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A rare example of a post-concept in economics
Roger E. Backhouse

Introduction For John King, author of A History of Post Keynesian Economics since 1936 , post-Keynesian economics is ‘a dissident school of thought in macroeconomics’. 1 His book traced post-Keynesian economics back to 1936, the year when The General Theory of Employment, Interest and Money , by John Maynard Keynes, was published. This was important to establish the legitimacy of the dissenting tradition he represented, demonstrating that the economists who formed the subject of his book were

in Post-everything
Bill Dunn

Introduction Keynesian scholarship is enormous and diverse. It is impossible to know, much less to present, this contradictory richness in a single chapter. Rather than feigning an overview of the literature, the chapter sketches three broad trajectories to make an argument that each of these strands of the Keynesian critique remain limited by an ambiguous and unsatisfactory break with neo-classical economics. The problem can perhaps be couched in terms of the analogy with physics mentioned in the Introduction. Keynes saw his theory as general in the same

in Keynes and Marx
Bill Dunn

Introduction Blaug writes, ‘[t]here were two Keynesian revolutions: the revolution in economic policy and the revolution in theoretical opinion within the economics profession’ ( 1994 : 1212). This chapter focusses on the policy and practice, the remarkable post-WWII boom and its unravelling in the 1970s. The next chapter looks at the theory. It is in the sense of policy reorientation that the quarter-century from the end of WWII until the 1970s is most often understood as a Keynesian age. Indeed, for many accounts, it is this period of managed capitalism

in Keynes and Marx
The financial fixers come to town
Aeron Davis

governments kept privatizing, deregulating and lowering taxes. But up until 2010 neither substantially reduced their spending nor stopped trying to stimulate economic activity. They instead found alternative revenue sources and attempted to achieve economic stimuli through other more covert means. In effect, pseudo-forms of Keynesian-style demand management continued behind the scenes. Tory and Labour configurations of pseudo-Keynesianism took different forms. They emerged out of compromises between Treasury restrictions and party

in Bankruptcy, bubbles and bailouts
Bill Dunn

anti-Keynesian. The second section argues, however, that structural shifts have weakened national bases of economic organisation, potentially limiting the scope and efficacy, and crucially also the institutional supports, of Keynesian intervention. The growth of finance and of financial power alongside industrial ‘globalisation’ pull in an anti-Keynesian direction. There is a vast, if contested, literature which suggests this restructuring also means that any future return towards Keynes becomes more difficult. There are, at least, powerful vested interests in

in Keynes and Marx
Malcolm Pemberton
Nicholas Rau

Second-order differential equations and difference equations with constant coefficients. Stability and oscillations. Applications to simple dynamic economic models.

in Mathematics for Economists
Orthodox versus heterodox economics
Clive L. Spash

focuses on dissent from the mainstream and the extent to which heterodox economics offers a radical alternative for addressing environmental crises. Heterodox economics serves as an umbrella term to cover the coming together of – sometimes longstanding – separate projects or traditions. This academic collective includes Marxists, critical institutionalists, feminists and Post Keynesians, among others. 1 Lee ( 2009 : 11) argues

in Foundations of social ecological economics
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Promethean horror in modern literature and culture

A book of monsters presents a cultural history of Promethean horror in the modern age. Beginning with Mary Shelley’s Frankenstein, this book explores imaginative literature that exploits popular fears relating not to a “gothic” darkness, but to a scientific Enlightenment. Provoked by the Promethean ambitions of Modernism, the Promethean myth is discovered to have become a pervasive and increasingly oppressive component in our post-Modernist political, economic and cultural reality. Revealing why it is that Modernism (a cultural phenomenon that, in architecture, typically defined itself against neo-gothic irrationality) has in turn become imbued with the uncanny, A book of monsters considers an eclectic range of cultural material including psycho-geographical fiction by Iain Sinclair and Alan Moore, the fantasies of J. R. R. Tolkien, gorilla horror movies, anxieties relating to artificial intelligence in science fiction and philosophy of science, and popular debates surrounding the legacies of post-war Brutalist architecture, in a subgenre of the dystopia that is specifically anti Keynesian. Building on post-humanist philosophy, engaging with recent debates concerning animals and artificial intelligence, A book of monsters attempts to place urgent theoretical controversies in a historical context, making connections with issues in architecture, linguistics, economics and cultural geography. In so doing, the book presents a compelling and comprehensive overview on the West’s collective “dream-work”’ in those decades since the dreams of the nineteenth century were realised in Modernism – tracing the inception, and outlining the consequences, of literary fantasies.

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Towards a critical but constructive appraisal of Keynes’s thought
Bill Dunn

There are good reasons to revisit Keynes. The global financial and economic crisis of the 2000s punctured some of the hubris around unrestrained markets. The coronavirus crisis again confirmed that governments could mobilise resources to counter both the disease and economic contraction. Keynesian ideas regained credibility and found new audiences. Much of what Keynes said in the 1930s seems to fit: against austerity, about economic uncertainty, about money and financial assets, about income inequality and effective demand, about the need for balance in the

in Keynes and Marx
The crisis of British social democratic political economy
Noel Thompson

associated with the left, and repudiated by the right . . . The fact that the political battle today is waged mainly on ground chosen by the left is remarkable evidence of the change in national ideology . . . (C. A. R. Crosland, The Future of Socialism, 1956: 28–9, 61) While it may be read in other ways, The Future of Socialism can be seen as a paean to the ascendancy of Keynesian social democracy. In Crosland’s view of things, demand management had delivered full or near-full employment; affluence was on offer to a growing proportion of the working population with class

in In search of social democracy