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Keynes and the Neoclassical Synthesis: Einsteinian versus Newtonian Macroeconomics [NOOK Book]

Overview

This remarkable volume provides a critical assessment of Neoclassical Synthesis, long regarded as the standard interpretation of Keynes. Taking issue with this orthodoxy, the author offers a unique interpretation of the foundation of modern macroeconomics, arguing that the subject derives from the conflict between two research programmes inspired by different paradigms in physics: the Newtonian programme of Hicks and the Einsteinian approach of Keynes.
Original and provocative ...
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Keynes and the Neoclassical Synthesis: Einsteinian versus Newtonian Macroeconomics

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Overview

This remarkable volume provides a critical assessment of Neoclassical Synthesis, long regarded as the standard interpretation of Keynes. Taking issue with this orthodoxy, the author offers a unique interpretation of the foundation of modern macroeconomics, arguing that the subject derives from the conflict between two research programmes inspired by different paradigms in physics: the Newtonian programme of Hicks and the Einsteinian approach of Keynes.
Original and provocative in its reflections, Keynes and the Neoclassical Synthesis not only offers a fresh interpretation of Keynes but makes an important contribution to debates within post-Keynesian economics. It will thus be of interest to all those interested in Keynes' place in the history of economic thought and macroeconomic methodology.
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Product Details

Table of Contents

List of figures
Preface
Introduction
Pt. I The two basic paradigms of macroeconomics 1
1 Hicks's Value and Capital 3
2 Keynes's anti-atomism 19
3 Keynes's General Theory as 'theory of principle' 44
4 Keynes's indirect forces paradigm 81
Pt. II The Neoclassical Synthesis 89
5 Hicks's 'Mr. Keynes and the "Classics"' 91
6 Hicks's 'Suggestion for Simplifying the Theory of Money' 105
7 Modigliani 117
8 Samuelson 129
9 Klein 143
10 American Keynesians in the 1950s 157
11 Patinkin 182
Pt. III Microfoundations 207
12 New Classical microfoundations 209
13 Keynesian microfoundations I: the Walrasian benchmark 236
14 Keynesian microfoundations II: the Marshallian benchmark 272
Conclusion 307
Notes 314
References 343
Index 361
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