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 in large part 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. The logic of current orthodox theory is that if governments do not interfere with the free market system, then, despite any external shock to the economic system, decisions by self-interested , rational economic decision makers will always stabilize the economy at its full employment level.

After the collapse of financial markets in 1929 had lead to the Great Depression, John Maynard Keynes, the greatest economic thinker of the 20th century, provided an analytical framework that explained why this free efficient market theory is not, and cannot, be applicable to the entrepreneurial , market-oriented system in which we live. Keynes demonstrated that because future outcomes of current investment decisions were inherently uncertain and could not be reliably predicted by statistically analyzing existing market data, unregulated or under-regulated market economies will be extremely volatile. Booms (investment bubbles) were likely to be followed by catastrophic collapses. In the absence of positive government action, long periods of economic stagnation could follow.

Accordingly, in Keynes's analytical framework, 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 the two outstanding faults of our entrepreneurial system be eliminated. These faults are the failure of the system "to provide full employment and the arbitrary and inequitable distribution of wealth and incomes" [John Maynard, Keynes, The General Theory of Employment, Interest and Money, 1936, p.371]

By Paul Davidson, author of John Maynard Keynes and Interpreting Keynes for the 21st Century

New in Paperback!
John Maynard Keynes
P. Davidson
This book looks at the life of Keynes leading up to the writing of his seminal General Theory, examines the General Theory in detail, and explores how it differs from classical theory. The impact of Keynes's work on the economy postwar and up to the present day is also assessed.

978-1-4039-9623-7
Hardback £58.00
August 2007

978-0-230-22920-4
Paperback £18.99
April 2009

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The General Theory of Employment, Interest and Money
J. Keynes
In 1936 Keynes published the most provocative book written by any economist of his generation. Arguments about the book continued until his death in 1946 and still continue today. This new edition features a new Introduction by Paul Krugman which discusses the significance and continued relevance of The General Theory.

978-0-230-00476-4
Paperback £19.99
October 2007
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The Anti-Keynesian Tradition
R. Leeson
This volume contains a range of contributions from top scholars in the field which use key archival evidence to provide a comprehensive overview of the Anti-Keynesian Tradition, and its main players. With incisive research and masterful analysis, this volume traces the movement by focusing on the evolution of thought within this school.

978-1-4039-4959-2
Hardback £55.00
October 2008
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Keynes for the Twenty-First Century
The Continuing Relevance of The General Theory
M. Forstater; L. Wray
This book provides an assessment of the impact that Keynesian economics has had over the past 70 years, with contributions by many of Keynes's leading proponents.

978-0-230-60581-7
Hardback £45.00
May 2008
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The Keynesian Tradition
R. Leeson
This volume examines the process by which Keynes' message got interpreted and re-interpreted and thus separated into a Left and a Right political-economic stream. Archival evidence is used to shed a fresh light on many of the controversies (and colourful characters) of the Keynesian tradition.

978-1-4039-4960-8
Hardback £58.00
April 2008
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Interpreting Keynes for the 21st Century
Volume 4: The Collected Writings of Paul Davidson
P. Davidson
The 4th volume of Davidson's major contributions to the economics and policy debates of our times, this book contains articles, newspaper columns and papers that explain why Keynes's General Theory, as developed by Post Keynesian theorists, provides important policy implications for the economic problems of the 21st century global economy.

978-0-230-52090-5
Hardback £64.00
July 2007
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Introduction to Post-Keynesian Economics
M. Lavoie
This book shows how the realistic foundations and stylized facts of Post-Keynesian economics give rise to macroeconomic implications that are different from those of received wisdom with regards to employment, output growth, inflation and monetary theory, and offers an alternative to neoclassical economics and its free-market economic policies.

978-0-230-00780-2
Hardback £56.00
June 2007
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Keynes's General Theory, the Rate of Interest and 'Keynesian' Economics
G. Tily
This book argues that Keynesian economists have betrayed Keynes' theory and policy conclusions, and that the world has been misled about those policies. Keynesians have focused attention on policies for dealing with effects of economic failure as they arise, whereas Keynes was concerned with the cause and then the prevention of economic failure.

978-1-4039-9628-2
Hardback £72.00
January 2007
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The Economics of Keynes in Historical Context
An Intellectual History of the General Theory
M. Lawlor
This volume offers a comprehensive treatment of the development of Keynes's economic ideas in the General Theory of Employment, Interest and Money, using archival material, the historical record of the economics of Keynes's time and place and the scholarship available on Keynes's biography and philosophy.

978-0-333-97717-0
Hardback £75.00
October 2006
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50 Years a Keynesian and Other Essays
G. Harcourt
The author reviews retrospectively his developing ideas on theory and policy since he first encountered Keynes's writings in 1950. Topics covered include: Keynes now, specifically the coming back into favour of his most fundamental ideas; intellectual biographies and shorter tributes to economists; and a survey of Post-Keynesian thought.

978-1-4039-8760-0
Paperback £22.99
April 2006
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