Keynes, Coordination and Beyond: Development of Macroeconomic and Monetary Theory Since 1945
By: Harry Garretsen (author)Hardback
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This book proposes that the coordination problems lies at the heart of Keynes' economics and argues that Keynes' message got lost in the post-war period. The text develops an extension of Keynes' ideas within a general equilibrium framework and within alternative frameworks such as Austrian economics. It is demonstrated that in the absence of a co-ordinating device like the Walrasian auctioneer or in the presence of uncertainty, co-ordination can no longer be superimposed. This ultimately implies that apart from some notable exceptions, the Keynesian revolution was in fact stifled at birth because the validity of the central concepts of microeconomics have never been challenged.
Indeterminacy in macroeconomics: on the structure of Keynes's general theory; the right answers to the wrong question? - an assessment of the microfoundations debate; alternative approaches; indeterminacy and multiplicity; money, prices and uncertainty; the trade-off between price flexibility and price rigidity; implications of the co-ordination problem.
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- ID: 9781852786205
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