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Reconstructing Keynesian Economics with Imperfect Competition
A Desk-top Simulation
This path-breaking book - written by a leading economist - is certain to create controversy and will lead to a fundamental reassessment of Keynesian economics. Building on his previous work on modern capitalism, Robin Marris has made an important theoretical advance which will have a major impact on the economics profession. The book has four main aims. The first is a piece of intellectual surgery - to replace an Achilles heel in the Keynesian theory of aggregate demand and in so doing help to reduce confusion concerning the relation in Keynesian economics between employment and the real wage. The second is to support the revised theory with an economic model based on a rich, user friendly microcomputer simulation which is included free with the book. The third is to apply the model to the macroeconomic problems of the industrialized market economies in the 1970s, 80s and beyond. And finally, Robin Marris embellishes the narrative with a personal view of the relationships between Cambridge economists which sheds new light on the intellectual history of the Keynesian revolution.
A brilliant and fascinating tour de force, the book is likely to provoke extreme reactions of hostility or admiration either way it advances an argument that no serious economist can afford to ignore.
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What Reviewers Are Saying
'Professor Robin Marris, who almost thirty years ago made pioneering contributions on the theory of managerial capitalism, has now written a fascinating and highly unusual book on Keynesian macroeconomics.' -- Amitava Krishna Dutt, Review of Social Economy '... the book provides many valuable insights for macroeconomists on both sides of the Atlantic.' -- Stephen McCafferty, Journal of Economic Literature '... a book to learn from, occasionally disagree with, and to enjoy. There need be no fear of treading the weary mill of the contemporary macro-text.' -- Frank Hahn, Cambridge University, UK 'This book does two great things: it teaches how to use your PC to crank out macroeconomic results based on a micro-level model, and it gives us the accumulated wisdom and reminiscences of one of the cleverest economists of our time.' -- Barbara R. Bergmann, The American University, Washington DC, US 'A student from Cambridge, MA, is always a bit overwhelmed by the analysis of an erudite student from Cambridge, England, especially when it comes to Keynesian economics. Robin Marris has nicely tied the 1930s developments of imperfect competition into the microfoundations of the 1930s developments of Keynesian macroeconomics, and I find his analysis to be very stimulating, particularly in bringing out distinctive features in the thinking of the two towns.' -- Lawrence R. Klein, University of Pennsylvania, US