New Keynesian Economics Post Keynesian Alternatives (Routledge Frontiers of Political Economy, 9)

The New Keynesian Economics has been the most significant development in economics in recent years. Does it actually build upon Keynes' work? In this volume, leading post Keynesian economists challenge New Keynesianism both on the grounds that it is not Keynesian, and does not provide an adequate account of our current economic problems. Book Cover 1 Title 4 Contents 5 List of contributors 9 Foreword 10 Introduction 12 Setting the record straight 26 Keynes and the New Keynesians on market competition 50 New Keynesian macroeconomics and markets 62 Price theory and macroeconomics: stylized facts and New Keynesian fantasies 82 Wages and employment: a Keynesian model 117 New Keynesian macroeconomics and the determination of employment and wages 129 Some questions for New Keynesians 145 Social norms as rational choices 164 New Keynesians, Post Keynesians and history 179 Elements of conflict in UK wage determination 193 Menu costs and the nature of money 216 Knowledge, information and credit creation 225 Post and New Keynesians: the role of asymmetric information and uncertainty in the construction of financial institutions and policy 238 Disembodied risk or the social construction of creditworthiness? 252 A Kaleckian view of New Keynesian macroeconomics 273 Beyond New Keynesian economics: towards a post Walrasion macroeconomics 288 Complex dynamics in New Keynesian and Post Keynesian models 299 Post Keynesian and strong Keynesian macroeconomics: compatible bedfellows? 314 On a recent change in the notion of incomes policy 339 Money and interest rates in a monetary theory of production 350 Macroeconomic policy for the long haul 367 Bibliography 381 Index 407 Economics, Finance, Business & Industry Foreword / G.c. Harcourt -- Introduction / Roy J. Rotheim -- Pt. I. Prices, Outputs And Markets. 1. Setting The Record Straight / Paul Davidson. 2. Keynes And The New Keynesians On Market Competition / J.a. Kregel. 3. New Keynesian Macroeconomics And Markets / Roy J. Rotheim. 4. Price Theory And Macroeconomics: Stylized Facts And New Keynesian Fantasies / Edward J. Nell -- Pt. Ii. The Labour Market. 5. Wages And Employment: A Keynesian Model / Claudio Sardoni. 6. New Keynesian Macroeconomics And The Determination Of Employment And Wages / Malcolm Sawyer. 7. Some Questions For New Keynesians / Sergio Nistico, Fabio D'orlando And Benedetto Scoppola. 8. Social Norms As Rational Choices / Murray Milgate And Cheryl B. Welch. Edited By Roy J. Rotheim. Includes Bibliographical References And Index. This collection began with a paper given at the Post Keynesian Study Group, University College London, in the Fall of 1993, called 'On Butterflies' Wings and Hurricanes: A post Keynesian Critique of New Keynesian Economics' (Rotheim, 1993).