The Keynes Solution: The Path to Global Economic Prosperity

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Overview

Today’s financial crisis has led to a widespread lack of confidence in the laissez faire style of economic policy. In The Keynes Solution author Paul Davidson provides insights into how we got into the crisis—but more importantly how to use Keynes economic philosophy to get out of this mess. John Maynard Keynes was committed to making the market economy work—but our current system has been a dismal failure. Keynes advocated for an interventionalist government role, in cooperation with private initiative, to ...

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The Keynes Solution: The Path to Global Economic Prosperity

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Overview

Today’s financial crisis has led to a widespread lack of confidence in the laissez faire style of economic policy. In The Keynes Solution author Paul Davidson provides insights into how we got into the crisis—but more importantly how to use Keynes economic philosophy to get out of this mess. John Maynard Keynes was committed to making the market economy work—but our current system has been a dismal failure. Keynes advocated for an interventionalist government role, in cooperation with private initiative, to mitigate the adverse effects of recessions, depressions and booms. His economic policy helped the world out of the great depression and was an important influencer in the thinking behind FDR’s new deal policies. In this book Keynesian expert Davidson makes recommendations and details plans for spending, monetary policy, financial market rules and regulation, and wages—all to reverse the effects of our past policies. Keynes renewed influence can be seen everywhere: in Barack Obama’s planned stimulus package, for example—and this book explains the basic tenet of Keynesian economics as well as applied solutions to today’s critical situation.

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Editorial Reviews

From the Publisher
“A true believer, Mr. Davidson lays out Keynesianism in easy-to-understand language and makes a strong case that it is just as relevant today. There are some doubters who fear that Keynesian spending is dangerous because it produces unbalanced budgets. Mr. Davidson responds that deficits in times of crisis lead to prosperity when the economy recovers. The most tantalizing part, however, is the appendix, entitled “Why Keynes’s Ideas Were Never Taught in American Universities.” Mr. Davidson writes about how the work of one of his fellow Keynesians was attacked by William F. Buckley Jr. in the 1950s and how other peers watered down Keynes’s teachings to avoid similar controversy.”—Devin Leonard, The New York Times

 

“A constructive look at how to redesign the global financial system in the aftermath of the credit meltdown.”—Bloomberg.com

 

“Paul Davidson is the keeper of the Keynesian flame. Keynes lives (intellectually), and Davidson is one of the reasons.”—Alan S. Blinder, Gordon S. Rentschler Memorial Professor of Economic and Public Affairs, Princeton University

“Paul Davidson has persistently attacked conventional economics for having ignored Keynes’s emphasis on uncertainty, and the use of money as a store of value, in causing economic crises.  In this lucid new book, he exposes the intellectual mistakes which led to the present world economic downturn, and shows how Keynes’s ideas can help bring about a ‘civilized economic society’.”—Robert Skidelsky, author of John Maynard Keynes 1883-1946: Economist, Philosopher, Statesman

“Paul Davidson has given us a timely and lucid answer to the important question: What would Keynes have said?  He is particularly good on the disastrous condition of the mainstream economics, which ignored Keynes for decades, and is now exposed as having left us wholly unprepared for the crisis at hand.—James K. Galbraith, The University of Texas at Austin, author of The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too

 

“America’s seminal economist, Dr. Paul Davidson, has written the clearest vision of money and math mechanics, to date. Not since the 18th century’s true mathematical logicians, De Morgan, Jevons, Clifford, Peirce and Veblen, have scientific ideas of logic, money and math mechanics been laid so clearly before our eyes. Never before, in the history of economics, has so much been revealed by such a simple, yet scientific, method. . . . I see it having the potential of reaching not only the academic economists, but most all political, academic and intellectual elites, along with many private citizens. This is what the nation and world really and truly needs—a clear and concise manual to explain and solve the world’s massive problems. Davidson has succeeded as no other in accomplishing this job.—Economist L.A. Gillespie

“One of the best books I have ever read. What I found amazing was that [Davidson] was able to address and articulate the gaps among the common sense explanations that I have for what is going on today. In fact, his chapters on trade and the trade deficit are the best I have ever read. He is also the first economist that I have read who tackles the issue head on, and he ends up in an interesting place. He proposes a solution that closely mirrors what Buffett proposed in his essay on the dollar, although Davidson takes it a step further and gives an international credit solution. [T]his is a great, great book. I have made it my quest since March, 2001 to resolve these macroeconomic questions. For the last eleven months it has dominated my thinking, as the financial panic forced it to the forefront of my risk assessment. At last, I can move on. I no longer feel behind on my awareness. I recommend it heartily.”—Roger Farley, Ronin Capital

“I've just finished reading [The Keynes Solution] and am now in the process of adding it to my student reading lists as it is indeed a wonderful book. Cant make up my mind which is my favourite chapter. So much to choose from. If only our likely future (unfortunately) PM and Chancellor would read chapter 5.”—Robert Jones, Professor of Economics, Nottingham Business School

 

 

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Product Details

  • ISBN-13: 9780230619203
  • Publisher: St. Martin's Press
  • Publication date: 9/1/2009
  • Pages: 208
  • Product dimensions: 5.70 (w) x 8.40 (h) x 0.80 (d)

Meet the Author

Paul Davidson is Holly Chair of Excellence in Political Economy at the University of Tennessee, Knoxville. He has previously held Professorships at the University of Pennsylvania and Rutgers University. He is Editor of the Journal of Post Keynesian Economics, a former member of Brookings Economics Panel, and is the author, co-author or editor of twenty-two books and more than 200 articles. His books include Money and the Real World, Post Keynesian Macroeconomic Theory, International Money and the Real World: Economics for a Civilized Society, and Financial Markets, Money and the Real World.

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Table of Contents

Chapter 1. The Power of Ideas to affect Policy

• Chapter 2. Ideas and policies that created the global economic crisis

• (A) lessons from The Great Depression era forgotten

• (B) The belief that free markets are efficient

• Chapter 3. Keynes’s revolutionary ideas regarding the potential instability of a capitalist system * (A) The essence of Keynes’s analysis – unemployment, liquidity, financial markets, and uncertainty * (B) Keynes's analysis attacked by McCarthyism immediately after World War II resulting in a mongrel “Keynesian” analysis combining classical theory with some of Keynes’s policy suggestions

• (C) Why mongrel “Keynesianism” fell out of favor

• Chapter 4. The Cost to the Global Economy in forgetting Keynes

• Chapter 5. Policies for Resolving The Current Economic Crisis

• (A) Bailouts, Toxic Assets, and the banking system

• (B) Are Bailouts desirable?

• (C) A national recovery Plan to Create jobs

• (D) Do we need to coordinate different national recovery plans? * Chapter 6. International Ramifications – Reforming The World’s Trade and Money-Payments System

• (A) International Trade Problems * (B) A New Financial Architecture

• Chapter 7. The Need For Regulations of the Financial System and The Real Economy

• Chapter 8. The Goals of a Civilized Economic Society

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Customer Reviews

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Sort by: Showing 1 – 3 of 2 Customer Reviews
  • Anonymous

    Posted September 5, 2009

    UNDERSTANDING THE CURRENT ECONOMIC CRISIS

    Here is what one blogger has written about Paul Davidson's. book THE KEYNES SOLUTION: THE PATH TO GLOBAL ECONOMIC PROSPERITY. (Palgrave, New York, 2009). The blog is http://macromouse.blogspot.com


    One Lucid Diamond.

    America's seminal economist, Dr. Paul Davidson, has written the clearest vision of money and math mechanics, to date. Not since the 18th century's true mathematical logicians, De Morgan, Jevons, Clifford, Peirce and Veblen, have scientific ideas of logic, money and math mechanics been laid so clearly before our eyes. Mr. Davidson begins with a simple explanation of a true scientific method, any high school student can easily understand, then exposes the fallacies in relation to and of the classical economists' and mathematicians' mistakes, of economic model mis-applications and mis-interpretations of. He reveals his entire thesis in a simple dialectic method any gifted 5th grade student could understand, by keeping the technicalities to his other 22 published books, and some 200 articles. Never before, in the history of economics, has so much been revealed by such a simple, yet scientific, method.

    As an example, Mr. Davidson, shows how the 'universal' facts, habits and ambitions of money, control the 'particular' events of all economic history. He does this by revealing Keynes' true vision of how all nations' balance of payments' imbalances and hoarding, actually starves the world of its productive employment potential. This is truly where all macro-economic theses should start, yet sadly almost all other classical macro-economists see not the forest for the trees. It's taken America's yet unrecognized genius, Paul Davidson, to point this very fact out. He further exposes this first and foremost generating problem, creating the other unrecognized problems' mechanics with and in 'the ergodic theory', 'the neutrality of money theory', 'comparative advantage theory', 'free-trade theory', 'efficient market theory', 'the incompatibility theory of mobile money and full employment', and all really generated from the fundamental 'balance of payments' imbalances and hoarding theory and facts', just as Keynes originally stated and implied them, in his total works, published and unpublished, private and governmental letters, etc.

    After clearly and succinctly showing the relationships between true Keynesian theories and facts, against classical mis-interpretations of the same theories and facts, Davidson easily explains his extended Keynesian solution, to the world's present problems. This is done through his recognition of the world's need for not only a new 're-regulation of financial markets and trade', but also his, as it was Keynes', call for a new 'international financial architecture', to re-balance the world's prices, money and currency contracts. Davidson has updated Keynes' ideas to a 21st century feasible plan of fundamental economic and highly possible political actions, the world sorely needs.

    Never before has an economic book impressed me as much as this little treatise, as I see it having the potential of reaching not only the academic economists, but most all political, academic and intellectual elites, along with many private citizens. This is what the nation and world really and truly needs__a clear and concise manual to explain and solve the world's massive problems. Davidson has succeeded as no other in accomplishing this job.
    .

    ----------------------------------------------------------

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    Posted June 11, 2014

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    Posted January 28, 2010

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