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Cambridge Finance

 
The Fall and Rise of Keynesian Economics

Written by John Eatwell and Murray Milgate:

During the 1970s, when doctrines like monetarism and new classical
macroeconomics ushered in an era of neoliberal economic policymaking,
Keynesian economics was pushed aside. It was almost forgotten that when
Keynesian thinking had dominated economic policymaking in the middle
decades of the twentieth century, it had underwritten postwar economic
reconstruction in both Europe and Japan, and was largely responsible for
the unprecedented prosperity and stable growth of the 1950s and 1960s.
The global financial crisis and recession changed all that. Influential
voices in progressive economics circles began to remind us how useful
Keynesian ways of thinking could be again, especially in assisting us to
come to terms with our economic predicaments. When politicians across
the globe were confronted with economic crisis, almost by accident they
introduced pragmatic and workable measures that bore all the hallmarks
of Keynesianism.

This book is about this fall and rise of Keynesian
economics. Eatwell and Milgate range widely across the landscape
that defines their subject matter. They consider how powerful Keynesian
ideas can be when applied to our past and present economic problems.
They show how helpful these ideas are in explaining why we came to find
ourselves in the mess we are in. They examine where and how the
analytical and methodological foundations of conventional macroeconomic
wisdom went wrong. They set out a blueprint for an alternative that
provides a clearer, more consistent, and more applicable approach to
understanding how markets work. They also highlight the interpretive
shortcomings that have come to characterize Keynes scholarship itself.
They do all of this within the context of a provocative reconsideration
of some of the most pressing economic problems that confront financial
markets and the global economy today.

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