Fabricating the Keynesian Revolution: Studies of the Inter-war Literature on Money, the Cycle, and Unemployment

Fabricating the Keynesian Revolution: Studies of the Inter-war Literature on Money, the Cycle, and Unemployment

by David Laidler
     
 

ISBN-10: 052164173X

ISBN-13: 9780521641739

Pub. Date: 10/28/2009

Publisher: Cambridge University Press

This book is about the emergence, during the inter-war years, of what came to be called "Keynesian macroeconomics." It accepts the novelty of that formulation, as represented by the IS-LM model, which in various forms came to dominate the subdiscipline for three decades. It argues, however, that the IS-LM model did not represent a radical change in economic thinking,…  See more details below

Overview

This book is about the emergence, during the inter-war years, of what came to be called "Keynesian macroeconomics." It accepts the novelty of that formulation, as represented by the IS-LM model, which in various forms came to dominate the subdiscipline for three decades. It argues, however, that the IS-LM model did not represent a radical change in economic thinking, but rather was an extremely selective synthesis of themes which had permeated the preceding literature, including Keynes's own contributions to it, not least the General Theory. Hence the book questions the appropriateness of thinking of that development as the outcome of a "Keynesian revolution" in economic thought, partly because the most radical aspects of Keynes's own intended contribution were excluded from it, but mainly because IS-LM is better viewed as the end result of twenty years or more of intellectual development to which many others besides Keynes contributed.

Product Details

ISBN-13:
9780521641739
Publisher:
Cambridge University Press
Publication date:
10/28/2009
Series:
Historical Perspectives on Modern Economics Series
Pages:
400
Product dimensions:
5.98(w) x 8.98(h) x 0.98(d)

Table of Contents

Preface
Acknowledgments
Introduction
1An Overview3
Pt. IThe Wicksellians
2The Austrian Theory of the Trade Cycle27
3The Macrodynamics of the Stockholm School51
Pt. IIThe Marshallian Tradition in Britain
4Cambridge Cycle Theory: Lavington, Pigou, and Robertson79
5The Monetary Element in the Cambridge Tradition105
6The Treatise on Money and Related Contributions130
7British Discussions of Unemployment155
Pt. IIIAmerican Analysis of Money and the Cycle
8American Macroeconomics between World War I and the Depression181
9American Macroeconomics in the Early 1930s213
Pt. IVKeynes, the Classics, and IS-LM
10The General Theory247
11The Classics and Mr. Keynes277
12IS-LM303
Conclusion
13Selective Synthesis323
References341
Author Index367
Subject Index372

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