This continues the sequence of posts on re-reading Keynes. The fundamental point about the labor market which is made in Chapter 2 is that the micro level negotiations on wages between firms and laborers do not determine the real wage in the macro-economy. Before explaining this point in detail, we want to show how it… Read More P8 Keynesian Complexity
This 7th post in a series about re-reading Keynes, starts the discussion of Chapter 2 of General Theory, which deals with the Classical (and neoclassical) Postulates characterizing the Labor market. The astonishing fact is that Keynes central arguments regarding how the labor market can fail to be at equilibrium, despite flexible wages, were never understood.… Read More P7: GT02 Keynesian Unemployment
This post, 6th in a sequence about Re-Reading Keynes, continues to borrow heavily from Brian S. Ferguson, “Lectures on John Maynard Keynes’ General Theory of Employment, Interest and Money (1): Chapter One, Background and Historical Setting” University of Guelph Department of Economics and Finance Discussion Paper No. 2013-06. However the first three paragraphs are mine. Distinguishing… Read More P6: Historical Context for Keynes
Fifth Post in a sequence on Re-Reading Keynes. Chapter 1 of General Theory is just one paragraph, displayed in full HERE Briefly: Keynes writes that Classical Economics is a special case of his General Theory. Furthermore, the assumptions required for the special case do not hold for contemporary economic societies,”with the result that its teaching… Read More P5:Intellectual & Theoretical Context
from Express Tribune: Nov 20, 2016 Ever since Ibn-e-Khaldun laid the foundations, the rise and fall of civilisations has been a favourite theme among historians. British Historian Arnold Toynbee, stated that Ibn-e-Khaldun’s Muqaddimahwas “a philosophy of history which is undoubtedly the greatest work of its kind that has ever yet been created.” Since then, countless authors,… Read More Rise & Fall of Civilizations
This 1000 word article is the third in a series of posts on Re-Reading Keynes. It traces the impact of Keynesian theories on the 20th century, as necessary background knowledge for a contextual and historically situated study of Keynes. It was published in Express Tribune on 4 Nov 2016. The Global Financial Crisis (GFC) has… Read More P3: Impact of Keynes
The first post on Reading Keynes provided an outline of the reasons why this is a good idea. It is clear that economics is broken. We need a new macroeconomics for the 21st century, one which can solve the massive problems which humanity as a whole is facing on political, social, economic, and environmental dimensions.… Read More P2: Methodology for (Re)-Reading Keynes
I am planning a sequence of posts on re-reading Keynes, where I will try to go through the General Theory. This first post explains my motivations for re-reading Keynes. As always, my primary motive is self-education; this will force me to go through the book again — I first read it in my first year… Read More P1: Reading Keynes
Since it was posted in Aug 2013, this post has been almost continuously among the top ten posts on the RWER Blog, and attracts nearly a 1000 hits every month. Revised & updated on 25/12/2017; Previous Version (rev 16/9/2016); Original Post (29/8/2013) Shortlink: bit.do/polanyi Ever since the spectacular failure of modern economic theory became obvious… Read More Summary of the Great Transformation by Polanyi
Karl Paul Polanyi (1886 – 1964) is known for his opposition to traditional economic thought and his book, The Great Transformation. The Great Transformation was written in the interwar years but not published until 1944. Polanyi is known for his opposition to the emerging Austrian school of formal economic method. Methodologically, the Austrian free-market group of economists,… Read More Classic Books. The Great Transformation by Karl Polanyi
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