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The Economics of Keynes: A New Guide to The General Theory

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  • Mark Hayes

Abstract

This New Guide (cf Hansen's Guide to Keynes, 1953) to The General Theory presents Keynes's magnum opus as a sophisticated Marshallian theory of the competitive equilibrium of the economy as a whole. The author 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 clearly identified. The author reaches positive and hopeful conclusions for the development of economic theory and policy.

Suggested Citation

  • Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Society (PKES), number nggt.
    • Handle: RePEc:pke:ecbook:nggt
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    File URL: http://www.postkeynesian.net/downloads/MGH2006.pdf
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    Cited by:

    1. Strati, Francesco, 2012. "On Keynes's Z-function," MPRA Paper 42918, University Library of Munich, Germany.
    2. M. G. Hayes, 2013. "The State of Short-term Expectation," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 205-224, April.
    3. M. G. Hayes, 2008. "Keynes's degree of competition," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 15(2), pages 275-291.
    4. Bondarenko, Yuliya & Kulinich, Tetiana, 2018. "Investigation Of Conditions And Benefits For Ukraine In The Transition Of Its Household In The Rank Of The Internal Investor Of The State," EUREKA: Social and Humanities, Scientific Route OÜ, issue 1, pages 10-22.
    5. Hayes, M.G., 2008. ""Fighting the Tide: Alternative Trade Organizations in the Era of Global Free Trade"--A Comment," World Development, Elsevier, vol. 36(12), pages 2953-2961, December.
    6. M. G. Hayes, 2017. "Keynes’s liquidity preference and the usury doctrine: their connection and continuing policy relevance," Review of Social Economy, Taylor & Francis Journals, vol. 75(4), pages 400-416, October.
    7. Victoria Chick, 2016. "On Microfoundations and Keynes’ Economics," Review of Political Economy, Taylor & Francis Journals, vol. 28(1), pages 99-112, January.
    8. Rivot, Sylvie, 2021. "Reading Keynes’s policy papers through the prism of his Treatise on Probability: information, expectations and revision of probabilities in economic policy," OSF Preprints s5qp9, Center for Open Science.
    9. M. G. Hayes, 2008. "Keynes's Z function: a reply to Hartwig and Brady," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 32(6), pages 1003-1003, November.
    10. Sylvie Rivot, 2016. "Patinkin as a reader of Keynes’ : Are wage cuts a good remedy to unemployment?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 23(6), pages 1001-1031, November.
    11. Hanna Karolina Szymborska, 2022. "Rethinking inequality in the 21st century – inequality and household balance sheet composition in financialized economies," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 45(1), pages 24-72, January.
    12. Sylvie Rivot, 2015. "Rule-based frameworks in historical perspective: Keynes' and Friedman's monetary policies versus contemporary policy-rules," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(4), pages 601-633, August.
    13. Angel Asensio, 2013. "Teaching Keynes’s theory to neoclassically formed minds," Chapters, in: Jesper Jespersen & Mogens Ove Madsen (ed.), Teaching Post Keynesian Economics, chapter 10, pages 163-186, Edward Elgar Publishing.
    14. Spahn, Peter, 2016. "Population growth, saving, interest rates and stagnation: Discussing the Eggertsson-Mehrotra model," Hohenheim Discussion Papers in Business, Economics and Social Sciences 04-2016, University of Hohenheim, Faculty of Business, Economics and Social Sciences.
    15. Angel Asensio, 2009. "Bad money and distributive conflict," Working Papers halshs-00496919, HAL.
    16. Vera Pirimova, 2011. "The Economic Growth and the Conjuncture Cycle in the Keynesian Models," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 3-20.
    17. Roger E. Backhouse & Bradley W. Bateman, 2011. "Methodological Issues in Keynesian Macroeconomics," Chapters, in: John B. Davis & D. Wade Hands (ed.), The Elgar Companion to Recent Economic Methodology, chapter 18, Edward Elgar Publishing.
    18. M.G. Hayes, 2012. "The General Theory: a neglected work?!," Chapters, in: Jesper Jespersen & Mogens Ove Madsen (ed.), Keynes’s General Theory for Today, chapter 1, pages 15-29, Edward Elgar Publishing.
    19. Mustafa Orhan Özer, 2022. "The Relationship between Economic Growth and Unemployment Rate: Fractional Frequency Fourier ARDL Bounds Test Approach," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul University, Faculty of Economics, vol. 72(72-1), pages 269-292, June.
    20. Dumitriu, Ramona & Stefanescu, Razvan, 2013. "Provocările politicii monetare [Monetary policy challenges]," MPRA Paper 50261, University Library of Munich, Germany, revised 28 Sep 2013.
    21. Milan Palát & Alois Kunc, 2013. "Alternative indicators of living standards and household consumption expenditure in a global perspective," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 61(2), pages 437-444.
    22. Sylvie Rivot, 2017. "Economic policy as expectations management: Keynes’ and Friedman's complementary approaches," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 24(5), pages 1053-1084, September.

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    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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