In the midst of the current world economic crisis, many claim there is a necessity to return to the Marxian and Keynesian traditions in order to better understand the dynamics of market economies. This book is an important step in that direction. It presents a critical examination of the foundations of macroeconomics as developed in the traditions of Marx, Keynes and Kalecki, which are contrasted with the current mainstream. Particular attention is given to the problem of market forms and their relevance for macroeconomics.
Professional economists and postgraduate students in economics, in particular those concerned with macroeconomics and the history of economic thought in the 20th century, will find this insightful resource invaluable. This book should be required reading for a large proportion of the economics profession who are dissatisfied with the mainstream.
Claudio Sardoni, Professor of Economics, University of Rome `La Sapienza', Italy
Contents: Foreword by G.C. Harcourt Preface 1. Introduction 2. The Marxian Notion of a Monetary Economy and the Critique of Say's Law 3. General Overproduction Crises 4. Keynes's Critique of Say's Law 5. Keynesian Underemployment Equilibria 6. A Critique of Keynes's Microfoundations 7. Kaleckian Macroeconomics: An Outline 8. The Problem of Market Forms in Modern Macroeconomics 9. Concluding Remarks A. A Formalization of Marx's Schemes of Reproduction B. Effects of Wage Changes in Keynes's Model C. Price Determination and Income Distribution in Kalecki Bibliography Index