El papel de la Teoría General en el canon de economía

This paper presents in non-technical language an interpretation of the argument of The General Theory, which is the importance of effective demand and its relation to human agency. It argues that The General Theory is not only a treatise on economic theory, but also, and more importantly, a treatise on methodology, i.e. how economists should reason when dealing with the complexity of the real world. Implicit in this analysis is a distinct position on the remit of the economist and the nature of economic advice and policy. This interpretation suggests that this understanding forms a new paradigm of thinking about the economy at large, centred around the concept of uncertainty. This insight developed into a new analytical tradition in economics, the Post-Keynesian School of economic thought that sees uncertainty and effective demand as the key analytical long-term concepts for understanding how the economy evolves through time.Este artículo presenta en un lenguaje no técnico una interpretación del argumento de The General Theory, que es el de la importancia de la demanda efectiva y su relación con la agencia humana. Abunda en la idea de que The General Theory no es solo un tratado sobre teoría económica, sino también, y lo que es más importante, un tratado sobre metodología, es decir, sobre cómo los economistas deben razonar cuando tratas la complejidad del mundo real. En este análisis hay implícita una posición sobre las competencias de un economista y la naturaleza de la política y asesoramiento económicos. Esta interpretación sugiere que ello forma parte de un nuevo paradigma de pensamiento económico, centrado en el concepto de incertidumbre. Esta se convirtió en una nueva tradición analítica en economía, la Escuela de pensamiento económico poskeynesiano que considera la incertidumbre y la demanda efectiva como los conceptos analíticos clave a largo plazo para comprender cómo evoluciona la economía en el tiempo.Depto. de Economía Aplicada, Estructura e HistoriaFac. de Ciencias Económicas y EmpresarialesTRUEpu

Review of M. C. Marcuzzo's Essays in Keynesian Persuasion, (2019, Newcastle upon Tyne: Cambridge Scholars) [Review]

Marcuzzo’s Essays in Keynesian Persuasion is a collection of 15 papers published between 2002 and 2018 with a focus on the work and thought of John Maynard Keynes from a variety of perspectives. It can be seen as a companion volume to Fighting Market Failure (Marcuzzo, 2012), which is a collection of 15 papers published between 1994 and 2008 on the pantheon of economists that constitute the Cambridge school of economics

Book review: Mark G Hayes, 'John Maynard Keynes: The Art of Choosing the Right Model'

Mark Hayes’ John Maynard Keynes. The Art of Choosing the Right Model published by Polity Press is the second book by Hayes that gives a general overview of his reading on Keynes’ writings and specifically of The General Theory. It comes 13 years after The Economics of Keynes: A New Guide to The General Theory, (2006, Edward Elgar)

The place of The General Theory in the Economics Canon

This paper presents in non-technical language an interpretation of the argument of The General Theory, which is the importance of effective demand and its relation to human agency. It argues that The General Theory is not only a treatise on economic theory, but also, and more importantly, a treatise on methodology, i.e. how economists should reason when dealing with the complexity of the real world. Implicit in this analysis is a distinct position on the remit of the economist and the nature of economic advice and policy. This interpretation suggests that this understanding forms a new paradigm of thinking about the economy at large, centred around the concept of uncertainty. This insight developed into a new analytical tradition in economics, the Post-Keynesian School of economic thought that sees uncertainty and effective demand as the key analytical long-term concepts for understanding how the economy evolves through time

W. Stark, J.M. Keynes, and the Mercantilists

In this paper we investigate Werner Stark’s sociology of knowledge approach in the history of economic thought. This paper explores: 1) The strengths and weaknesses of Stark’s approach to historiography, 2) seeing how this can frame an understanding of mercantilist writings and, 3) develop a link between a pluralist understanding of economics, and the sociology of knowledge approach. The reason for developing this link is to extend the sociology of knowledge approach to encompass a pluralist understanding of economic theorising and, at the same time, clarify the link between context and economic theory. John Maynard Keynes’ practice of building narratives of intellectual traditions as evidenced in The General Theory is used to develop a position between an understanding of history of economic thought as the evolution of abstract and de-contextualized economic theorising and, the view of economic theory as only relevant within the social conditions from which it arose

G.C. Harcourt: An economist with accounting sense

Geoffrey Colin Harcourt’s work on the interface between accountancy and economics is a part of his legacy that is less well-known than his work on the capital controversies. This paper argues that the analytical findings of this research effort are an important and integral part of Harcourt’s overall research programme. In this paper we review Harcourt’s work on the relation between economics and accounting from the time of his undergraduate thesis to 1969, the date of the publication with Robert Parker of the edited volume Readings in the Concept and Measurement of Income. This paper intends to offer insights on A) the evolution of Harcourt’s thought during this period and a survey of the significant contributions he made to research in this field during this time, and B) the legacy of his approach and findings. We argue that his ideas in this domain offer important insights in doing post-Keynesian economics in the Harcourt mould. We find that Harcourt’s insights on the issues relating to the accounting rate of profit as used by economists remains relevant to today, as well as his implicit suggestions on how to deal with the complexities of the problems that ensue both for the theorist, practical economist, businessman, and policy advisor. Harcourt’s work suggests that we should not aim to replace one monolithic way of seeing things with another, indicating that the useful definition of key concepts and tools is determined by the problem and hence by the policy question one wants to answer

J.M. Keynes, F.A. Hayek and the Common Reader

This paper gives an account of the debate between F.A. Hayek and J.M. Keynes in the 1930s written for the general public. The purpose of this is twofold. First, to provide the general reader with a narrative of what happened, and pointers to further reading which are accessible to the non-specialist. Second, to discuss how academics can fruitfully bridge the gap between their specialist work and the public without reducing complex themes into one-dimensional narratives. I use the Keynes vs. Hayek debate as a case study on how this may be achieved

Victoria Chick (1936–2023), a Restless Challenger to Mainstream Economics: An Appreciation

In this article on Victoria (Vicky) Chick (1936–2023), we intend to cover the main research areas into which Chick devoted her life’s work. We categorise the contributions into three broad fields. First, her work on Keynes’s General Theory and the message that economists have taken from it since its publication. Chick wrote extensively on the many misinterpretations of the General Theory that have clouded its message. Instead, through her writings, she offered an alternative perspective and interpretative line that became central to the post-Keynesian school of thought. Second, her work on Keynes gave her the starting point for her novel understanding on the monetary nature of the economy and was the inspiration in the development of the banking stages of history approach that shows the evolutionary nature of banking theory and practice. Finally, the way in which The General Theory built its argument and the misinterpretation that many mainstream economists took from it led Chick to develop her methodological approach on open and closed systems of analysis and the importance of developing judgement as part of teaching in economics