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Keynesian Reflections: Effective Demand, Money, Finance, and Policies in the Crisis


  • Hirai, Toshiaki
    (Professor of Economics, Sophia University, Tokyo)

  • Marcuzzo, Maria Cristina
    (Professor, Department of Statistical Sciences, Sapienza University of Rome, Rome)

  • Mehrling, Perry
    (Professor of Economics, Barnard College, Columbia University, New York)


The global financial crisis, which began in August 2007 and continues with no end in sight, has thrown macroeconomics into turmoil. This book 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 difficult situation. Engaging with the structural problems of our times, especially in the context of the global financial crisis, the essays not just engage with Keynesian economics, but also adapt and go beyond it as per the requirements of present conditions. 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. Suggesting an alternative future of macroeconomics, this volume inspires and provokes new economic thinking that is needed for the world today. Available in OSO: Contributors to this volume - Roger E. Backhouse, Professor, University of Birmingham, UK; Bradley W. Bateman, Provost, Denison University, Granville, USA; Julio Lopez-Gallardo, Faculty of Economics, National Autonomous University of Mexico, USA; Asahi Noguchi, Professor, School of Economics, Senshu University, Japan; Colin Rogers, Associate Professor, School of Economics, University of Adelaide, Australia; Jan A. Kregel, Senior Scholar and Program Director, Levy Economics Institute of Bard College, United States; Fernando J. Cardim de Carvalho, Professor, Institute of Economics, Federal University of Rio de Janeiro, Brazil; Luca Fantacci, Assistant Professor, Department of Policy Analysis and Public Management, Bocconi University, Milan, Italy; Peter H. Spahn, Professor, Institute of Economics, University of Hohenheim, Germany; Sunanda Sen, Visiting Professor, Jamia Millia University, India; L. Randall Wray, Professor, University of Missouri-Kansas City, United States; Anna M. Carabelli, Professor of Economics, University of Eastern Piedmont, Italy; Mario A. Cedrini, Research Fellow, University of Eastern Piedmont, Italy.

Suggested Citation

  • Hirai, Toshiaki & Marcuzzo, Maria Cristina & Mehrling, Perry (ed.), 2013. "Keynesian Reflections: Effective Demand, Money, Finance, and Policies in the Crisis," OUP Catalogue, Oxford University Press, number 9780198092117.
  • Handle: RePEc:oxp:obooks:9780198092117

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