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Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

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Manuela Mosca

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Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

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Victoria Chick

Economic theory that is relevant to the real world is always a product of its time, taking for granted the institutions and behaviours that characterise that time. Old books, like Keynes’s General Theory, present a conundrum: how much is still pertinent today and what revisions are necessary to bring the theory into line with changes in the economic system since the book was written. This chapter attempts an answer to that question. It is argued that the principle of effective demand and liquidity preference is almost unchanged, but that globalisation and changes to the banks’ behaviour pose serious questions for the theory, as does our new awareness of resource constraints and climate change. The underlying methodology remains the best on offer and should be retained in any revision.

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Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

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Charles Goodhart

It was some fifty years ago, when Harry Johnson came to the LSE and established his monetary seminar there, that Vicky Chick and I first met, and have remained friends and colleagues ever since. During these fifty years there have been several regime changes in monetary management. The Bretton Woods system of pegged exchange rates gave way in 1971–72 to a rather inchoate non-system of regional pegging (or fixing as in the euro-zone) combined with a – somewhat managed – float between major currencies. So, until the early 1970s, only the Fed in the USA had to concern itself with the principles, regime and rules for managing its domestic monetary system.

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Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

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Edited by Sheila Dow, Jesper Jespersen and Geoff Tily

The chapters in this volume, and its companion volume, The General Theory and Keynes for the 21st Century, originated in a celebration marking the happy coincidence that 2016 saw the 80th birthdays both of the publication of Keynes’s General Theory of Employment, Interest and Money and of Victoria Chick, who has contributed so much to the development of Post-Keynesian theory and method. Her monograph Macroeconomics after Keynes: A Reconsideration of the General Theory has been one of the stepping stones for two generations of macroeconomists. As with Keynes, from the very beginning of her career monetary, banking and financial theory have been of special interest: how to analyse the development of money and finance, and the intertwined relationship between financial and real activities. The chapters in these volumes serve as a reminder to academic and professional economists of the narrowness, let alone the limited relevance, of the conventional account of Keynes. They are indicative of a more substantial and richer approach to economics, just as mainstream economics is being forced to confront its grave limitations in the wake of the global financial crisis and subsequent stagnation. Those from the mainstream who are approaching these limitations in a constructive manner are therefore found assessing the nature of money and deposit creation, the role of uncertainty and ideas around multiple equilibria – constant themes of Vicky’s research.

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Edited by Sheila Dow, Jesper Jespersen and Geoff Tily

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Jonathan F. Cogliano, Peter Flaschel, Reiner Franke, Nils Fröhlich and Roberto Veneziani

This book is placed within a long tradition of formal, mathematical analysis of Marxian economics, and indeed aims to revive it. Two related streams of literature are directly relevant to our project. The first stream concerns Marxian value theory, specifically the relationship between values and prices and the labor theory of value. For Marx values are the amount of labor time socially necessary to produce— embodied in—a commodity and serve as underlying regulators of the structure and dynamics of market prices. The labor theory of value purports that there is a direct correspondence of prices to values, but this idea has run aground on a series of mathematical and theoretical issues: the so-called “transformation problem”. The transformation problem has generated a vast literature with contributions from those trying to salvage Marx’s theory as it is, those trying to show its unescapable defects, and those attempting to provide coherent reinterpretations in the spirit of Marx’s original work