Keynesian Reflections

Keynesian Reflections: Effective Demand, Money, Finance and Policies in the Crisis by Maria Cristina Marcuzzo, Perry Mehrling And Toshiaki Hirai from Oxford University Press (India).

The global financial crisis, which began in August 2007 and continues with no end in sight, has thrown macroeconomics into turmoil. This volume challenges the current mainstream macroeconomic tradition, rejecting the view that whatever shock hits the economy, the response is an automatic and rapid move towards market equilibrium that pulls the economy out of any kind of diffi cult situation.

Bringing together contributors from across the world, the volume untangles varied structural problems of our times as well as debates within the discipline of economics. The essays apply the 'Keynesian spirit' to cover four broad areas: effective demand in the crisis; economic theory in the context of world recession; money and international liquidity; and finance and international economic disorder.

The essays not only engage with Keynesian economics, but also adapt and go beyond it, keeping in mind the context of the global financial crisis. Suggesting an alternative future of macroeconomics, the volume inspires and provokes new economic thinking that is needed for the world today.

In our Economics section, Rs. 850, in hardback, 352 pages, ISBN: 9780198092117