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A History of Post Keynesian Economics since 1936
This is a unique, comprehensive and international history of the post Keynesian approach to economics since 1936. The author locates the origins of post Keynesian economics in the conflicting initial interpretations of Keynes’s General Theory and in the complementary work of Michal Kalecki.
Awarded Choice Outstanding Academic Title for 2002
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Critical Acclaim
Contents
More Information
This is a unique, comprehensive and international history of the post Keynesian approach to economics since 1936. The author locates the origins of post Keynesian economics in the conflicting initial interpretations of Keynes’s General Theory and in the complementary work of Michal Kalecki.
The book begins by focusing on Cambridge Growth, Distribution and Capital theory and early post Keynesian thought in the US. The failure of post Keynesian theory to supplant the neo-classical paradigm in the 1970s is also discussed, along with an overview of post Keynesian thinking in other countries. The book then deals with the search for coherence between various strands of post Keynesian thought and other schools of economic thought. The author concludes by assessing the progress made by post Keynesian economics since 1936 and considers several possible alternative futures for the post Keynesians.
Historians of economic thought as well as post Keynesian and other heterodox economists will warmly welcome A History of Post Keynesian Economics.
The book begins by focusing on Cambridge Growth, Distribution and Capital theory and early post Keynesian thought in the US. The failure of post Keynesian theory to supplant the neo-classical paradigm in the 1970s is also discussed, along with an overview of post Keynesian thinking in other countries. The book then deals with the search for coherence between various strands of post Keynesian thought and other schools of economic thought. The author concludes by assessing the progress made by post Keynesian economics since 1936 and considers several possible alternative futures for the post Keynesians.
Historians of economic thought as well as post Keynesian and other heterodox economists will warmly welcome A History of Post Keynesian Economics.
Critical Acclaim
‘A History of Post Keynesian Economics Since 1936 offers a thoughtful and readable account of the debates following the publication of Keynes’s General Theory of Employment, Interest and Money. It provides a topical narrative that incorporates the national origins of the participants. . . [King’s] volume deserves shelf space in the personal libraries of heterodox economists of all persuasions and, hopefully, will also be read by more than a few neoclassicals.’
– Ingrid Rima, Eastern Economic Journal
‘This is an important and well-written book, particularly for those who believe that the economy should be studied within a social, historical and political framework. John King is to be commended for preserving the history of this movement.’
– Peter Kriesler, Australian Journal of Political Science
‘. . . the volume is a fine book about the evolution of PKE. It is well written and very informative. . . This book is a wonderful attempt to elucidate the work of several generations of dissenting economists who have laboured hard on developing and extending the original theoretical insights of Keynes.’
– Giuseppe Fontana, History of Economic Ideas
‘One cannot help having high expectations about a book on the history of Post Keynesian economics (PKE) written by John E. King. . . And indeed, the reader will not be disappointed. The book will undoubtedly become the standard history of PKE. Written with a rich and intimate knowledge of the debates and their participants, the book swiftly takes the reader through decades of debate and tours various areas of PK research.’
– Engelbert Stockhammer, Intervention
‘King’s book does not just provide an excellent history of post Keynesian economics, warts and all; it also shows that there is a future to work for. His book belongs on the bookshelves of all post Keynesian and all heterodox economists, without exception.’
– Frederic S. Lee, Journal of the History of Economic Thought
‘John E. King provides students and young scholars with a book that will answer most of their questions concerning the emergence, the strengthening and the spreading of post Keynesianism all around the world. This innovative work is very valuable for its historical perspective.’
– Eric Tymoigne, Oeconomicus
‘King provides an accessible and comprehensive history of post Keynesian (PK) thought since publication of J.M. Keynes’s General Theory. . . . the book will make an excellent text in graduate-level theory courses. Further, the depth and clarity of the analysis makes this essential reading even for those quite familiar with the PK approach. . . . an excellent book loaded with insightful analysis and citations to most of the relevant literature.’
– L. Randall Wray, Journal of Economic Literature
‘Displaying scholarship of the highest calibre, King provides a broad and comprehensive history of post Keynesian economics from The General Theory up to the present day . . . The book is well written and contains many good anecdotes and tidbits. It will prove to be the standard history of post Keynesian economics for many years to come, thus making it an invaluable and indispensable reference source. Very highly recommended for all academic collections, lower-division undergraduate through faculty.’
– Steve Pressman, Choice
‘A thorough, thoughtful, issue-related history such as this is just the thing to contribute to the growing maturity of post Keynesian economics, clarifying where we have got to now, and indicating how the approach might develop in the future. By making sense of the twists and turns of post Keynesian thought, John King provides a sense of coherence out of a complex process.’
– Sheila C. Dow, University of Stirling, UK
‘This book provides a thorough account of the evolution of post Keynesian economics from its origins in interpretations of the General Theory in the late 1930s through to the present day. During this period the character of post Keynesian economics has changed from denoting the ideas of a small number of interpreters of Keynes to a more organised dissenting group spread across several continents. John King’s book will interest anyone who wants to understand this transition or who has an interest in the more general question of how and why heterodox traditions have been established in economics.’
– Roger E. Backhouse, University of Birmingham, UK
– Ingrid Rima, Eastern Economic Journal
‘This is an important and well-written book, particularly for those who believe that the economy should be studied within a social, historical and political framework. John King is to be commended for preserving the history of this movement.’
– Peter Kriesler, Australian Journal of Political Science
‘. . . the volume is a fine book about the evolution of PKE. It is well written and very informative. . . This book is a wonderful attempt to elucidate the work of several generations of dissenting economists who have laboured hard on developing and extending the original theoretical insights of Keynes.’
– Giuseppe Fontana, History of Economic Ideas
‘One cannot help having high expectations about a book on the history of Post Keynesian economics (PKE) written by John E. King. . . And indeed, the reader will not be disappointed. The book will undoubtedly become the standard history of PKE. Written with a rich and intimate knowledge of the debates and their participants, the book swiftly takes the reader through decades of debate and tours various areas of PK research.’
– Engelbert Stockhammer, Intervention
‘King’s book does not just provide an excellent history of post Keynesian economics, warts and all; it also shows that there is a future to work for. His book belongs on the bookshelves of all post Keynesian and all heterodox economists, without exception.’
– Frederic S. Lee, Journal of the History of Economic Thought
‘John E. King provides students and young scholars with a book that will answer most of their questions concerning the emergence, the strengthening and the spreading of post Keynesianism all around the world. This innovative work is very valuable for its historical perspective.’
– Eric Tymoigne, Oeconomicus
‘King provides an accessible and comprehensive history of post Keynesian (PK) thought since publication of J.M. Keynes’s General Theory. . . . the book will make an excellent text in graduate-level theory courses. Further, the depth and clarity of the analysis makes this essential reading even for those quite familiar with the PK approach. . . . an excellent book loaded with insightful analysis and citations to most of the relevant literature.’
– L. Randall Wray, Journal of Economic Literature
‘Displaying scholarship of the highest calibre, King provides a broad and comprehensive history of post Keynesian economics from The General Theory up to the present day . . . The book is well written and contains many good anecdotes and tidbits. It will prove to be the standard history of post Keynesian economics for many years to come, thus making it an invaluable and indispensable reference source. Very highly recommended for all academic collections, lower-division undergraduate through faculty.’
– Steve Pressman, Choice
‘A thorough, thoughtful, issue-related history such as this is just the thing to contribute to the growing maturity of post Keynesian economics, clarifying where we have got to now, and indicating how the approach might develop in the future. By making sense of the twists and turns of post Keynesian thought, John King provides a sense of coherence out of a complex process.’
– Sheila C. Dow, University of Stirling, UK
‘This book provides a thorough account of the evolution of post Keynesian economics from its origins in interpretations of the General Theory in the late 1930s through to the present day. During this period the character of post Keynesian economics has changed from denoting the ideas of a small number of interpreters of Keynes to a more organised dissenting group spread across several continents. John King’s book will interest anyone who wants to understand this transition or who has an interest in the more general question of how and why heterodox traditions have been established in economics.’
– Roger E. Backhouse, University of Birmingham, UK
Contents
Contents: Introduction 1. First Reactions to The General Theory 2. An Economist from Poland 3. Generalizing The General Theory 4. Those Cambridge Controversies 5. Outside Cambridge: The First US Post Keynesians 6. Against the Mainstream: Post Keynesian Economics in the 1970s 7. Economic Heresy Around the World 8. Money and the Monetarists 9. Uncertainty, Expectations and Method 10. Keynes, Kalecki, Sraffa: Coherence? 11. Post Keynesians and Other Deviants 12. A Promise that Bounced? References Index