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In this definitive volume, over 80 distinguished contributors from four continents provide authoritative critical discussion of the principal areas of controversy in post Keynesian economics, including all significant issues in methodology, economic theory, applied economics and policy. Each entry surveys the relevant literature and highlights the strengths and weaknesses of post Keynesian contributions. The Companion deals with areas of continuing debate inside post Keynesianism and sheds light on the current relationship between post Keynesians, mainstream economics and alternative heterodox schools of thought. The Elgar Companion to Post Keynesian Economics will be widely read by academic economists, economic policymakers, research students and advanced undergraduate students of economics as well as academics in related social sciences.
- Sales Rank: #6657017 in Books
- Published on: 2005-06-05
- Original language: English
- Dimensions: 9.00" h x 6.00" w x .75" l,
- Binding: Paperback
- 424 pages
Review
"'King provides an excellent introduction to post Keynesian economics... The essays in general are well written and accessible. Highly recommended.' - D.E. Moggride, Choice; 'Dr King's book does not only provide an excellent collection of post Keynesian critical analyses of mainstream economics but an almost complete overview of the entire kaleidoscope of theories which at one time or another dominated economic thought. Yet, in spite of the great number and variety of topics, and the many contributors with sometimes varied ideological backgrounds, the book is not eclectic. Like all other scientific theories, economic theories when they become mainstream are taken as truth, and attention focuses on details upon which Professors stake their careers and reputations. Only when the sheer weight of rectifications becomes overbearing these truths are eventually replaced by others. For this reason Dr King did well to include in the Companion a wide spectrum of post Keynesian critique of mainstream economic thought. But despite the critical attention to detail the book reveals a cultural community of post Keynesian authors in their common approach to crucial issues such as uncertainty and demand-driven employment.' - Y.S. Brenner, Utrecht University, The Netherlands"
About the Author
Edited by J.E. King, Professor of Economics, Department of Economics and Finance, La Trobe University, Australia
Most helpful customer reviews
3 of 7 people found the following review helpful.
A good book to read for Post Keynesian true believers
By Michael Emmett Brady
This book contains about a 100 2-10 page articles written by Post Keynesian economists(PKers).Post Keynesianism is a school of economics founded by Cambridge economists Joan Robinson,Richard Kahn,Austin Robinson and their American supporter,John Kenneth Galbraith in the early 1970's.Two of their acolytes,Sidney Weintraub and Paul Davidson,founded The Journal of Post Keynesian Economics in the late 1970's.The purpose of the Post Keynesian school is to correct the many technical errors they claim(with no supporting evidence)were committed by John Maynard Keynes in 1936 when he wrote the General Theory(GT).The PKers claim that Keynes was a brilliant ,intuitive innovator and discoverer of new economic ideas who lacked the capability to use mathematical analysis and microeconomic theory to present a formal,technical analysis of what it was he meant to say.PKers concentrate their study of Keynes's GT on chapters 2 and 3 of the GT and chapters III and IV of Keynes's A Treatise on Probability.They claim that Keynes recognized that economic analysis could not be based on formal mathematical modeling.The same holds for applications of probability.They claim that Keynes recognized that ,in general,no numbers could be used in the estimation and calculation of probabilities.All probabilistic analysis in economics,social science, liberal arts,and every day practical decision making must be done using ordinal relationships,which can be done only in some instances due to the existence of uncertainty about the future.At least half of the essays in this book just reexpress what I have summarized above.The rest of the review will be devoted to correcting the errors made in a number of the selections taken at random.Toporowski,in the selection Kaleckian Economics,claims that the problem with Keynes's GT is that the"...microeconomic foundations..are largely absent in Keynes's General Theory.(Their absence had facilitated the neoclassical and monetarist interpretation of Keynesian unemployment as being due to wage inflexibility)..."(2003,p.228).Any competent mathematician can find Keynes's completely worked out microeconomic analysis in chapters 19,20,and 21 of the GT.Toporowski's error reappears in the selection "Effective Demand",written by M.Setterfield.He confuses and conflates Keynes's D,Z,and Y functions.For example,he claims that Z=pO where p is an expected price and O equals real output.Keynes defines D=pO five times on pp.283-284 of the GT,while Z=P +wN,where P equals expected economic profit,w equals the current money wage,and N represents aggregate employment.Only E.Tymoigne's selection,Expectations,escapes error.Finally,O'Donnell's selection,Treatise on Probability,repeats the F.Ramsey error,made many times by Ramsey in two book reviews of Keynes's TPin 1922 and 1926,respectively,that Keynesian probabilities,in general, do not use any numbers.Thus,a decision maker must rely on"Ordinal comparison,which generates the much bigger class of non-numerical probabilities..."(2003,p.362).This directly contradicts Keynes's definition of nonnumerical probability as a probability that lies between two numbers,an upper limit and a lower limit,given on p.160 of chapter 15 of the TP.O'Donnell's errors show up in a number of other selections,such as Non-ergodicity,Uncertainty,and Liquidity.These errors,however,will not matter to the Post Keynesian true believer.
2 of 4 people found the following review helpful.
An in-depth scholarly study of the economics and Keynesian theory
By Midwest Book Review
Ably edited by J.E. King (Professor of Economics in the Department of Economics and Finance at La Trobe University, Australia), The Elgar Companion To Post Keynesian Economics is an elaborate collection of post Keynesian economic theory from the words of those who used the Keynesian theoretics. As an in-depth scholarly study of the economics and Keynesian theory, The Elgar Companion To Post Keynesian Economics delves extensively into a political and theory-based post-Keynesian economics, including essays, analysis and other contributions from dozens of economic leaders worldwide. The Elgar Companion To Post Keynesian Economics is very highly recommended to all Business School as well as Economic theory majors at the college or university level.
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