Cover: Maynard's Revenge: The Collapse of Free Market Macroeconomics, from Harvard University PressCover: Maynard's Revenge in HARDCOVER

Maynard's Revenge

The Collapse of Free Market Macroeconomics

Add to Cart

Product Details

HARDCOVER

$51.50 • £41.95 • €46.50

ISBN 9780674050464

Publication Date: 01/01/2011

Short

400 pages

6-1/8 x 9-1/4 inches

39 graphs, 14 tables

World

It is now widely agreed that mainstream macroeconomics is irrelevant and that there is need for a more useful and realistic economic analysis that can provide a better understanding of the ongoing global financial and economic crisis. Lance Taylor’s book exposes the unrealistic assumptions of the rational expectations and real business cycle approaches and of mainstream finance theory. It argues that in separating monetary and financial behavior from real behavior, they do not address the ways that consumption, accumulation, and the government play in the workings of the economy.

Taylor argues that the ideas of J.M. Keynes and others provide a more useful framework both for understanding the crisis and for dealing with it effectively. Keynes’s basic points were fundamental uncertainty and the absence of Say’s Law. He set up machinery to analyze the macro economy under such circumstances, including the principle of effective demand, liquidity preference, different rules for determining commodity and asset prices, distinct behavioral patterns of different collective actors, and the importance of thinking in terms of complete macro accounting schemes. Economists working in this tradition also worked out growth and cycle models.

Employing these ideas throughout Maynard’s Revenge, Taylor provides an analytical narrative about the causes of the crisis, and suggestions for dealing with it.

Recent News

Black lives matter. Black voices matter. A statement from HUP »

From Our Blog

Book jacket: Vera Rubin: A Life, by Jacqueline Mitton and Simon Mitton, from Harvard University Press

Q&A with Jacqueline Mitton, coauthor of Vera Rubin: A Life

While astronomer Vera Rubin made significant contributions to our understanding of dark matter and championed the advancement of women in science, she is not that well known outside of the scientific community. HUP Executive Editor for Science, Janice Audet, spoke with Jacqueline Mitton, coauthor of Vera Rubin: A Life, about Rubin’s remarkable life and work and the writing of the book