Modern macroeconomics is in a stalemate, with seven schools of thought attempting to explain the workings of a monetary economy and to derive policies that promote economic growth with price-level stability.
This book pinpoints as the source of this confusion errors made by Keynes in his reading of classical macroeconomics, in particular the classical Quantity Theory and the meaning of saving. It argues that if these misunderstandings are resolved, it will lead to economic policies consistent with promoting the employment and economic growth that Keynes was seeking.
The book will be crucial reading for all scholars with an interest in the foundations of Keyness theories, and anyone seeking to understand current debates regarding macroeconomic policy-making.
List of figures. List of tables. Preface. Acknowledgments.
1. Introduction: the sorry, puzzling state of macroeconomics after Keyness General Theory. 2. A classical alternative to the AS-AD model of the price level. 3. Keyness mistaken charge of a classical dichotomy regarding the Quantity Theory of money. 4. On interpreting a controversial passage in David Humes 'Of Money': the impediment of Keyness influence. 5. Milton Friedmans misleading influence from interpreting the Great Depression with Keyness broadly defined money. 6. The modern free-banking advocacy: a casualty of Keyness broad definition of money. 7. Saving and capital: Roy Harrods failure to recognize Keyness misinterpretations in the classical theory of interest. 8. Saving and the errors of Keyness critique of the loanable funds theory of interest. 9. The IS-MP model: a worse alternative to the IS-LM model.
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