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The Keynesian Revolution and its Economic Consequences
Selected Essays by Peter Clarke
The Keynesian Revolution and its Economic Consequences is a study of John Maynard Keynes as a publicist, expert and theorist and of the economic doctrines associated with his name. It examines the Keynesian revolution in economic theory and policy and shows how Keynesianism as a school of thought departed from the substance of Keynes's own thinking and policy prescription.
Peter Clarke places the `historical' Keynes in the context of his own times and examines the subsequent institutionalization of Keynes. The author presents an historical account of Keynes's own thinking and influences, and offers a reassessment and a non-technical explanation of Keynesian policies, notably budget deficits. The author explores Keynes's major works and ideas within a political context, concluding that greater emphasis should be placed on his ideas about uncertainty and confidence, his thoughts on the complementary roles of public opinion and expertise, his commitment to the politics of persuasion and his challenge to entrenched vested interests.
The Keynesian Revolution and its Economic Consequences will be of interest to historians and scholars of economic thought and economic policy as well as economic historians.
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What Reviewers Are Saying
`During the last two decades, as an increasing number of scholars from other disciplines have begun to analyze Maynard Keynes and his work,Peter Clarke has distinguished himself as one of the best writers in the field, from any discipline. . . . This handsome volume puts the work at your fingertips. It is a rare collection that you will enjoy for the pleasure of the writing as well as for the pleasure of the intellectual discovery.' -- Bradley W. Bateman, Journal of the History of Economic Thought `[Clarke's] investigation provides rich and detailed discussions of the economic, ideological, institutional, and political context of both the evolution of Keynes's views on theory and policy and the parallel rise of Keynesianism . . . The book's central contribution is to provide valuable historical background to the rise of Keynesianism as an ideological, institutional and political process in which the state assumes increasing responsibility for the overall performance of the economy, using the tool of aggregate demand management . . . This is a very useful book for instructors of macroeconomics, economic history, or the history of economic thought, as well as for anyone interested in the rise of Keynesianism. Most of the essays are easily accessible to undergraduates and could profitably -- be assigned in such courses.' - Christopher J. Niggle, Review of Political Economy `. . . it is useful to have Clarke's extensive writings on the Keynesian revolution collected together. This volume can be commended to all who are interested in economic thought or policy.' -- G.C. Peden, The Economic History Review `I should state from the outset how much I enjoyed the book and how stimulating I found it. Where I found Clarke's work particularly valuable was in his discussion of the policy consequences of Keynes. These comprise the last three essays in particular and make fascinating reading. Peter Clarke's Keynesian Revolution and its Economic Consequences is a work of the highest scholarship. It is a study of the twentieth century's most dramatic change in economic theory in the hands of not only a first rate historian but also of a first rate English stylist. The essays are a pleasure to read and are filled with insight. The great value of Clarke's work is in bringing to the fore the surrounding historical context and institutional backdrop for events which were to influence the development of economic theory so dramatically.' -- History of Economics Review