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The Impact of Keynes on Economics in the 20th Century

The Impact of Keynes on Economics in the 20th Century Book Reviews in the international story of the transmission and evolution of macroeconomic ideas in the policy arena. The first section of the book stands in stark contrast to the last two sections. In part 1, Luigi Pasinetti, Robert Skidelsky, and Axel Leijonhuvud each offer an original essay on Keynes’s impact on economic theory, as opposed to economic policy. Pasinetti’s contribution is a long lament that Keynes’s impact was not what it should have been. Rather than a wholesale revolution, as Pasinetti believes Keynes intended, we got the neoclassical synthesis. Leijonhuvud’s essay, “Mr. Keynes and the Moderns,” was the after-dinner keynote address at the conference, and it should receive the same warm response from readers that it received there. He creates a novel schemata to differentiate between “classical” and “modern” economic theory, and the difference goes a long way toward explaining the divide between economists who continue to work in a frictionless, stylized world of mathematical abstraction and those who work with the imperfect, adaptive models that better reflect the economy that most people live in. Robert Skidelsky’s essay, “The Conditions for the Reinstatement of Keynesian Policy,” is actually more about economic policy than economic theory. Skidelsky attempts http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png History of Political Economy Duke University Press

The Impact of Keynes on Economics in the 20th Century

History of Political Economy , Volume 33 (3) – Sep 1, 2001

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Publisher
Duke University Press
Copyright
Copyright 2001 by Duke University Press
ISSN
0018-2702
eISSN
1527-1919
DOI
10.1215/00182702-33-3-663
Publisher site
See Article on Publisher Site

Abstract

Book Reviews in the international story of the transmission and evolution of macroeconomic ideas in the policy arena. The first section of the book stands in stark contrast to the last two sections. In part 1, Luigi Pasinetti, Robert Skidelsky, and Axel Leijonhuvud each offer an original essay on Keynes’s impact on economic theory, as opposed to economic policy. Pasinetti’s contribution is a long lament that Keynes’s impact was not what it should have been. Rather than a wholesale revolution, as Pasinetti believes Keynes intended, we got the neoclassical synthesis. Leijonhuvud’s essay, “Mr. Keynes and the Moderns,” was the after-dinner keynote address at the conference, and it should receive the same warm response from readers that it received there. He creates a novel schemata to differentiate between “classical” and “modern” economic theory, and the difference goes a long way toward explaining the divide between economists who continue to work in a frictionless, stylized world of mathematical abstraction and those who work with the imperfect, adaptive models that better reflect the economy that most people live in. Robert Skidelsky’s essay, “The Conditions for the Reinstatement of Keynesian Policy,” is actually more about economic policy than economic theory. Skidelsky attempts

Journal

History of Political EconomyDuke University Press

Published: Sep 1, 2001

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