Keynes's economics and the theory of value and distribution / edited by John Eatwell & Murray Milgate.

Contributor(s): Material type: TextTextPublication details: London : Gerald Duckworth & Co., 1983.Description: 294 pages. : graphs ; 24 cmISBN:
  • 0195204425 (paper)
  • 0715617494 (paper)
Subject(s): DDC classification:
  • 330.15/6 19
LOC classification:
  • HB 99.7 .K396 1983
Contents:
1. Introduction / J. Eatwell and M. Milgate.-- Part One: Analysis 2. Notes on consumption, investment and effective demand / P. Garegnani.-- 3. Garegnani on effective demand / J. Robinson -- 4. A reply to Joan Robinson / P. Garegnani -- 5. Keynes on the 'classical' theory of interest / M. Milgate -- 6. Theories of value, output and employment / J. Eatwell -- 7. On a change in the notion of equilibrium in recent work on value and distribution / P. Garegnani -- Part two: history 8. Marx, Keynes and the possibility of crisis / P. Kenway -- 9. Marx's analysis of the relationship between the rate of interest and rate of profits / C. Panico -- 10. The 'new' Keynes papers / M. Milgate -- Part three: criticism 11. The analytical foundations of monetarism / J. Eatwell -- 12. Malinvaud on Keynes / R. F. Kahn -- 13. Kahn on Malinvaud / B. Schefold -- 14. 'Keynesian fundamentalism': a critique / M. Magnani -- 15. Unemployment and the market mechanism / M. Milgate and J. Eatwell.
Summary: "Keynes's economics have never been far from the centre of theoretical controbersy since the publication of the General Theory in 1936. Controversy persists because Keynes's ideas have never been satisfactorily incorporated into orthodox thinking. Instead they have either been carefully segregated in a box labelled 'macroeconomics' (the theory of value and distribution being 'microeconomics') or simulated in orthodox models by the imposition of a variety of ad hoc assumptions -- sticky money wages and the effects of 'uncertainty and expectations' being the most popular. "This book exposes the origins of this unsatisfactory situation and suggests an entirely new approach to the relationship between the theory of value and distribution and the analysis of output. Once the analytical foundations of the neoclassical synthesis and later orthodox variants -- 'disequalibrium' models and the 'new macroeconomics' -- have been swept away, the way is clear to examine Keyne's theory of output and employment in the light of the classical and Marxian theory of value and distribution, itself revivified by Piero Sraffa in his 'Production of Commodities by Means of Commodities.' The book brings together key articles from the Cambridge Journal of Economics and new articles specially written." -- from back cover
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Item type Current library Call number Status Date due Barcode
BOOKS BOOKS Niebyl-Proctor Marxist Library General Stacks HB 99.7 .K396 1983 (Browse shelf(Opens below)) Not For Loan NPML19100018

Includes bibliographical references (pages 281-289) and index.

1. Introduction / J. Eatwell and M. Milgate.-- Part One: Analysis 2. Notes on consumption, investment and effective demand / P. Garegnani.-- 3. Garegnani on effective demand / J. Robinson -- 4. A reply to Joan Robinson / P. Garegnani -- 5. Keynes on the 'classical' theory of interest / M. Milgate -- 6. Theories of value, output and employment / J. Eatwell -- 7. On a change in the notion of equilibrium in recent work on value and distribution / P. Garegnani -- Part two: history 8. Marx, Keynes and the possibility of crisis / P. Kenway -- 9. Marx's analysis of the relationship between the rate of interest and rate of profits / C. Panico -- 10. The 'new' Keynes papers / M. Milgate -- Part three: criticism 11. The analytical foundations of monetarism / J. Eatwell -- 12. Malinvaud on Keynes / R. F. Kahn -- 13. Kahn on Malinvaud / B. Schefold -- 14. 'Keynesian fundamentalism': a critique / M. Magnani -- 15. Unemployment and the market mechanism / M. Milgate and J. Eatwell.

"Keynes's economics have never been far from the centre of theoretical controbersy since the publication of the General Theory in 1936. Controversy persists because Keynes's ideas have never been satisfactorily incorporated into orthodox thinking. Instead they have either been carefully segregated in a box labelled 'macroeconomics' (the theory of value and distribution being 'microeconomics') or simulated in orthodox models by the imposition of a variety of ad hoc assumptions -- sticky money wages and the effects of 'uncertainty and expectations' being the most popular.
"This book exposes the origins of this unsatisfactory situation and suggests an entirely new approach to the relationship between the theory of value and distribution and the analysis of output. Once the analytical foundations of the neoclassical synthesis and later orthodox variants -- 'disequalibrium' models and the 'new macroeconomics' -- have been swept away, the way is clear to examine Keyne's theory of output and employment in the light of the classical and Marxian theory of value and distribution, itself revivified by Piero Sraffa in his 'Production of Commodities by Means of Commodities.' The book brings together key articles from the Cambridge Journal of Economics and new articles specially written." -- from back cover

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