The Revolution That Never Was: An Assessment of Keynesian Economics [Paperback]

Will Hutton (Author)

Book Description

Publication Date: June 1986 | ISBN-10: 058229603X | ISBN-13: 978-0582296039

According to the author, Keynesian revolution has yet to take place. Economists, he finds, have not yet come to terms with the heart of Keynes' argument: that there are limits to what prices can do in a market economy. But referring closely to Keynes' writings, Hutton demonstrates that Keynes was concerned to show how the financial sector of the economy originated and how it reinforced the incapacities of the market economy.

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Editorial Reviews

About the Author

Will Hutton was appointed chief executive of the Industrial Society in February 2000. He was previously editor-in-chief of the Observer. --This text refers to an out of print or unavailable edition of this title.

Product Details

• Paperback: 240 pages
• Publisher: Longman Sc & Tech (June 1986)
• Language: English
• ISBN-10: 058229603X
• ISBN-13: 978-0582296039
• Average Customer Review: 3.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #10,769,464 in Books (See Top 100 in Books)

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1 of 3 people found the following review helpful:

3.0 out of 5 stars The author has no knowledge of the math model Keynes used in the GT, April 15, 2006

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Michael Emmett Brady "mandmbrady" (Bellflower, California ,United States) - See all my reviews
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This review is from: The Revolution That Never Was: An Assessment of Keynesian Economics (Paperback)

Hutton is correct that there was no perceived,theoretical ,Keynesian revolution in economic theory that was understood by the economists of the 20th century.There was a revolution in economic public policy and in the terminology(introduced by Keynes in the General Theory,1936) used by the economics profession to discuss issues in macroeconomics.Unfortunately,Hutton is at a total loss to explain why this happened.The economics profession in the 1930's was ,in general,mathematically illiterate.No one could follow Keynes's mathematical modeling in chapters 20 and 21 of the GT.The same conclusion holds with respect to Pigou's magnificient 1933 book,The Theory of Unemployment.An assessment of the economics of J M Keynes will have to wait until some economist ,who knows how to integrate derivatives(take the anti derivative),sits down and carries out the necessary mathematical operations.Keynes' s math model will then be discovered and there will then be a revolution in economic theory.