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Keynes, Coordination And Beyond

Author

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  • Harry Garretsen

Abstract

This book argues that the coordination problem lies at the heart of Keynes's economics. It shows how Keynes's message got lost in the post-War period and develops a more fruitful extension of Keynes's ideas within a general equilibrium framework and alternative frameworks such as post-Keynesian and Austrian economics. It is demonstrated that in the absence of a coordinating device like the Walrasian auctioneer or in the presence of uncertainty, coordination can no longer be superimposed. This ultimately implies that apart from some notable exceptions, the Keynesian revolution was in fact stifled at birth because the validity of the central concepts of microeconomics have never been challenged.

Suggested Citation

  • Harry Garretsen, 1992. "Keynes, Coordination And Beyond," Books, Edward Elgar Publishing, number 175.
    • Handle: RePEc:elg:eebook:175
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    File URL: http://www.e-elgar.com/shop/isbn/9781852786205
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    Citations

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    Cited by:

    1. Thierry Laurent & Hélène Zajdela, 1999. "Emploi, salaire et coordination des activités," Cahiers d'Économie Politique, Programme National Persée, vol. 34(1), pages 67-100.
    2. Francisco Louca, 1999. "The econometric challenge to Keynes: arguments and contradictions in the early debates about a late issue," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 6(3), pages 404-438.
    3. Earl, Peter E., 1998. "Information, coordination and macroeconomics," Information Economics and Policy, Elsevier, vol. 10(3), pages 331-342, September.
    4. Amedeo Panci, 1999. "Multiple equilibria: coordination failure and endogenous cycle," Working Papers in Public Economics 30, University of Rome La Sapienza, Department of Economics and Law.

    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • B0 - Schools of Economic Thought and Methodology - - General

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