Cover: Raising Keynes: A Twenty-First-Century General Theory, from Harvard University PressCover: Raising Keynes in HARDCOVER

Raising Keynes

A Twenty-First-Century General Theory

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Product Details


$99.95 • £79.95 • €90.00

ISBN 9780674971028

Publication Date: 06/15/2021


928 pages

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

316 illus., 73 tables


  • Notation
  • Prologue: What Is This Book About?
  • I. Background: The Rise and Fall
    • 1. Introduction: Is This Resurrection Necessary?
    • 2. What Were They Thinking? Economics before The General Theory
  • II. Keynes Defeated: Static Models and the Critics
    • 3. The Determination of Output and Employment: First and Second Passes at Equilibrium
      • Appendix 1: Keynes’s Definition(s) of Unemployment
      • Appendix 2: Do Interest Rates Adjust Saving and Investment?
      • Mathematical Appendix
    • 4. Equilibrium with a Given Money Supply: Critical Perspectives on the Second-Pass Model
      • Mathematical Appendix
  • III. Keynes Vindicated: A Theory of Real-Time Changes
    • 5. The Price Mechanism: Gospels According to Marshall and Walras
      • Mathematical Appendix
    • 6. The General Theory without Rigid Prices and Wages
      • Appendix: A Brief History of Stationary Real-Price Equilibria
      • Mathematical Appendix
    • 7. Dynamics vs. Statics: Can the Economy Get from the Here of Unemployment to the There of Full Employment?
      • Mathematical Appendix
    • 8. A Dose of Reality: The Evidence of the Great Depression
      • Appendix: Milton Friedman and Anna Schwartz on What Made the Depression Great
      • Mathematical Appendix
  • IV. Building Blocks
    • 9. Consumption and Saving
      • Mathematical Appendix
    • 10. Investment
      • Mathematical Appendix
    • 11. The Theory of Interest, I: Liquidity Preference in a World of Money and Bonds
      • Appendix: Bond Coupons as Insurance against Price Declines
      • Mathematical Appendix
    • 12. The Theory of Interest, II: Liquidity Preference as a Theory of Spreads
      • Mathematical Appendix
      • Empirical Appendix: What Do the Data Say?
    • 13. Taking Money Seriously
      • Mathematical Appendix
  • V. Fiscal Policy in Theory and Practice
    • 14. Functional Finance and the Stabilization of Aggregate Demand
    • 15. Did the Obama Stimulus Work?
      • Empirical Appendix: Regressions and Their Discontents
    • 16. Functional Finance and the Composition of Aggregate Demand
      • Appendix 1: Sound Finance as Starving the Beast
      • Appendix 2: The Empirics of Debt Sustainability
      • Appendix 3: Are Government Bonds Private Wealth? And What Difference Does It Make for the Sustainability of the Debt?
      • Mathematical Appendix
  • VI. Keynes in the Long Run
    • 17. First Steps into the Long Run: Harrod, Domar, Solow, and Robinson
      • Appendix: Inventory Accumulation as a Brake on Output
    • 18. Keynes in the Long Run: A Theory of Wages, Prices, and Employment
      • Mathematical Appendix
    • 19. Inflation and Employment Empirics in the Keynesian Long Run
  • Epilogue: Attack Them in Their Citadel
  • Notes
  • References
  • Acknowledgments
  • Index

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