In the contemporary context of finance-led capitalism, the performance of investment and market growth rates has been subordinated to short-term expectations and to the management practices of investors. Besides, the complexity of global and speculative financial markets has not only increased pressures on the political sphere but also has systematically influenced consumer preferences.
In addition to multiple financial innovations, the interactions among central banks, financial institutions and investors have revealed the search for the enlargement of financial access to credit and capital markets. In this historical setting, Post Keynesian economics emphasizes the endogenous fragility of the capitalist economies, the random behavior of investors, the current narrow interconnections between credit and capital markets, besides the theoretical links between finance, aggregate demand, income and employment.
Considering this background, the book Teaching Post Keynesian Economics contends that the realistic analysis of Post Keynesian economics is much-needed to apprehend the main features and understand the dynamics of the recent economic and financial crisis that started in 2008.
Taking into account that the original works of Keynes, such as The General Theory, are no longer presented in most university syllabuses, this book fosters the opportunity to get in contact with Keynes’ ideas against a backdrop in which neo-classical textbooks prevail in economics education.
Edited by Jesper Jespersen and Mogens Ove Madsen, the content of the book covers topics such as open system theorizing, pluralism in teaching, rhetoric in the spirit of Keynes, uncertainty, expectations and money. In addition, a critique of mainstream and traditional economic textbooks is also provided. Indeed, the book turns out to be an outstanding reference tool for teachers and researchers in Post Keynesian economics, as well as for students.
Jesper Jespersen and Mogens Ove Madsen
1. Teaching Post-Keynesian Economics in a Mainstream Department
2. The Economist who Mistook his Model for a Market
Roy J. Rotheim
3. The Future is Open: On Open-system Theorising in Economics
4. Teaching Open-System Economics
5. Pluralism in Economics Education
6. Truth and Beauty in Macroeconomics
7. Rhetoric in the Spirit of Keynes: Metaphors to Persuade Economists, Students and the Public about Fiscal Policy
8. Teaching Macroeconomics: Seeking Inspiration from Paul Davidson
9. What About the Mainstream Critique of American Principles of Economics Textbooks?
Poul Thøis Madsen
10. Teaching Keynes’s Theory to Neoclassically Formed Minds
11. Neoclassical and Keynesian Macro Models: Thinking About the ‘Special Case’
12. Economists on the 2008 Financial Crisis: Genuine Reflection; or Constructing Narratives to Reaffirm the Profession’s Authority?
Michael J. Salvagno