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Review
'Davidson convincingly shows how Keynes's radical assault on classical economic theory was undermined by mainstream interpreters anxious to make his doctrines politically acceptable. Keynes's own 'general theory' is compellingly explained; its obfuscators attacked with Davidson's familiar panache.' - Lord Skidelsky, author of John Maynard Keynes 1883-1946: Economist, Philosopher, Statesman
'This could be the best one-volume treatment of Keynes's economics since Keynes himself. Clear, logical and faithful, Paul Davidson introduces the real Keynes to a new generation. And do we ever need him.' - James K. Galbraith, The University of Texas at Austin and Levy Economic Institute
'Global imbalances, the unshackling of capital, the precarious state of modern capitalism: rarely has the world of economics been in more need of the thoughts of John Maynard Keynes. Although Keynes is no longer with us, this book is the next best thing. Paul Davidson is the leading expert on Keynes and Keynesianism and his book should be read by anybody who wants to understand the world as it is, rather than as the economic text books say it ought to be.' - Larry Elliott, Economics Editor, The Guardian
'Paul Davidson's fascinating, encyclopaedic book captures the drama of the appearance of the General Theory, illuminates the controversies still surrounding it, and passionately defends Keynes's radical innovations in economic theory and policy. It is high time for economists and policymakers to go back to Keynes's own words, whose power Davidson so effectively articulates.' - Peter L. Bernstein, President of Peter L. Bernstein, Inc., and author of Against the Gods: The Remarkable Story of Risk and Capital Ideas Evolving
'The publication of the first installments in Palgrave Macmillan's new series, "Great Thinkers in Economics," should be a major event for historians of economics.' - Roger Blackhouse, University of Birmingham
Product Description
Now that every politician is calling for Keynesian remedies isn't it time for you to learn what Keynes's analysis is all about?
The current global economic crisis has been caused by the de-regulation of financial markets over the last three decades. Yet, orthodox economic theory during this period provided the rational for this political belief in the desirability of free efficient markets.
This volume explains how, after the collapse of financial markets in 1929 led to the Great Depression, John Maynard Keynes, the greatest economic thinker of the 20th century, developed an alternative analytical framework to this orthodox theory. Keynes's alternative theory explains why this free efficient market theory is not, and cannot be, applicable to the entrepreneurial, market-oriented system in which we live. Instead, with unregulated or under-regulated markets the economy will be extremely volatile. Booms (investment bubbles) are likely to be followed by catastrophic collapses. In the absence of positive government action, long periods of economic stagnation could follow. To avoid these catastrophic collapses and periods of stagnation, Keynes indicated that governments have two important roles to play. First governments must develop institutions, rules, and regulations that maintain the stability and liquidity of financial markets, domestically and globally. Second, the government must take whatever action necessary to make sure that the full employment of resources are continuously utilized in producing desirable and productive goods and services. Only then can we eliminate the two outstanding faults of our entrepreneurial system – (1) the failure of the system to provide full employment and (2) the arbitrary and inequitable distribution of wealth and incomes.
The current global economic crisis has been caused by the de-regulation of financial markets over the last three decades. Yet, orthodox economic theory during this period provided the rational for this political belief in the desirability of free efficient markets.
This volume explains how, after the collapse of financial markets in 1929 led to the Great Depression, John Maynard Keynes, the greatest economic thinker of the 20th century, developed an alternative analytical framework to this orthodox theory. Keynes's alternative theory explains why this free efficient market theory is not, and cannot be, applicable to the entrepreneurial, market-oriented system in which we live. Instead, with unregulated or under-regulated markets the economy will be extremely volatile. Booms (investment bubbles) are likely to be followed by catastrophic collapses. In the absence of positive government action, long periods of economic stagnation could follow. To avoid these catastrophic collapses and periods of stagnation, Keynes indicated that governments have two important roles to play. First governments must develop institutions, rules, and regulations that maintain the stability and liquidity of financial markets, domestically and globally. Second, the government must take whatever action necessary to make sure that the full employment of resources are continuously utilized in producing desirable and productive goods and services. Only then can we eliminate the two outstanding faults of our entrepreneurial system – (1) the failure of the system to provide full employment and (2) the arbitrary and inequitable distribution of wealth and incomes.
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2 reviews
7 of 9 people found the following review helpful
Buddy, can you spare a trillion?
23 Nov 2008
Format:Hardcover
At a time when the world needs the help of the highest and most intelligent voices of economic wisdom, it's truly a shame such false reviews, as the last, are even allowed to stand, at such a respectable business enterprise as Amazon.com. When one of the world's most respected macro-economists is even compared to the likes of one, "mister b", by "mister b" himself, it's not the point he's allowed to falsely criticize, but that he thinks so much of his own false ego. His points of mathematical economics have been not only refuted by others, but by his own omissions of admissions, in defense of his own bad economics book on Keynes, at this very site. Just go to his book's reviews and comments. Here's a serious culled example of criticism against "mister b's" ideas and book:
The D-Z is Model Built On What Keynes Knew Were False Assumptions
Keynes offers some uncharacteristically sound advice in chapter 21: "It is a great fault of symbolic pseudo-mathematical methods of formalizing a system of economic analysis, such as we shall set down in section VI of this chapter, that they expressly assume strict independence between the factors involved and lose all their cogency and authority if this hypothesis is disallowed ... Too large a proportion of recent 'mathematical' economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols (p. 297-298)." This quotation should drive home the point I have tried to make above regarding the independency of certain variables. Keynes has just admitted the model loses all validity if we admit for only an instant that these variables are not independent. Keynes has also admitted that the real world consists of interdependencies and hence D-Z model falls to the ground. Brady is especially guilty of losing "sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols."
One "mister b" should re-study, or at least read, Thorstein Veblen to find there is such a matter as the epistemological limits of all mathematical modeling, as Keynes so aptly pointed out, and Mr. Paul Davidson, whom I've followed for years, reading most of his papers and books, of thoroughly sound judgment, and impeccable character, clearly points out in his masterpiece of absolutely true history, and sound mathematical interpretations of what Keynes truly meant. Keynes must be studied very thoroughly to achieve understanding his GT, as his personality was quite sarcastic at times, especially at moments of writings where he disagreed with others. Paul has easily seen through this, as have I, and writes with the clear certainty of knowing his subject, and subject matter, most profoundly.
Paul Davidson's Keynes's book is the seminal work of macro-economic theory. I highly recommend it, as well as all his papers and books, if you truly want to know the exact model comparison science of the mathematical history of economics, and the proper axiomatic mathematics to use, to work out these models___There is no finer work.
The D-Z is Model Built On What Keynes Knew Were False Assumptions
Keynes offers some uncharacteristically sound advice in chapter 21: "It is a great fault of symbolic pseudo-mathematical methods of formalizing a system of economic analysis, such as we shall set down in section VI of this chapter, that they expressly assume strict independence between the factors involved and lose all their cogency and authority if this hypothesis is disallowed ... Too large a proportion of recent 'mathematical' economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols (p. 297-298)." This quotation should drive home the point I have tried to make above regarding the independency of certain variables. Keynes has just admitted the model loses all validity if we admit for only an instant that these variables are not independent. Keynes has also admitted that the real world consists of interdependencies and hence D-Z model falls to the ground. Brady is especially guilty of losing "sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols."
One "mister b" should re-study, or at least read, Thorstein Veblen to find there is such a matter as the epistemological limits of all mathematical modeling, as Keynes so aptly pointed out, and Mr. Paul Davidson, whom I've followed for years, reading most of his papers and books, of thoroughly sound judgment, and impeccable character, clearly points out in his masterpiece of absolutely true history, and sound mathematical interpretations of what Keynes truly meant. Keynes must be studied very thoroughly to achieve understanding his GT, as his personality was quite sarcastic at times, especially at moments of writings where he disagreed with others. Paul has easily seen through this, as have I, and writes with the clear certainty of knowing his subject, and subject matter, most profoundly.
Paul Davidson's Keynes's book is the seminal work of macro-economic theory. I highly recommend it, as well as all his papers and books, if you truly want to know the exact model comparison science of the mathematical history of economics, and the proper axiomatic mathematics to use, to work out these models___There is no finer work.
5 of 14 people found the following review helpful
Some interesting chapters and some error filled chapters
7 Oct 2007
Format:Hardcover
Davidson's book on Keynes starts out providing useful information to a reader who has little or no familiarity with Keynes's contributions to economics.Davidson covers Keynes's intellectual and political views effectively.He demonstrates clearly and correctly how World War I severely inpacted how Keynes thought about social,political,and economic problems, on either a national or international plane,for the rest of his life.Chapters 8-11 covers Keynes's attempts to set up a sturdy logical,theoretical,and politically sound foundation(International Monetary Fund,World Bank,Bancor) after World War II that would prevent the types of international problems(International trade disputes,misuses of tariffs and quotas, "beggar your neighbor " trading policies,etc.) that had ,in Keynes's opinion,contributed to the outbreaks of World Wars I and II from reoccurring in the future.
Chapters 1,2,3,most of 4,7,8,9,10,and 11 can be read profitably by a general reader interested in Keynes's contributions to international trade and finance issues(balance of trade, balance of payments,liquidity-foreign debt,and debt financing problems of second and third world countries).
Severe problems arise primarily in chapters 5,6,and 12, where Davidson erroneouly claims that he is providing the reader with the correct technical model(D-Z Model) used by Keynes in the GT to illustrate his theory of effective demand.Davidson presents his own severely mathematically flawed ,Davidsonian version of Keynes's model.Davidson works only with the rudimentary, 6th grade,pre algebra outline that Keynes presented to the reader as a basic guide to what he would later actually accomplish in chapters 19,the appendix to chapter 19,chapter 20,and chapter 21, in chapter 3 of the GT.Davidson,as he has done for close to 50 years,does not tell the reader that Keynes viewed this chapter,chapter 3, as a beginner's outline that would probably be unintelligible to many readers.Davidson redefines all of Keynes's mathematical functions in the GT,replacing Keynes's definitions with his own.For instance,Davidson sets the Z function ,Keynes's expected aggregate supply function, equal to pO.Contrary to Davidson, Keynes defined D=pO 5 times in chapter 20,pp.283-284,where p is an expected price and O is a function of N;hence,it is an aggregate production function.D is Keynes's expected aggregate demand function.Keynes defined Z to be equal to WN+P on pp.23-24 of the GT.Integration of Keynes's derivatives, in those sections of the GT where Keynes did his mathematical analysis, all come out to Z=WN+P,where P is expected profit,W is the money wage ,and N is employment.Keynes defined the actual or current aggregate demand function,Y,to be equal to C+I=PO,where,in the context of the Y-multiplier model of chapter 10,P is an actual or current price(GT,p.209).Davidson redefines D,Keynes's expected aggregate demand function,to be equal to Y.None of the analysis provided by Davidson in this book has any connection with the mathematical analysis done by Keynes in chapters 20 and 21 of the GT.It should not come as a surprise that Keynes told Dennis Robertson,in a letter dated February 20,1935(see volume 14 of the CWJMK(1973),p.514(Davidson only cites from p.512),from whom Davidson has developed his Davidsonian model,that his technical analysis of Z and D is contained in a chapter in the GT called the Employment Function.Chapter 20 of the GT is called The Employment Function.
We now come to the final chapter of the book.This chapter is an attack on Paul Samuelson.Davidson claims that Samuelson has misrepresented the technical aspects of Keynes's theory of effective demand when Samuelson put forth his 45 degree cross model of income-expenditure in 1948. In fact,Samuelson's model is a brilliant simplification of the GT that allows Keynes's major insights to be presented to introductory economics student.Samuelson refrained from any serious attempt to master the technical side of the GT because Davidson's close associates,Joan Robinson,Richard Kahn,and Austin Robinson,had convinced Samuelson that there were major mathematical errors contained in the GT because Keynes had not taken their advice on economic modeling.The only conclusion possible,given the large number of errors committed by Davidson,Joan Robinson,and Richard Kahn concerning the technical aspects of the GT, is that they are the ones who are primarily responsible for killing "... Cock Robin(John Maynard Keynes)".Chapter 12 is an excellent example of the pot(Davidson) claiming that the kettle(Samuelson) is black.Davidson needs to get the dust out of his eyes before he gives advice to others having similar problems.
Chapters 1,2,3,most of 4,7,8,9,10,and 11 can be read profitably by a general reader interested in Keynes's contributions to international trade and finance issues(balance of trade, balance of payments,liquidity-foreign debt,and debt financing problems of second and third world countries).
Severe problems arise primarily in chapters 5,6,and 12, where Davidson erroneouly claims that he is providing the reader with the correct technical model(D-Z Model) used by Keynes in the GT to illustrate his theory of effective demand.Davidson presents his own severely mathematically flawed ,Davidsonian version of Keynes's model.Davidson works only with the rudimentary, 6th grade,pre algebra outline that Keynes presented to the reader as a basic guide to what he would later actually accomplish in chapters 19,the appendix to chapter 19,chapter 20,and chapter 21, in chapter 3 of the GT.Davidson,as he has done for close to 50 years,does not tell the reader that Keynes viewed this chapter,chapter 3, as a beginner's outline that would probably be unintelligible to many readers.Davidson redefines all of Keynes's mathematical functions in the GT,replacing Keynes's definitions with his own.For instance,Davidson sets the Z function ,Keynes's expected aggregate supply function, equal to pO.Contrary to Davidson, Keynes defined D=pO 5 times in chapter 20,pp.283-284,where p is an expected price and O is a function of N;hence,it is an aggregate production function.D is Keynes's expected aggregate demand function.Keynes defined Z to be equal to WN+P on pp.23-24 of the GT.Integration of Keynes's derivatives, in those sections of the GT where Keynes did his mathematical analysis, all come out to Z=WN+P,where P is expected profit,W is the money wage ,and N is employment.Keynes defined the actual or current aggregate demand function,Y,to be equal to C+I=PO,where,in the context of the Y-multiplier model of chapter 10,P is an actual or current price(GT,p.209).Davidson redefines D,Keynes's expected aggregate demand function,to be equal to Y.None of the analysis provided by Davidson in this book has any connection with the mathematical analysis done by Keynes in chapters 20 and 21 of the GT.It should not come as a surprise that Keynes told Dennis Robertson,in a letter dated February 20,1935(see volume 14 of the CWJMK(1973),p.514(Davidson only cites from p.512),from whom Davidson has developed his Davidsonian model,that his technical analysis of Z and D is contained in a chapter in the GT called the Employment Function.Chapter 20 of the GT is called The Employment Function.
We now come to the final chapter of the book.This chapter is an attack on Paul Samuelson.Davidson claims that Samuelson has misrepresented the technical aspects of Keynes's theory of effective demand when Samuelson put forth his 45 degree cross model of income-expenditure in 1948. In fact,Samuelson's model is a brilliant simplification of the GT that allows Keynes's major insights to be presented to introductory economics student.Samuelson refrained from any serious attempt to master the technical side of the GT because Davidson's close associates,Joan Robinson,Richard Kahn,and Austin Robinson,had convinced Samuelson that there were major mathematical errors contained in the GT because Keynes had not taken their advice on economic modeling.The only conclusion possible,given the large number of errors committed by Davidson,Joan Robinson,and Richard Kahn concerning the technical aspects of the GT, is that they are the ones who are primarily responsible for killing "... Cock Robin(John Maynard Keynes)".Chapter 12 is an excellent example of the pot(Davidson) claiming that the kettle(Samuelson) is black.Davidson needs to get the dust out of his eyes before he gives advice to others having similar problems.
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