Post Keynesian theory and policy a realistic analysis of the market oriented capitalist economy
1. Did anyone notice the global financial crisis of 2007-2008? -- 2. Alternative theories of the operation of a capitalist economy -- 3. Unemployment and the classical theory's axioms -- 4. Keynes-post Keynesian theory : money and money contracts -- 5. Why traditional mainstream Keynesian theor...
| Main Author: | |
|---|---|
| Format: | eBook |
| Language: | English |
| Published: |
Cheltenham
Edward Elgar Pub. Ltd
2015
|
| Series: | New directions in post-Keynesian economics
|
| Subjects: | |
| Online Access: | |
| Collection: | Edward Elgar eBook Archive - Collection details see MPG.ReNa |
| Summary: | 1. Did anyone notice the global financial crisis of 2007-2008? -- 2. Alternative theories of the operation of a capitalist economy -- 3. Unemployment and the classical theory's axioms -- 4. Keynes-post Keynesian theory : money and money contracts -- 5. Why traditional mainstream Keynesian theory is not Keynes' theory -- 6. Creating full employment policies -- 7. Inflation policy -- 8. Securitization, liquidity and market failure -- 9. Globalization, international trade and international payments -- 10. Is international free trade always beneficial? -- 11. Policies to assure a civilized capitalist economic system How did economic "experts" worldwide fail to predict the financial crisis of 2007-2008? Eminent economist Paul Davidson discusses how mainstream economic theory may not be applicable to the world of experience. Post Keynesian theory is designed to be applicable to the real world, and this book demonstrates how applying it to policy formulation could help practically resolve economic problems. Davidson goes on to demonstrate how many Post Keynesian economists warned of the impending financial crisis as early as 2002. Post Keynesian Theory and Policy challenges the axioms on which orthodox economic theory is based and argues against their applicability to a money using, market oriented economy. It explores the basis for Keynes's revolutionary general theory and seeks to dispel misconceptions often found in orthodox textbooks. This accessible and expertly constructed book explains why modern economies use money denominated contracts to organize all market transactions for production and exchange and why the law of comparative advantage argument for free trade is not applicable to mass production industries' exports and imports. This book is a valuable resource for professional economists as well as students and academics in economics, political science, and history, who will appreciate its new perspective and analysis of global financial events |
|---|---|
| Physical Description: | v, 154 p |
| ISBN: | 9781784718244 9781784718251 |