TY  - BOOK
AU  - Marglin,Stephen A.
TI  - Raising Keynes: A Twenty-First-Century General Theory 
SN  - 9780674246225
AV  - HB99.7 .M344 2021
U1  - 330.15/6 23
PY  - 2021///]
CY  - Cambridge, MA
PB  - Harvard University Press
KW  - Economics, Mathematical
KW  - Industries
KW  - Self-regulation
KW  - Keynesian economics
KW  - BUSINESS & ECONOMICS / Economics / Macroeconomics
KW  - bisacsh
N1  - Frontmatter --; Contents --; Notation --; Prologue: What Is This Book About? --; Part I. Background: The Rise and Fall --; 1 Introduction: Is This Resurrection Necessary? --; 2 What Were They Thinking? Economics Before The General Theory --; Part II. Keynes Defeated: Static Models and the Critics --; 3 The Determination of Output and Employment: First and Second Passes at Equilibrium --; 4 Equilibrium with a Given Money Supply: Critical Perspectives on the Second-Pass Model --; Part III. Keynes Vindicated: A Theory of Real-Time Changes --; 5 The Price Mechanism: Gospels According to Marshall and Walras --; 6 The General Theory without Rigid Prices and Wages --; 7 Dynamics vs. Statics: Can the Economy Get from the Here of Unemployment to the There of Full Employment? --; 8 A Dose of Reality: The Evidence of the Great Depression --; Part IV. Building Blocks --; 9 Consumption and Saving --; 10 Investment --; 11 The Theory of Interest, I: Liquidity Preference in a World of Money and Bonds --; 12 The Theory of Interest, II: Liquidity Preference as a Theory of Spreads --; 13 Taking Money Seriously --; Part V. Fiscal Policy in Theory and Practice --; 14 Functional Finance and the Stabilization of Aggregate Demand --; 15 Did the Obama Stimulus Work? --; 16 Functional Finance and the Composition of Aggregate Demand --; Part IV. Keynes in the Long Run --; 17 First Steps into the Long Run: Harrod, Domar, Solow, and Robinson --; 18 Keynes in the Long Run: A Theory of Wages, Prices, and Employment --; 19 Inflation and Employment Empirics in the Keynesian Long Run --; Notes --; References --; Acknowledgments --; Index; restricted access
N2  - Back to the future: a heterodox economist rewrites Keynes’s General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century.John Maynard Keynes’s General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes’s lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins.Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes’s intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand.Ordinary citizens have paid a steep price for the distortion of Keynes’s message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose.Fleshing out Keynes’s intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy
UR  - https://doi.org/10.4159/9780674246225?locatt=mode:legacy
UR  - https://www.degruyter.com/isbn/9780674246225
UR  - https://www.degruyter.com/document/cover/isbn/9780674246225/original
ER  -