be developed further for application to modern
economic policy issues. Most important, the papers explain the ways
in which Keynes's methodological approach is so different from that
which continues to dominate mainstream economics and how productive
it would be if that approach were applied to our modern
experience.' - Sheila Dow, University of Stirling, UK'This book
celebrates the 75th anniversary of Keynes's General Theory, which
has proved yet again to be an endless source of inspiration. These
authors take The General Theory as a point of departure from which
to address the problems of today from fresh perspectives. This
volume is indeed Keynes for today - and tomorrow.' - Victoria
Chick, University College London, UK 'Keynes's General Theory for
Today is a fine set of thoughtful and highly relevant essays. They
relate several ideas of Keynes to today's happenings, putting
forward modifications and extensions to take into account both
short-term and long-term happenings in advanced capitalist
economies. Especially useful are the investigations of Keynes's
revolutionary methods of reasoning in economics, long abandoned by
orthodox economists, to the great detriment of our understanding of
what is happening and what may be done about it. These essays
should be required reading for students, teachers and policy makers
alike.' - G.C. Harcourt, University of New South Wales, Australia
The themes of this important new volume were chosen to mark the
75th anniversary of the publication of The General Theory of
Employment, Interest and Money. The distinguished authors
concentrate on the relevance of this seminal publication for
macroeconomic theory, method and the politics of today. This is
particularly pertinent as similarities with the 1930s are striking
in terms of unemployment, low growth, financial fragility and the
European monetary union resembling the gold standard. Illustrating
new ways of understanding the importance of uncertainty in
macroeconomics, particularly in view of the importance of finance
and balance of payments imbalances within a monetary union, this
book will prove a stimulating and challenging read for academics,
researchers and students of macroeconomics, heterodox economics,
and the methodology and history of economic thought. Contributors
include: A. Carabelli, E. De Antoni, J. Galbraith, M. Hayes, J.
Jespersen, M. Laine, N. Levy-Orlik, M.O. Madsen, T.D. Togati, A.
Truger, J. Uxo, S. Voss
The authors of this book argue that the "Scandinavian Model" could
be a starting point for a more relevant theory of macroeconomics.
The importance of macro dynamics is also stressed for the
understanding of inflation, growth and distribution.
Jesper Jespersen presents a treatise on the importance of the
choice of methodology within macroeconomics. Given that no
scientifically based macroeconomic policy recommendation should be
established without an evaluation of the methods employed, this
book gives a clear exposition of how proper macroeconomic analysis
should be undertaken. Furthermore, it is convincingly argued that
one of the lasting contributions of John Maynard Keynes was his
emphasis on methodology; that macroeconomic consequences of
uncertainty could not be analysed within the established general
equilibrium framework. It is due to post-Keynesian economics
supported by critical realism that the understanding of Keynes's
methodology has been resurrected, which has eventually resulted in
renewed debate on realistic macroeconomic policies to restore full
employment without inflation. Macroeconomic Methodology is an
inquiry into the question of how to conduct a proper scientific
analysis of uncertainty within macroeconomics. It will be of great
interest to scholars of the philosophy of social sciences and
methodology, as well as post-Keynesian and heterodox economists.
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