[Roy J. Rotheim] New Keynesian Economics Post Ke(

NEW KEYNESIAN ECONOMICS/POST KEYNESIAN ALTERNATIVES This collection of original essays by the world’s most prominent Post Keynesian Economists offers a critique of what has come to be known as New Keynesian Economics and provides alternative conceptions to each of its principal areas: ã ã ã ã ã price and quantity adjustments the labour market the capital market coordination failures public policy The volume is a response to Mankiw and Romer’s New Keynesian Economics, and to the claim that New
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  NEW KEYNESIAN ECONOMICS/POSTKEYNESIAN ALTERNATIVES This collection of srcinal essays by the world’s most prominent Post KeynesianEconomists offers a critique of what has come to be known as New KeynesianEconomics and provides alternative conceptions to each of its principal areas:ãprice and quantity adjustmentsãthe labour marketãthe capital marketãcoordination failuresãpublic policyThe volume is a response to Mankiw and Romer’s New Keynesian Economics, and tothe claim that New Keynesian Economics has provided a unique micro-economicfoundation for so-called Keynesian features and Keynesian results. John Maynard Keynes wrote that any theory based on such foundations wastheoretically flawed, did not represent the world in which we lived and would entaildisastrous consequences if used as the basis of public policy. Adhering to this positionof Keynes, Post Keynesians reject any neoclassical foundation for Keynesianeconomics. Instead, they provide a richer theoretical foundation—which does notrely on the classical dichotomy embraced by all neo-classical economists—consistentwith Keynes’ monetary theory of production. Roy J.Rotheim is Professor of Economics at Skidmore College, Saratoga Springs,New York. He was previously Executive Editor of  Challenge—The Magazine of Economic Affairs and Associate Editor of the Eastern Economic Journal  . His principalpublications have been in the areas of Keynesian uncertainty, economic theory, andthe history of economic thought.  ROUTLEDGE FRONTIERS OF POLITICALECONOMY 1Equilibrium Versus Understanding: Towards the Rehumanization of Economicswithin Social Theory—Mark Addleson2Evolution, Order and Complexity—Edited by Elias L.Khalil and Kenneth E.Boulding3Interactions in Political Economy: Malvern After Ten Years—Edited by StevenPrassman4The End of Economics—Michael Perelman5Probability in Economics—Omar F.Hamouda and Robin Rowley6Capital Controversy, Post Keynesian Economics and the History of EconomicTheory: Essays in Honour of Geoff Harcourt, Volume One—Edited by PhilipArestis, Gabriel Palma and Malcolm Sawyer 7Markets, Unemployment and Economics Policy: Essays in Honour of Geoff Harcourt, Volume Two—Edited by Philip Arestis, Gabriel Palma and MalcolmSawyer 8Social Economy: The Logic of Capitalist Development—Clark Everling9New Keynesian Economics/Post Keynesian Alternatives—Edited by Roy J.Rotheim10The Representative Agent in Macroeconomics—James E.Hartley11Borderlands of Economics: Essays in Honour of Daniel R.Fusfeld—Edited byNahid Aslanbeigui and Young Back Choi12Value Distribution and Capital—Edited by Gary Mongiovi and Fabio Petri13The Economics of Science—James R.Wible14Competitiveness, Localised Learning and Regional Development: Specializationand Prosperity in Small Open Economies—Peter Maskell, Heikki Eskelinen,Ingjaldur Hannibalsson, Anders Malmberg and Eirik Vatne15Labour Market Theory: A Critical Assessment—Ben J.Fine16Women and European Employment—Jill Rubery, Mark Smith, DamianGrimshaw17Explorations in Economic Methodology: From Lakatos to Empirical Philosophyof Science—Roger Backhouse18Wanting and Choosing: Essays on Subjectivity in Political Economy—David P.Levine  NEW KEYNESIANECONOMICS/POSTKEYNESIANALTERNATIVES Edited by Roy J.Rotheim London and New York
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