The revival of interest in Keynesian economics since the late 1980s reinstates the importance of Keynes's contribution to economic theory and policy. This is the second of two volumes in which authoritative contributions are presented by an outstanding group of international experts to celebrate Keynesian economics, and to review and further the developments of post Keynesian economics of recent years.
This volume is divided into three sections, the first of which examines general issues including investment, microfoundations, labour economics and monetary theory. In the second part the discussion is extended to uncertainty and addresses the associated issues of rationality, trust, and speculation. The third and final section focuses on international economics and considers the theory of comparative advantage, the fight against speculation in foreign exchange markets, Tobin's transactions tax and the Maastricht Treaty.
This book will be welcomed by post Keynesian economists, microeconomists and those interested in international economics.
Edited by Sheila C. Dow, Emeritus Professor of Economics, University of Stirling, UK and John Hillard, Director of Taught Postgraduate Programmes, Leeds University Business School, UK
Contents Preface G.C. Harcourt Introduction Sheila C. Dow and John Hillard 1. The microeconomic foundations of Keynesian economics Athol Fitzgibbons 2. Keynes's `microeconomics': some lessons Piero V. Mini 3. Market structure, uncertainty and unemployment Malcolm Sawyer and Nina Shapiro 4. Keynes's theory of investment and necessary compromise Victoria Chick 5. Some elements of a Post Keynesian labour economics John E. King 6. Uncertainty, rationality and learning: a Keynesian perspective Alessandro Vercelli 7. Organicism, uncertainty and `societal interactionism': a Derridean perspective Man-Seop Park and Serap Kayatekin 8. Classical liberalism in an environment of rational choice involving commitment and security as well as greed M.C. Howard and R.C. Kumar 9. Some notes on the monetary debate within the Post Keynesian school Giuseppe Fontana 10. Speculation and reasonableness: a non-Bayesian theory of rationality Anna Carabelli 11. The Maastricht Treaty: unemployment, competitiveness and distribution Jesper Jespersen 12. Policies for fighting speculation in foreign exchange markets: the Tobin tax versus Keynes's views Paul Davidson 13. An evaluation of the Tobin transactions tax Philip Arestis and Malcolm Sawyer 14. Say's Law in the open economy: Keynes's rejection of the theory of comparative advantage William Milberg Bibliography Index