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.
List of contributors viii(1) Foreword ix G. C. HARCOURT Introduction 1(14) ROY J. ROTHEIM PART I Prices, outputs and markets 15(91) 1 Setting the record straight 15(24) PAUL DAVIDSON 2 Keynes and the New Keynesians on market competition 39(12) J. A. KREGEL 3 New Keynesian macroeconomics and markets 51(20) ROY J. ROTHEIM 4 Price theory and macroeconomics: stylized facts and New Keynesian fantasies 71(35) EDWARD J. NELL PART II The labour market 106(99) 5 Wages and employment: a Keynesian model 106(12) CLAUDIO SARDONI 6 New Keynesian macroeconomics and the determination of employment and wages 118(16) MALCOLM SAWYER 7 Some questions for New Keynesians 134(19) SERGIO NISTICO FABIO DORLANDO Appendix by BENEDETTO SCOPPOLA 8 Social norms as rational choices 153(15) MURRAY MILGATE CHERYL B. WELCH 9 New Keynesians, Post Keynesians and history 168(14) JOHN B. DAVIS 10 Elements of conflict in UK wage determination 182(23) PHILIP ARESTIS IRIS BIEFANG-FRISANCHO MARISCAL PART III Money, credit rationing and asymmetric information 205(72) 11 Menu costs and the nature of money 205(9) MALCOLM SAWYER 12 Knowledge, information and credit creation 214(13) SHEILA DOW 13 Post and New Keynesians: the role of asymmetric information and uncertainty in the construction of financial institutions and policy 227(14) DORENE ISENBERG 14 Disembodied risk or the social construction of creditworthiness? 241(21) GARY A. DYMSKI 15 A Kaleckian view of New Keynesian macroeconomics 262(15) TRACY MOTT PART IV Post Walrasian macroeconomics 277(51) 16 Beyond New Keynesian economics: towards a post Walrasion macroeconomics 277(11) DAVID COLANDER 17 Complex dynamics in New Keynesian and Post Keynesian models 288(15) J. BARKLEY ROSSER, JR. 18 Post Keynesian and strong New Keynesian macroeconomics: compatible bedfellows? 303(25) COLIN ROGERS PART V Public policy 328(42) 19 On a recent change in the notion of incomes policy 328(11) GIOVANNI CARAVALE 20 Money and interest rates in a monetary theory of production 339(17) BASIL J. MOORE 21 Macroeconomic policy for the long haul 356(14) HERBERT GINTIS Bibliography 370(26) Index 396
Roy Rotheim (Skidmore College, USA)
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