- Paperback: 240 pages
- Publisher: Penguin Books Ltd; New ed of 3 Revised ed edition (29 Aug 1991)
- Language English
- ISBN-10: 0140136517
- ISBN-13: 978-0140136517
- Product Dimensions: 19.4 x 13 x 1.8 cm
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Amazon Bestsellers Rank:
37,109 in Books (See Top 100 in Books)
- #58 in Books > Business, Finance & Law > Economics > Theory & Philosophy
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Product Description
Product Description
In 1936 Keynes published "The General Theory of Employment, Interest and Money". Why was it so important? What did it say? How did it change things? Did the answer it provided to unemployment make inflation inevitable? Has Keynesianism been superseded by monetarism? How far do economic policies influence unemployment levels? These issues are discussed in this introduction to Keynes' work and ideas.
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2 of 2 people found the following review helpful
The GT without " Money" and "Interest"
29 May 2008
Format:Paperback
Stewart's book(an updated version of an earlier 1975 book) is based on the belief that Keynes in the GT was proposing an activist approach to fiscal policy that would run deficits at what ever level was required to obtain a full employment level of output over time.This leads him to state that one can eliminate the words "Interest" and "Money" from the title of The General Theory(GT;1936) of Employment,Interest and Money because they are not important.
A major criticism of this view is that it completely ignores the extensive discussions in Part V of the GT where Keynes actually lays out his policies.The major policy recommendation is to maintain low,fixed rates of interest permentently in the long run and cut off all loans to speculators and imprudent risk takers(See Keynes,1936,pp.321-327,338-353,and 374-378).Keynes opposes activist monetary and fiscal policies that involve constant manipulation of interest rates and tax rates because they generate uncertainty about the future.Keynes was a proponent of loan expenditure.This required that the government have knowledgeable accountants who understood the difference between a current account and a capital account.
Stewart's policy recommendations really come from Michel Kalecki and Abba Lerner ,not J M Keynes,who generalized the equation of exchange to incorporate uncertainty and the speculative demand for money.It is uncertainty and the speculative demand for money that result in the intertemporal shortfall in necessary long run investment spending from the private sector that is the cause of involuntary unemployment.Milton Friedman's monetarist approach is a very special case that exists when there is no uncertainty or ignorance of the future ,only risk,and no speculative demand for money,only a transactions demand for money.
A major criticism of this view is that it completely ignores the extensive discussions in Part V of the GT where Keynes actually lays out his policies.The major policy recommendation is to maintain low,fixed rates of interest permentently in the long run and cut off all loans to speculators and imprudent risk takers(See Keynes,1936,pp.321-327,338-353,and 374-378).Keynes opposes activist monetary and fiscal policies that involve constant manipulation of interest rates and tax rates because they generate uncertainty about the future.Keynes was a proponent of loan expenditure.This required that the government have knowledgeable accountants who understood the difference between a current account and a capital account.
Stewart's policy recommendations really come from Michel Kalecki and Abba Lerner ,not J M Keynes,who generalized the equation of exchange to incorporate uncertainty and the speculative demand for money.It is uncertainty and the speculative demand for money that result in the intertemporal shortfall in necessary long run investment spending from the private sector that is the cause of involuntary unemployment.Milton Friedman's monetarist approach is a very special case that exists when there is no uncertainty or ignorance of the future ,only risk,and no speculative demand for money,only a transactions demand for money.
1 of 1 people found the following review helpful
Time for global leaders to brush up on neglected Keynesian
5 Dec 2011
Format:Paperback
Amazing how such a small book could give so much information about an economic theory that changed the world. In "Keynes and After," Michael Stewart does not waste any words in telling the reader how revolutions in thought occur when the prevailing theory can no longer be reconciled with the observable facts. That expression (in the "conclusion" in the book) could itself be an excellent thought for the current global politicians who seem to be clueless and not seeing the observable facts as to how to save the global economy.
Stewart emphasizes the need for a genius to arrive in the scene in addition to prevailing condition for `revolution in thought" and subscribes that John Maynard Keynes is that genius who arrived at that appropriate time in history.
According to the author, the Keynesian arose as an answer to the chronic unemployment problem United Kingdom faced during the 1920 and the 30s. In response to that, Keynes advocated active government involvement in creating well-paid jobs (for consumer to have enough money to spend and save), enough liquid cash and favorable condition for businesses to prosper. Common sense should dictate that this is practical. Further facts show that this brought up the longest period of prosperity in the western democracies that practiced Keynesian economic policies. But when inflation began creeping up in the 1970s, even it had nothing to do with Keynesian and had more to do with increase in oil prices and devaluation of the dollar and consequential hike in commodity prices, a new group of economist--who were mostly the rebirth movement of the classical economists--sprang up under a new label called "monetarists." The reader could surmise that monetarists in another name are the same "Practical men, who believe themselves to be exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back."
Thus beginning the 1980s, it was monetarism that began to take hold of the world including the policies of the IMF and the World Bank that contributed to the destruction of ailing nations economically by applying the misguided monetarist economic theory. Having destructed the world economy by applying monetarism one can ironically hear those practical men who are still slaves to some defunct economist blaming Keynesian for the damage setting aside the influence of monetarism propagated by Reagan Thatcher team with the help of the rest of the developed economies that got drunk with monetarism.
Stewart concludes that neo-Keynesian as the answer to the current economic crisis we face. Let's hope practical men and women in power consider that alternative before the world engulfs in bloody revolutions professed by Marx with the knowledge that those who govern are blind to observable facts, unless another genius with the right leadership qualities spring up to wake up the world .
Stewart emphasizes the need for a genius to arrive in the scene in addition to prevailing condition for `revolution in thought" and subscribes that John Maynard Keynes is that genius who arrived at that appropriate time in history.
According to the author, the Keynesian arose as an answer to the chronic unemployment problem United Kingdom faced during the 1920 and the 30s. In response to that, Keynes advocated active government involvement in creating well-paid jobs (for consumer to have enough money to spend and save), enough liquid cash and favorable condition for businesses to prosper. Common sense should dictate that this is practical. Further facts show that this brought up the longest period of prosperity in the western democracies that practiced Keynesian economic policies. But when inflation began creeping up in the 1970s, even it had nothing to do with Keynesian and had more to do with increase in oil prices and devaluation of the dollar and consequential hike in commodity prices, a new group of economist--who were mostly the rebirth movement of the classical economists--sprang up under a new label called "monetarists." The reader could surmise that monetarists in another name are the same "Practical men, who believe themselves to be exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back."
Thus beginning the 1980s, it was monetarism that began to take hold of the world including the policies of the IMF and the World Bank that contributed to the destruction of ailing nations economically by applying the misguided monetarist economic theory. Having destructed the world economy by applying monetarism one can ironically hear those practical men who are still slaves to some defunct economist blaming Keynesian for the damage setting aside the influence of monetarism propagated by Reagan Thatcher team with the help of the rest of the developed economies that got drunk with monetarism.
Stewart concludes that neo-Keynesian as the answer to the current economic crisis we face. Let's hope practical men and women in power consider that alternative before the world engulfs in bloody revolutions professed by Marx with the knowledge that those who govern are blind to observable facts, unless another genius with the right leadership qualities spring up to wake up the world .
2 of 3 people found the following review helpful
an excellent book. stewart makes keynes understandable.
27 Feb 1998
Format:Mass Market Paperback
If anyone who wants to understand Keynes and his economics theories but fears economic models and difficult math this is the book for you. Michael Stewart explains Keynes theories with common sense examples and grade school math. There is a brief but thorough explaination of economic theory before and after Keynes which is written with the intention of getting the reader to understand the economic world past and present. Stewart has done an outstanding job with this book by writing in a simple manner and showing great understanding for his readers.
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