One of the most striking phenomena in all of economics is the absence of a deep tradition of criticism focused on Keynesian economic theory. There have been critics but they are few and far between, even though Keynesian demand management has been at the centre of some of the worst economic outcomes in history, from the great stagflation of the 1970s to the twenty-year ‘lost decade’ in Japan that has been ongoing since the 1990s, and now, once again, the dismal recoveries that have followed the Global Financial Crisis. This book brings together some of the most vocal critics of Keynesian economics of the present time.
Each author attempts to explain what is wrong with Keynesian theory for those seeking guidance on where to turn for a more accurate explanation of the business cycle and what to do when recessions occur.The contributions are by scholars from a wide number of schools of economics, which include but are not restricted to Austrian, monetarist and classical perspectives. Written not just for economists, this accessible book is one of the few anti-Keynesian texts available and explains the inability of public spending and lower interest rates to have restored robust economic growth and full employment after the GFC.
The collection offers an antidote to contemporary macroeconomic theory. It is an essential text for anyone wishing to understand why no stimulus has been able to bring recovery to any economy in which it has been tried.
|Publisher:||Elgar, Edward Publishing, Inc.|
|Edition description:||New Edition|
|Product dimensions:||6.10(w) x 9.10(h) x 0.70(d)|
About the Author
Edited by Steven Kates, Associate Professor of Economics, School of Economics, Finance and Marketing, RMIT University, Melbourne, Australia
Table of Contents
1. The Keynesian Liquidity Trap: An Austrian Critique
Peter Boettke and Patrick Newman
2. What the Entrepreneurial Problem Reveals about Keynesian Macroeconomics
Per L. Bylund
3. A Critique of Two Key Concepts in Keynesian Textbooks
4. The Misdirection of Keynesian Aggregates for Understanding Monetary and Cyclical Processes
Richard M. Ebeling
5. Cycles and Slumps in an Overly Aggregated Theoretical Framework
Roger W. Garrison
6. The Problems with Keynesianism: A View from Austrian Capital Theory
7. The Dangers of Keynesian Economics
8. The Problem of Keynesian Aggregation
9. What’s Wrong with Keynesian Economists?
Arthur B. Laffer
10. Capital, Saving and Employment
11. What’s Wrong With Keynesian Economics?
12. Move Over Keynes: Replacing Keynesianism with a Better Model
13. The Conclusive Fault Line in Keynesian Economics