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Keynes, Coordination and Beyond

The Development of Macroeconomic and Monetary Theory Since 1945

By (author) Harry Garretsen
Format: Hardback
Publisher: Edward Elgar Publishing Ltd, Cheltenham, United Kingdom
Published: 1st Jan 1992
Dimensions: w 234mm h 156mm
Weight: 561g
ISBN-10: 1852786205
ISBN-13: 9781852786205
Barcode No: 9781852786205
This book argues that the coordination problem lies at the heart of Keynes's economics. It shows how Keynes's message got lost in the post-War period and develops a more fruitful extension of Keynes's ideas within a general equilibrium framework and alternative frameworks such as post Keynesian and Austrian economics. It is demonstrated that in the absence of a coordinating device like the Walrasian auctioneer or in the presence of uncertainty, coordination 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. This lively and fascinating book is likely to provoke debate amongst economists and policymakers. Its conclusions place a question mark over the development of economic theory since the Second World War.

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