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The Elgar Companion to John Maynard Keynes
The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Critical Acclaim
Contributors
Contents
More Information
The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy. Prominent scholars examine Keynes’s life and major writings, his theories and contributions, influences on the development of his thought, his interactions with his contemporaries, his followers and critics, the lasting significance of his work and the changing fortunes of Keynesianism in different countries.
The Companion will serve as the standard reference work for all those interested in John Maynard Keynes, in the economics of Keynes and in the history of macroeconomics.
The Companion will serve as the standard reference work for all those interested in John Maynard Keynes, in the economics of Keynes and in the history of macroeconomics.
Critical Acclaim
‘The Elgar Companion to John Maynard Keynes will be an invaluable reference tool for Keynes scholars. The general reader interested in the life and work of Keynes will also enjoy it. The editors, Robert Dimand and Harald Hagemann, deserve great praise for their selection of topics covered and for commissioning an exceptional list of experts to write the essays. The publisher, Edward Elgar, should also be acknowledged and thanked for its decision to publish a book of outstanding quality and on such an extensive scale.’
– Selwyn Cornish, Economic Record
‘This volume is an excellent reference book on Keynes and Keynesian economics.’
– Ivo Maes, Journal of European Integration History
‘Keynes’s life and thought is a very large and multidimensional subject. To understand it we need to hear from multiple interpretive voices and the Elgar Companion certainly provides that.’
– Tony Aspromourgos, The History of Economics Review
‘Imaginatively edited and extremely wide-ranging, this always readable and sometimes provocative collection vividly displays the depth, breadth and persistence of Keynes’s influence on our discipline: particularly recommended as a reliable cure for the intellectual indigestion so often brought on by overindulging in any of today’s DSGE-heavy diets.’
– David Laidler, University of Western Ontario, Canada
‘To create a macroeconomics for this century, economists cannot do better than to build on the legacy of Keynes, the great economist of the last century. The Elgar Companion to John Maynard Keynes provides essential background, context, and analysis for understanding Keynes’s work. I wish it had been available when I was preparing my own contribution to the rejuvenation of ideas that were revolutionary when Keynes propounded them more than 80 years ago and remain revolutionary to this day.’
– Stephen Marglin, Harvard University, US
– Selwyn Cornish, Economic Record
‘This volume is an excellent reference book on Keynes and Keynesian economics.’
– Ivo Maes, Journal of European Integration History
‘Keynes’s life and thought is a very large and multidimensional subject. To understand it we need to hear from multiple interpretive voices and the Elgar Companion certainly provides that.’
– Tony Aspromourgos, The History of Economics Review
‘Imaginatively edited and extremely wide-ranging, this always readable and sometimes provocative collection vividly displays the depth, breadth and persistence of Keynes’s influence on our discipline: particularly recommended as a reliable cure for the intellectual indigestion so often brought on by overindulging in any of today’s DSGE-heavy diets.’
– David Laidler, University of Western Ontario, Canada
‘To create a macroeconomics for this century, economists cannot do better than to build on the legacy of Keynes, the great economist of the last century. The Elgar Companion to John Maynard Keynes provides essential background, context, and analysis for understanding Keynes’s work. I wish it had been available when I was preparing my own contribution to the rejuvenation of ideas that were revolutionary when Keynes propounded them more than 80 years ago and remain revolutionary to this day.’
– Stephen Marglin, Harvard University, US
Contributors
Contributors: N. Aslanbeigui, M. Assous, R. Backhouse, I. Barens, D. Besomi, P. Bini, M. Boianovsky, H. Bortis, M. Boumans, V. Caspari, V. Chick, P. Clarke, P. Davidson, J.B. Davis, R.W. Dimand, R. Dos Santos Ferreira, S. Dow, M.J. Flanders, J. Forder, M. Forstater, D. Glasner, R. Gomez Betancourt, C. Goodhart, P. Groenewegen, H. Hagemann, O. Hamouda, G.C. Harcourt, I. Hardeen, E. Hein, S. Hollander, P. Howitt, S. Howson, S.D. Kasper, P. Kerr, J. King, H. Klausinger, J. Kregel, P. Kriesler, H.D. Kurz, M. Lavoie, B. Littleboy, L. Magnusson, M.C. Marcuzzo, A. Millmow, D.E. Moggridge, A. Molavi Vassei, J. Neville, R. O’Donnell, G. Oakes, L. Ramrattan, S. Rivot, G. Rubin, M. Sawyer, R. Skidelsky, R.P. Smith, P. Spahn, M. Szenberg, A. Thirlwall, G. Tilly, H.-M. Trautwein, M. Wakatabe, L.R. Wray, W. Young
Contents
Contents:
PART I: LIFE AND WORK
1. John Neville Keynes
Heinrich Bortis
2. Florence Ada Keynes
Indra Hardeen
3. Lydia Lopokova
Indra Hardeen
4. The Bloomsbury Group
Victoria Chick
5. The India Office
Donald Moggridge
6. World War I
Donald Moggridge
7. Keynes and British Financial Policy in the Inter-war period
Donald Moggridge
8. World War II
Donald Moggridge
9. Before and After Bretton Woods
June Flanders
PART II: INFLUENCES
10. G.E. Moore
John Davis
11. Bertrand Russell
John Davis
12. Ludwig Wittgenstein
John Davis
13. Frank P. Ramsey
John Davis
14. Thomas Robert Malthus
Samuel Hollander
15. Alfred Marshall
Peter Groenewegen
16. Knut Wicksell
Mauro Boianovsky
17. John Atkinson Hobson
John King
18. Irving Fisher
Robert W. Dimand
PART III: MAJOR WORKS
19. A Treatise on Probability
Rod O’Donnell
20. Indian Currency and Finance
Rebecca Gomez-Betancourt
21. The Economic Consequences of the Peace
Robert W. Dimand
22. A Tract on Monetary Reform
Robert W. Dimand
23. The Economic Consequences of Mr. Churchill
Robert W. Dimand
24. The End of Laissez-Faire
Sherry Davis Kasper
25. Am I a Liberal?
Robert W. Dimand
26. Economic Possibilities for our Grandchildren
Harald Hagemann
27. A Treatise on Money
Ingo Barens
28. Essays in Biography
Geoff Harcourt
29. Lectures on ‘The Monetary Theory of Production’ and ‘The General Theory of Employment''
Robert W. Dimand
30. The General Theory of Employment, Interest and Money
Robert Skidelsky
31. How to Pay for the War
Peter Spahn
PART IV: ECONOMIC ANALYSIS
32. The Quantity Theory of Money
Arash Molavi Vassei
33. The Multiplier
Robert W. Dimand
34. Say’s Law
Harald Hagemann
35. Effective Demand
Paul Davidson
36. Unemployment
Sylvie Rivot
37. Wages and Employment
Harald Hagemann
38. Consumption and Saving
Volker Caspari
39. Investment, Expectations and the Marginal Efficiency of Capital
Jan Kregel
40. Liquidity Preference
Victoria Chick
41. Risk and Uncertainty
Sheila Dow
42. IS-LM
Warren Young
43. The Finance Motive
Jan Kregel
44. The Keynes-Sraffa-Hayek Controversy
Heinz D. Kurz
45. Econometrics: The Keynes-Tinbergen controversy
Marcel Boumans and Neil De Marchi
46. Trade Cycle
Daniele Besomi
47. Mercantilism
Lars Magnusson
48. Imperfect Competition
Rodolphe Dos Santos Ferreira
PART V: Critics and contemporaries
49. Arthur Cecil Pigou
Nahid Aslanbeigui and Guy Oakes
50. Dennis Holme Robertson
Mauro Boianovsky and Charles Goodhart
51. Joseph Alois Schumpeter
Harald Hagemann
52. Lionel Robbins
Susan Howson
53. Ralph George Hawtrey
David Glasner
54. Friedrich August Hayek
Hansjörg Klausinger
55. Bertil Ohlin
Hans-Michael Trautwein
56. William H. Beveridge
Robert W. Dimand
57. Michal Kalecki
Malcolm Sawyer
PART VI: ASSOCIATES
58. Piero Sraffa
Heinz Kurz
59. Roy Forbes Harrod
Daniele Besomi
60. Richard Ferdinand Kahn
Maria Cristina Marcuzzo
61. Joan Violet Robinson
Prue Kerr
62. James Edward Meade
Susan Howson
63. Colin Clark
Alex Millmow
64. Richard Stone
Ron P. Smith
65. Lorie Tarshis
Robert W. Dimand
66. David Champernowne
Mauro Boianovsky
PART VII: LEGACY AND IMPACT
67. John Richard Hicks
Omar Hamouda
68. G.L.S. Shackle
Bruce Littleboy
69. Alvin Harvey Hansen
Roger E. Backhouse
70. Mabel Timlin
Robert W. Dimand
71. Paul Anthony Samuelson
Roger E. Backhouse
72. Lawrence Klein
Robert W. Dimand
73. Franco Modigliani
Michael Szenberg and Lall Ramrattan
74. Robert M. Solow
Michael Assoũs
75. James Tobin
Robert W. Dimand
76. Nicholas Kaldor
A.P. Thirlwall
77. Milton Friedman
Sylvie Rivot
78. Harry Gordon Johnson
Donald Moggridge
79. Don Patinkin
Goulven Rubin
80. Robert W. Clower
Peter Howitt
81. Axel Leijonhufvud
Hans-Michael Trautwein
82. Hyman Minsky
L. Randall Wray
83. Sidney Weintraub
Paul Davidson
84. Post-Keynesian Economics
Eckhard Hein and Marc Lavoie
85. New Keynesian Macroeconomics
Peter Spahn
86. The Phillips Curve
James Forder
87. The Rise, Fall, and Return of the ‘Master’
Peter Clarke
PART VIII: KEYNESIANISM IN VARIOUS COUNTRIES
88. Keynesianism in the United Kingdom
Geoff Tily
89. Keynesianism in the United States
Mathew Forstater
90. Keynesianism in Canada
Robert W. Dimand
91. Keynesianism in Germany
Harald Hagemann
92. Keynesianism in France
Goulven Rubin
93. Keynesianism in Italy
Piero Bini
94. Keynesianism in Japan
Masazumi Wakatabe
95. Keynesianism in Australia
John W. Neville and Peter Kriesler
Index
PART I: LIFE AND WORK
1. John Neville Keynes
Heinrich Bortis
2. Florence Ada Keynes
Indra Hardeen
3. Lydia Lopokova
Indra Hardeen
4. The Bloomsbury Group
Victoria Chick
5. The India Office
Donald Moggridge
6. World War I
Donald Moggridge
7. Keynes and British Financial Policy in the Inter-war period
Donald Moggridge
8. World War II
Donald Moggridge
9. Before and After Bretton Woods
June Flanders
PART II: INFLUENCES
10. G.E. Moore
John Davis
11. Bertrand Russell
John Davis
12. Ludwig Wittgenstein
John Davis
13. Frank P. Ramsey
John Davis
14. Thomas Robert Malthus
Samuel Hollander
15. Alfred Marshall
Peter Groenewegen
16. Knut Wicksell
Mauro Boianovsky
17. John Atkinson Hobson
John King
18. Irving Fisher
Robert W. Dimand
PART III: MAJOR WORKS
19. A Treatise on Probability
Rod O’Donnell
20. Indian Currency and Finance
Rebecca Gomez-Betancourt
21. The Economic Consequences of the Peace
Robert W. Dimand
22. A Tract on Monetary Reform
Robert W. Dimand
23. The Economic Consequences of Mr. Churchill
Robert W. Dimand
24. The End of Laissez-Faire
Sherry Davis Kasper
25. Am I a Liberal?
Robert W. Dimand
26. Economic Possibilities for our Grandchildren
Harald Hagemann
27. A Treatise on Money
Ingo Barens
28. Essays in Biography
Geoff Harcourt
29. Lectures on ‘The Monetary Theory of Production’ and ‘The General Theory of Employment''
Robert W. Dimand
30. The General Theory of Employment, Interest and Money
Robert Skidelsky
31. How to Pay for the War
Peter Spahn
PART IV: ECONOMIC ANALYSIS
32. The Quantity Theory of Money
Arash Molavi Vassei
33. The Multiplier
Robert W. Dimand
34. Say’s Law
Harald Hagemann
35. Effective Demand
Paul Davidson
36. Unemployment
Sylvie Rivot
37. Wages and Employment
Harald Hagemann
38. Consumption and Saving
Volker Caspari
39. Investment, Expectations and the Marginal Efficiency of Capital
Jan Kregel
40. Liquidity Preference
Victoria Chick
41. Risk and Uncertainty
Sheila Dow
42. IS-LM
Warren Young
43. The Finance Motive
Jan Kregel
44. The Keynes-Sraffa-Hayek Controversy
Heinz D. Kurz
45. Econometrics: The Keynes-Tinbergen controversy
Marcel Boumans and Neil De Marchi
46. Trade Cycle
Daniele Besomi
47. Mercantilism
Lars Magnusson
48. Imperfect Competition
Rodolphe Dos Santos Ferreira
PART V: Critics and contemporaries
49. Arthur Cecil Pigou
Nahid Aslanbeigui and Guy Oakes
50. Dennis Holme Robertson
Mauro Boianovsky and Charles Goodhart
51. Joseph Alois Schumpeter
Harald Hagemann
52. Lionel Robbins
Susan Howson
53. Ralph George Hawtrey
David Glasner
54. Friedrich August Hayek
Hansjörg Klausinger
55. Bertil Ohlin
Hans-Michael Trautwein
56. William H. Beveridge
Robert W. Dimand
57. Michal Kalecki
Malcolm Sawyer
PART VI: ASSOCIATES
58. Piero Sraffa
Heinz Kurz
59. Roy Forbes Harrod
Daniele Besomi
60. Richard Ferdinand Kahn
Maria Cristina Marcuzzo
61. Joan Violet Robinson
Prue Kerr
62. James Edward Meade
Susan Howson
63. Colin Clark
Alex Millmow
64. Richard Stone
Ron P. Smith
65. Lorie Tarshis
Robert W. Dimand
66. David Champernowne
Mauro Boianovsky
PART VII: LEGACY AND IMPACT
67. John Richard Hicks
Omar Hamouda
68. G.L.S. Shackle
Bruce Littleboy
69. Alvin Harvey Hansen
Roger E. Backhouse
70. Mabel Timlin
Robert W. Dimand
71. Paul Anthony Samuelson
Roger E. Backhouse
72. Lawrence Klein
Robert W. Dimand
73. Franco Modigliani
Michael Szenberg and Lall Ramrattan
74. Robert M. Solow
Michael Assoũs
75. James Tobin
Robert W. Dimand
76. Nicholas Kaldor
A.P. Thirlwall
77. Milton Friedman
Sylvie Rivot
78. Harry Gordon Johnson
Donald Moggridge
79. Don Patinkin
Goulven Rubin
80. Robert W. Clower
Peter Howitt
81. Axel Leijonhufvud
Hans-Michael Trautwein
82. Hyman Minsky
L. Randall Wray
83. Sidney Weintraub
Paul Davidson
84. Post-Keynesian Economics
Eckhard Hein and Marc Lavoie
85. New Keynesian Macroeconomics
Peter Spahn
86. The Phillips Curve
James Forder
87. The Rise, Fall, and Return of the ‘Master’
Peter Clarke
PART VIII: KEYNESIANISM IN VARIOUS COUNTRIES
88. Keynesianism in the United Kingdom
Geoff Tily
89. Keynesianism in the United States
Mathew Forstater
90. Keynesianism in Canada
Robert W. Dimand
91. Keynesianism in Germany
Harald Hagemann
92. Keynesianism in France
Goulven Rubin
93. Keynesianism in Italy
Piero Bini
94. Keynesianism in Japan
Masazumi Wakatabe
95. Keynesianism in Australia
John W. Neville and Peter Kriesler
Index