A Critique of Keynesian Economics

1. Front Matter

   Pages i-xvii

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2. John Maynard Keynes (1883–1946)

   • Don Patinkin

   Pages 1-57

3. The Keynesian Heritage in Economics

   • Leland B. Yeager

   Pages 59-71

4. Keynes’s Intellectual Legacy

   • Karl Brunner

   Pages 73-79

5. Keynes and the Classics

   • Axel Leijonhufvud

   Pages 81-114

6. Keynes versus the ‘Keynesians’…?

   • Terence W. Hutchison

   Pages 115-153

7. Expectations and the Economy

   • Patrick Minford

   Pages 155-167

8. The Fallacy of the Mixed Economy

   • S. C. Littlechild

   Pages 169-224

9. Back Matter

   Pages 225-247

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'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 a collection of classic appraisals of Keynesian economics' impact on economic theory and policy that will be of use to all students of macroeconomics and the history of economic thought. Don Patinkin's assesses Keynes early life and focuses attention on Keynes's contribution to monetary economics. Axel Leijonhufvud takes the view that the Keynesian revolution began and stayed on the wrong track. Leland Yeager refutes the idea that Keynesian economics was responsible for the general prosperity in the industrialised world immediately after the Second World War. Karl Brunner is critical of Keynes's reliance on fiscal rather than monetary policy. Terence Hutchison defends Keynes, both against his critics and against Keynesians! Patrick Minford traces the roots of neoclassical economics, back to The General Theory. Stephen Littlechild offers an alternative to Keynesian economics by focusing attention on the Austrian school.

• History of Economic Thought
• John Maynard Keynes
• Keynes
• macroeconomics
• monetary economics
• monetary policy

• Institute of Economic Affairs, London, UK

  Walter Allan

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