'Mark Hayes has thought long and deeply about Keynes's General Theory and has developed a refreshingly original viewpoint which is bound to stimulate lively discussion and debate.'
- Victoria Chick, University College London, UK
'Hayes's volume is a work of exemplary scholarship, the outcome of prolonged and deep thought. Alas, all the incentives in modern academia pull against work such as this being done. It is to the author's great credit that he has resisted them in order to give us this volume of lasting significance.'
- From the foreword by G.C. Harcourt, Jesus College, Cambridge, UK
In his 'New Guide' to The General Theory, Mark G. Hayes presents Keynes' illustrious work as a sophisticated Marshallian theory of the competitive equilibrium of the economy as a whole. This unique book takes full account of the nature of time and money and illustrates that The General Theory remains highly relevant to the teacher and advanced student of modern macroeconomics.
The Economics of Keynes introduces several interpretative innovations to resolve many puzzles presented in the literature of the last 70 years. It is designed to be read in parallel with The General Theory and will allow modern readers to find their bearings before plunging into an in-depth analysis of major themes contained in The General Theory. The key areas in which this 'New Guide' differs from the familiar exposition of current macroeconomics textbooks are also explicitly identified. The author reaches positive and hopeful conclusions for the development of economic theory and policy.
Promoting a thorough understanding of the legitimate domain of equilibrium analysis and a renewed commitment to the possibility of genuinely full employment, this book will provide an illuminating and fascinating read for anyone wishing to appreciate fully the value of The General Theory. More specifically, academics and advanced students of macroeconomics across the board - classical, orthodox, Post Keynesian and heterodox - interested in a fresh attempt to connect The General Theory with modern macroeconomics will find this book to be the ideal tool.
Contents: Foreword; Preface; Five Propositions of The General Theory; Prologue; 1. Two Theories of Employment; 2. Definitions and Ideas; 3. The Propensity to Consume; 4. The Inducement to Invest; 5. Employment, Money and the Price-Level; 6. Policy Implications; Epilogue; References; Inde