The Keynesian Revolution and Its Critics: Issues of Theory and Policy for the Monetary Production Economy

Fletcher, Gordon A. The Keynesian Revolution and Its Critics: Issues of Theory and Policy for the Monetary Production Economy. London: Palgrave Macmillan, 1989.

From Palgrave Macmillan:

Fifty years after the publication of John Maynard Keynes’s The General Theory of Employment, Interest, and Money this book seeks to explain and justify the Keynesian Revolution and to defend Keynes against his principal critics, identified as D. H.Robertson, Milton Friedman, F. A. Hayek and, vicariously, Georg Simmel. By examining Keynes’s own work in the light of the critics’ specific arguments it is concluded that Keynesian principles hold good and remain relevant to the analysis of current issues. To account for the apparent failure of Keynesian economic policy the problems of the Keynesian political economy are examined and the Keynesian Revolution is put into context, of a broader movement towards socialisation which in Great Britain – the cradle of the Keynesian Revolution – had its roots in the interwar depression and the special conditions of total war which followed it.

 

Table of Contents:

Preface

Introduction

PART 1 – MONEY IN THE ECONOMY

The Institution of Money: An Introduction

The Monetary Economy

Money Investment and Saving

PART 2 – THE KEYNESIAN REVOLUTION AND ITS CRITICS: 1 ROBERTSONIAN ECONOMICS

Keynes’s Revolution

The Robertsonian Critique

The Principle of Effective Demand

Keynes’s Theory of Investment and Saving

Robertson and Keynes on Investment and Saving

The Finance of Investment

The Rate of Interest

A Monetary Theory of the Rate of Interest

The Conditions for Money as the Standard

The Market Rate of Interest and its Economic Significance

The Keynesian Economic Problem and its Solution

PART 3 – THE KEYNESIAN REVOLUTION AND ITS CRITICS: 2 MONETARISTS AND AUSTRIANS

The Consequences of Mr Keynes?

Monetarism: 1 The Counter-Revolution

Monetarism: 2 Monetarism, Keynes and the Keynesians

Monetarism: 3 Rational Expectations

The Austrians: 1 Tenets of the Faith

The Austrians: 2 Hayek and the Trade Cycle

The Austrians: 3 Two Routes to Serfdom

Employment Policy

The Keynesian Revolution in Context

In Conclusion

Notes

Index

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