A Critique of Keynesian Economics
'All of us need help in understanding Keynes's brilliant, but often opaque, contributions to theory and policy. These essays provide a scholarly, balanced yet provocative assessment and critique.' Sir Alan Walters This book represents, for the first time
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A Critique of Keynesian Econotnics Edited by
Walter Allan Pllblishing Director lllstitllte 01 Economic Ajfairs. Londoll
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St. Martin 's Press
in association with
Palgrave Macmillan
Selection © Walter Allan 1993 Chapter I ©The Macmillan Press Ltd 1987. 1993 Introduction and Chapters 2-7 © The Institute of Economic Affairs 1986. 1986.1967.1977.1986.1978. 1993 Softcover reprint of the hardcover 1st edition 1993 978-0-333-56576-6 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988. or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Coun Road. London WI P 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published in Great Britain 1993 by THE MACMILLAN PRESS LTD Houndmills, Basingstoke. Hampshire RG21 2XS and London Companies and representatives throughout the world This book is published in association with The Institute of Economic Affairs. A catalogue record for this book is available from the British Library. ISBN 978-1-349-22483-8 ISBN 978-1-349-22481-4 (eBook) DOI 10.1007/978-1-349-22481-4
First published in the United States of America 1993 by Scholarly and Reference Division. ST. MARTIN'S PRESS. INC .. 175 Fifth Avenue. New York. N.Y. 10010 ISBN 978-0-312-08554-4 Library of Congress Cataloging-in-Publication Data A critique of Keynesian economics 1edited by Walter Allan. p. cm. Includes bibliographical references (p. ) and index. ISBN 978-0-312-08554-4 I. Keynesian economics. 2. Keynes, John Maynard, 1883-1946. I. Allan. Walter. 1955HB99.7.C75 1993 92-18932 330. I 5'6--dc20 CIP
This book is dedicated to the memory of my late father, Wattie AHan, and my uncle, Wul Allan, whose own upbringing was far removed from Harvey Road, Cambridge. In the same year as The General Theory was published, my grandfather died leaving my grandmother widowed with nine children. AIthough sociologists would have described their conditions as below-thepoverty-line, they enjoyed a richness and quality of life, respect in the local community and pride in their family. My fondest memory takes me back to the halcyon days of 1967 when I was taken to Wembley for the first time to watch Scotland beat England, the world champions, who were subjected that day to the guile and craftsmanship of Messrs Law and Baxter. My father also spent his summer vacation that year working to pay for my new school uniform and sports gear as high school beckoned. Their presence at family gatherings is sorely missed.
Contents Notes on the Contributors Introduction Walter Al/an
viii xi
John Maynard Keynes (1883-1946) Don Patinkin 2 The Keynesian Heritage in Economics Leland B. Yeager
59
3
Keynes's Intellectual Legacy Karl Brunner
73
