Keynes and Modern Economics Routledge Studies in the History of Economics Series

It is a little over seventy years since John Maynard Keynes produced his magnum opus, The General Theory of Employment, Interest, and Money. Keynes' staggering achievement has been to remain relevant to economics and other disciplines even today and this book reflects that with an examination on his influence on modern economics.

Leading economists from a variety of backgrounds, including Ed Nell and Heinz Kurz have joined forces in this volume with internationally respected Japanese scholars to produce a strong collection of contributions to the debate on Keynes' monumental legacy. This book will be vital reading for historians of economic thought, economic methodologists as well as those economists with an interest in the overall development of their discipline.

Introduction: Economic Crisis and Keynesian Perspective Ryuzo Kuroki PART ONE: Historical Background and Economic Thought of John Maynard Keynes 1. On the Changing Role of Prices in Transformational Growth: Rethinking Solow and Kaldor Edward Nell 2. On the Dismal State of a Dismal What ? Heinz Kurz 3. Alfred Marshall as a Father of Modern Economics Nobuhiro Ito PART TWO: Economic Theories 4. Keynes and Modernmacroeconomics Willi Semmler and Gang Gong 5. Stagnation Dynamics and Keynes’s General Theory Yoshiyasu Ono 6. Monetary Stabilization Policy by Means of Taylor Rule in a Dynamic Keynesian Model with Capital Accumulation Toichiro Asada 7. Balance Sheet Business Cycles Ryuzo Kuroki PART THREE: Empirical Studies 8. The Profit Squeeze in Japan during the 1990s Takeshi Ikeda 9. Household Asset Accumulation and Capital Gain in the U.S. Toru Kitahara 10. The Long-run and the Short-run Effects of Fiscal Policy: Simulation Analysis with Forward-looking Macro-econometric Model Ryokichi Chida 11. What Does the Long- Term Rate Depend on?: Fisher Effect vs. Liquidity Premium Toru Nagahara 12. The Politics of Fixing Financial Crises:
Liquidity versus Solvency Andrew Dewit, Masaru Kaneko, and Yukiko Yamazaki