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The Past and the Future of Keynesian Economics: A Review Essay

Author

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  • Aspromourgos, Tony

    (University of Sydney)

Abstract
The recently published Elgar Companion to John Maynard Keynes (2019) is a major new contribution to Keynes scholarship, with sixty-three participants contributing ninety-five distinct entries, in 632 pages of text proper. This review essay provides an overview and assessment of the character and content of the work. It does so also via consideration of the question of Keynes’s key theoretical achievements; the relation between Keynes’s thought and the main currents of subsequent Keynesian economics; Keynes’s policy sensibility vis-à-vis ‘Keynesian’ policy; and finally, the question as to what is of endur-ing validity and greatest importance in Keynes’s economics, for the future.

Suggested Citation

  • Aspromourgos, Tony, 2019. "The Past and the Future of Keynesian Economics: A Review Essay," Centro Sraffa Working Papers CSWP35, Centro di Ricerche e Documentazione "Piero Sraffa".
    • Handle: RePEc:ris:sraffa:0035
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    References listed on IDEAS

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    1. Aspromourgos, Tony, 1986. "On the Origins of the Term 'Neoclassical.'," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 10(3), pages 265-270, September.
    2. J. A. Kregel (ed.), 1983. "Distribution, Effective Demand and International Economic Relations," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-17177-4, December.
    3. Moggridge, D E, 1992. "The," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 207-209, Summer.
    4. Aspromourgos, Anthony, 2018. "Journal of the History of Economic Thought Preprints - Keynes, Public Debt and the Complex of Interest Rates," SocArXiv mf2sc, Center for Open Science.
    5. Heinz D. Kurz & Neri Salvadori (ed.), 1998. "The Elgar Companion to Classical Economics," Books, Edward Elgar Publishing, volume 0, number 851.
    6. Matthew Smith, 2012. "Demand-led Growth Theory: A Historical Approach," Review of Political Economy, Taylor & Francis Journals, vol. 24(4), pages 543-573, October.
    7. Pasinetti,Luigi L., 2007. "Keynes and the Cambridge Keynesians," Cambridge Books, Cambridge University Press, number 9780521872270, October.
    8. Tony Aspromourgos, 2012. "Keynes’s General Theory After 75 Years: Chapter 24 and the Character of ‘Keynesian’ Policy," The Economic Record, The Economic Society of Australia, vol. 88(s1), pages 149-157, June.
    9. Tony Aspromourgos, 2011. "Can (And Should) Monetary Policy Pursue A Zero Real Interest Rate, Permanently?," Metroeconomica, Wiley Blackwell, vol. 62(4), pages 635-655, November.
    10. Marc Lavoie, 2013. "Sraffians, other Post-Keynesians, and the Controversy over Centres of Gravitation," Palgrave Macmillan Books, in: Enrico Sergio Levrero & Antonella Palumbo & Antonella Stirati (ed.), Sraffa and the Reconstruction of Economic Theory: Volume Three, chapter 2, pages 34-54, Palgrave Macmillan.
    11. Kurz, Heinz D, 1985. "Effective Demand in a "Classical" Model of Value and Distribution: The Multiplier in a Sraffian Framework," The Manchester School of Economic & Social Studies, University of Manchester, vol. 53(2), pages 121-137, June.
    12. Dimand, Robert W, 1991. "Keynes, Kalecki, Ricardian Equivalence, and the Real Balance Effect," Bulletin of Economic Research, Wiley Blackwell, vol. 43(3), pages 289-292, July.
    13. Aspromourgos, Tony, 2018. "Keynes, Public Debt, And The Complex Of Interest Rates," Journal of the History of Economic Thought, Cambridge University Press, vol. 40(4), pages 493-512, December.
    14. Tony Aspromourgos, 2015. "Thomas Piketty, the Future of Capitalism and the Theory of Distribution: A Review Essay," Metroeconomica, Wiley Blackwell, vol. 66(2), pages 284-305, May.
    15. Serrano, Franklin, 1995. "Long Period Effective Demand and the Sraffian Supermultiplier," Contributions to Political Economy, Cambridge Political Economy Society, vol. 14(0), pages 67-90.
    16. Fabio Petri, 2004. "General Equilibrium, Capital and Macroeconomics," Books, Edward Elgar Publishing, number 3438.
    17. Elba K. Brown-Collier & Bruce E. Collier, 1995. "What Keynes Really Said about Deficit Spending," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 17(3), pages 341-355, March.
    18. Tony Aspromourgos, 2014. "Keynes, Employment Policy and the Question of Public Debt," Review of Political Economy, Taylor & Francis Journals, vol. 26(4), pages 574-593, October.
    19. Enrico Bellino & Franklin Serrano, 2018. "Gravitation Of Market Prices Towards Normal Prices: Some New Results," Contributions to Political Economy, Cambridge Political Economy Society, vol. 37(1), pages 25-64.
    20. Tony Aspromourgos, 2007. "Interest As An Artefact Of Self‐Validating Central Bank Beliefs," Metroeconomica, Wiley Blackwell, vol. 58(4), pages 514-535, November.
    21. Garegnani, Pierangelo, 1979. "Notes on Consumption, Investment and Effective Demand: II," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 3(1), pages 63-82, March.
    22. Fabio Freitas & Franklin Serrano, 2015. "Growth Rate and Level Effects, the Stability of the Adjustment of Capacity to Demand and the Sraffian Supermultiplier," Review of Political Economy, Taylor & Francis Journals, vol. 27(3), pages 258-281, July.
    23. Sergio Cesaratto & Franklin Serrano & Antonella Stirati, 2003. "Technical Change, Effective Demand and Employment," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 33-52.
    24. Tony Aspromourgos, 2014. "Keynes, Lerner, and the Question of Public Debt," History of Political Economy, Duke University Press, vol. 46(3), pages 408-433, Fall.
    25. Pierangelo Garegnani & Antonella Palumbo, 1997. "Accomulation of capital," Departmental Working Papers of Economics - University 'Roma Tre' 0002, Department of Economics - University Roma Tre.
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    More about this item

    Keywords

    John Maynard Keynes; Keynesianism; Pierangelo Garegnani.;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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