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Millennial Keynes: The Origins, Development and Future of Keynesian Economics

3 out of 5 stars 2 customer reviews
ISBN-13: 978-0765606709
ISBN-10: 0765606704
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About the Author

Researcher, Fondation Nationale des Sciences Politiques, Paris.

SUNY, Albany.

SUNY, Albany.

Product Details

  • Hardcover: 216 pages
  • Publisher: Routledge (January 31, 2003)
  • Language: English
  • ISBN-10: 0765606704
  • ISBN-13: 978-0765606709
  • Product Dimensions: 6.3 x 0.8 x 9.2 inches
  • Shipping Weight: 14.4 ounces (View shipping rates and policies)
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Best Sellers Rank: #7,740,103 in Books (See Top 100 in Books)

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Format: Paperback
In this volume, Ventelou goes well beyond standard histories and biographies to address the larger intellectual context that Keynes inhabited. Following a brief overview of Keynes's career, Ventelou pulls back to examine turn-of-thecentury Marshallian and Walrasian controversies over marginalism and general equilibrium theory, debates which significantly shaped Keynes's own thinking.

Of particular interest to international relations (IR) scholars, Millennial Keynes acknowledges the often-neglected social bases of Keynesian thought. This emphasis matters because, while the social constructivist turn in IR theory has been well advanced in the security realm, it has only recently begun making significant inroads in the international political economy (IPE) setting. Indeed, influential constructivist scholars have increasingly drawn on Keynesian insights to transcend prevailing neoclassical and classical orthodoxies. Of course, in addition to its relevance to contemporary IR and IPE debates, Millennial Keynes provides basic and enduring insights into enduring economic theory, history and policy debates.
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Format: Paperback
Ventelou(V) attempts to show how Keynes's general emphasis on uncertainty, expectations and the entreprenuer in the General Theory(GT;1936)evolved from the logical,epistemological,philosopical,decision theoretic and ethical perspectives and analysis done by Keynes in his A Treatise on Probability(1921;TP)and his economic analysis in the A Treatise on Money(TM;1930),with its emphasis on the investment-savings relationship,the rate of interest determined by a profit maximizing, private banking industry,the quantity theory of money, and the early liquidity preference theory based on the bull-bear distinction made by Keynes in the TM.This approach certainly has great merit if an author has carefully examined and understood the technical,theoretical,logical and mathematical modeling that Keynes applied in the TP,TM,and GT.V,unfortunately,has little or no grasp of the technical aspects of Keynes's formal work that underlies the literary exposition that Keynes emphasized throughout his life.Keynes operated under the constraint of a scientist who was serious about implementing Ockham's Razor.Keynes used only the amount of mathematical and logical technique absolutely necessary to solve a particular problem.However,an understanding of his technical apparatus is a necessary condition for understanding the literary language Keynes used to convey his results in all three books.Unfortunately,V writes under the implicit influence of Richard Kahn and Joan Robinson,who spent their lives spreading the vicious canard that Keynes lacked the capability to express his ideas in a formal,technical manner because he was a poor mathematician by 1927 who had not taken the twenty minutes necessary to grasp the theory of value.Let me catalog the errors that appear just on pp.89-98 of V's book.Read more ›
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