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Keynes: The Return of the Master Paperback – 30 Sep 2010

by Robert Skidelsky (Author)
4.4 out of 5 stars 34 customer reviews
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Product details

  • Paperback: 256 pages
  • Publisher: Penguin (30 Sept. 2010)
  • Language: English
  • ISBN-10: 0141043601
  • ISBN-13: 978-0141043609
  • Product Dimensions: 13.3 x 1.9 x 20.3 cm
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (34 customer reviews)
  • Amazon Bestsellers Rank: 95,090 in Books (See Top 100 in Books)

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Review

Paul Krugman,Observer(UK)
“An important contribution at a time of soul-searching, a must read even if one doesn’t fully accept its conclusions…. This is a wonderfully stimulating book, one that reflects the author’s unparalleled erudition. We’re living in the second Age of Keynes—and Robert Skidelsky is still the guide of choice.”

Richard A. Posner,The New Republic
“Skidelsky’s summary of what is distinctive in Keynes’s theory is excellent.”

Roy Hattersley,Guardian(UK)
“Wonderfully lucid…. Ought to be considered required reading for every prospective minister.”

BusinessWeek
“Explaining the present-day relevance of [Keynes’] theories is executed superbly by Skidelsky…. Skidelsky’s book excels. It’s a passionate polemic that makes a strong case for economists and policymakers to reread their Keynes.”

Charles R. Morris,Commonweal
“A profound and beautifully written meditation on the dangers of bad ideas, readily accessible to anyone who isn’t mystified by the headlines in theWall Street Journalor theEconomist.”

James Srodes,Washington Times
“Valuable…. A neat synthesis: a first-rate short biography for those who have avoided knowing the man behind the myth until now; a clearly written and accessible timeline of just how and why the current crisis broke upon us; and a clearly stated argument for why Keynes was both right and why his precepts must be followed once again.”

Mind
“Elegantly written and persuasively argued.”

Charles R. Morris,Commonweal
“A profound and beautifully written meditation on the dangers of bad ideas, readily accessible to anyone who isn’t mystified by the headlines in theWall Street Journalor theEconomist.”

James SrodesWashington Times
“Valuable…. A neat synthesis: a first-rate short biography for those who have avoided knowing the man behind the myth until now; a clearly written and accessible timeline of just how and why the current crisis broke upon us; and a clearly stated argument for why Keynes was both right and why his precepts must be followed once again.” 

Mint
“Elegantly written and persuasively argued.”
--This text refers to an out of print or unavailable edition of this title.

About the Author

Robert Skidelsky is Emeritus Professor of Political Economy at the University of Warwick. His three volume biography of the economist John Maynard Keynes (1983, 1992, 2000) received numerous prizes, including the Lionel Gelber Prize for International Relations and the Council on Foreign Relations Prize for International Relations. ('This three-volume life of the British economist should be given a Nobel Prize for History if there was such a thing' - Norman Stone.) He is the author of the The World After Communism (1995). He was made a life peer in 1991, and was elected Fellow of the British Academy in 1994.

Customer Reviews

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Top Customer Reviews

4.0 out of 5 starsRestore Keynes but apply his toolkit more specifically
By Geoff Crocker on 16 Nov. 2010
Format: Paperback Verified Purchase
Robert Skidelsky is right : we need to restore Keynesian economics to the current debate. Lord Skidelsky has contributed immensely with his monumental three volume biography of Keynes (`Hopes Betrayed', `The Economist as Saviour', and `Fighting for Freedom'). In this shorter book he summarises aspects of Keynes' economic theory. He attacks neo-classical economic theory's assumptions of rational expectations, real business cycle theory, and efficient market theory. He highlights inescapable, irreducible uncertainty as the key Keynesian diagnostic of economic behaviour, leading to Keynes' theory of `Liquidity Preference' whereby actors hold money to allay uncertainty, and thus reduce effective demand, leading to macroeconomic recession. He correctly points out that philosophically this diagnostic of irreducible uncertainty challenges the established Newtonian paradigm.

But more importantly he argues the practical superiority of Keynes over monetarist economics. As an economic historian, Skidelsky does this in his core chapter 5 by seeking to demonstrate that the global economy performed better under the Keynesian Bretton Woods period of 1951 to 1973, than under the monetarist free market `Washington Consensus' which replaced it. At this point Skidelsky's admitted lack of economic training and of the mathematical skills he too easily derides weakens his point. He interprets the graph on page 117 of world real GDP growth as two points of high average growth under Bretton Woods and low average growth under the Washington Consensus. A visual and econometric best line fit of this data would show a growth line declining from 1960 to 1985 and then rising, which would undermine this particular aspect of Skidelsky's argument.Read more ›
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4.0 out of 5 starsWe need the master back...
By os TOP 500 REVIEWER on 4 Oct. 2011
Format: Paperback
Think of the current recession as the mother of all hangovers. The World economy has been partying insanely for the best part of a decade - busily borrowing, spending, investing and speculating without real regard to what economists like to call 'the fundamentals'. In other words by failing to address the risk attached to a given activity in relation to a possible return; institutions and individuals have spent money to no good purpose whilst at the same time racking up huge debts. Hence the big headache the morning after the debauchery the night before.

So, governments, businesses and me if not you, have been binging on cheap credit. Eventually, the party has to stop when the money runs out. The waiter of doom presents his bill. Governments who have run big budget deficits have racked up massive interest charges on loans face huge problems as do the citizens in their care. Governments like Greece are faced with debt default, firing civil servants, begging from the European Central Bank or World Bank, cutting back on services and raising taxes. Their citizens are faced with higher unemployment, wage cuts, inflation and failing public services. Businesses find profit margins squeezed reduced sales revenues and rising input costs. It's a big mess and possibly it's going to get messier before much longer. But what to do about it?

After a period of heavy indulgence its fairly normal for the patient to go on a diet - lose a bit of weight and generally reform previous bad behaviour, at least for a while, until normal vigour is restored. 'Keynes -Return of the Master' is a detailed analysis of why the market cannot be left to itself to clear the debris up the morning after the economics party is over.Read more ›
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3.0 out of 5 starsKeynes Return of the Master
By Antenna TOP 500 REVIEWER on 14 April 2010
Format: Hardcover
This provides some thought-provoking perspectives on, for instance, the collapsed credibility of the discipline of economics which failed to foresee the recent financial crisis- Skidelsky attributes this to a narrow focus on mathematics rather than the broader ethical, philosophical, historical context within which Keynes operated. This led Keynes to change his mind on the benefits of free trade after experiencing the trauma of the Great Depression. Perhaps wishing to have it all ways, he favoured an international approach to the world of arts which he loved, but came to advocate a measure of protection to encourage countries to manufacture their own goods, even if others could do it more efficiently.

Although this book inspired me to resolve to read a longer and more detailed work on Keynes, it left me feeling a little disappointed. The structure seemed disjointed, as the text switched back and forth in time, with sections written under subheadings in the manner of a text book, but without the systematic approach this normally entails. I was uncertain as to the intended audience. Surely a lay reader with no prior knowledge of Keynes would be confused by the half-explained theory, such as the role of interest rates in equating savings and investment, but not necessarily at the full employment level?

I would have preferred the key points of this book to be presented in a meaty essay, rather than have to tease them out of a somewhat unfocused book.
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4.0 out of 5 starsAn important update
By E. Heelas on 25 Nov. 2009
Format: Hardcover
If anyone ever 'got' economics it was certainly Keynes, and if anyone 'gets' Keynes it is Skidelsky. Description of The Global Economic Crisis is a bit old-hat by now, so the start of the book drags very, very slightly, but as the critique develops and moves into proper exploration of 'The Master's' ideas in the post-crisis arena - with a good bit of banker-bashing too boot - the book comes into its own.

Not too technical, as has been suggested elsewhere. Indeed, Skidelsky is no mathematician, which is to the great benefit of the readability of his latest work.
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Most Recent Customer Reviews

2.0 out of 5 starsTwo Stars

Decent book, unfortunately didn't come with a cover for the hardback version.

Published 8 months ago by Amazon Customer
5.0 out of 5 starsA Master Indeed!

A wonderful reminder of the practical genius of Keynes and a valient attempt in updating his relevences.

Published 11 months ago by James R. O'Callaghan
4.0 out of 5 starsImportant and helpful

Extremely clear exposition. But perhaps too much on the historical Keynes, not quite enough to examining in a rigorous way the imp,ovations of a Keynsian critique of our present... Read more

Published 12 months ago by H. Carter
5.0 out of 5 starsFive Stars

important summaries.

Published 23 months ago by saronic
4.0 out of 5 starsIt's time to revisit Keynes and this is the place to start

Although this is not as up to date as books like Martin Wolf's 'The Shifts and the Shocks' in its account of what we now call the Great Recession, it adds something new - a reprise... Read more

Published on 11 Nov. 2014 by David
5.0 out of 5 starsFive Stars

Unequalled scholarship

Published on 26 Aug. 2014 by fatmanbat46
3.0 out of 5 starsThree Stars

Full of typing errors. Why? Worth reading but a little too reverential for my tastes.

Published on 2 Aug. 2014 by stephen harker
5.0 out of 5 starsWonderful writer

I've now bought another Skidelsky to enjoying again his highly intelligent analysis of people, situations and economics. Read more

Published on 6 Jun. 2014 by kay frew
5.0 out of 5 starsExcellent study of Keynes and his work

This book cuts through much that has served to confuse discussion of economics in recent years, and reconnects with the humanity in Keynes' writings.

Published on 1 July 2013 by John Ceri Gosling
5.0 out of 5 starsExcellent!

The guide to how Keynes would explain why we are in the mess we are in and how we should get out of it. Compulsory reading for all ministers of finance.

Published on 29 April 2013 by Michael John Mulvany

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