Introduction

L. Randall Wray

A chapter in Keynes for the Twenty-First Century, 2008, pp 1-20 from Palgrave Macmillan

Abstract: Abstract What is the enduring legacy of Keynes? Among mainstream economists there isn’t much of interest—sticky wages and the (now discredited) notion of fine-tuning through fiscal policy. As Kregel argues in this volume, the most charitable orthodox interpretations contend that, at best, The General Theory applies only to the special case of the deflationary conditions of a deep slump. In the modern, globalized economy, the mostly unfettered market relegates Keynesian policy to the historical dustbin. It will be clear to readers of this volume, however, that there is an alternative perspective. To varying degrees, the authors of the following chapters still find much relevance in Keynes’s writing.

Keywords: Interest Rate; Monetary Policy; Central Bank; Government Spending; Full Employment (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-61113-9_1

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DOI: 10.1057/9780230611139_1

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