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Robert W. Dimand and Harald Hagemann

“Rereading the General Theory”, wrote Milton Friedman (1997, p. 5), “has reminded me what a great economist Keynes was.” His Chicago colleague, Judge Richard Posner (“How I became a Keynesian” 2009), when driven by the Global Financial Crisis to actually read Keynes’s The General Theory of Employment, Interest and Money, was shocked to discover that he found the book admirable, readable and helpful in understanding the world, and even was converted to Keynesianism (not at all an effect that rereading the book had on Friedman). That Keynes was an economist of sufficient historical influence, both of attraction and repulsion, to warrant inclusion with David Ricardo or Alfred Marshall in The Elgar Companion series hardly seems debatable. We cannot imagine a three-volume biography of any other economist, however well written, being published, let alone being a best seller (Skidelsky 1983–2000, 2003). The evolution of modern macroeconomics cannot be understood without reference to Keynes’s influence – and in the case of monetarism and New Classical economics, to reactions against his influence (see Skousen, Dissent on Keynes, 1992). The Global Financial Crisis has provoked an outpouring of books with titles such as Keynes: The Return of the Master (Skidelsky 2009), Keynes: The Rise, Fall and Return of the 20th Century’s Most Influential Economist (Clarke 2009), Maynard’s Revenge. The Collapse of Free Market Macroeconomics (Taylor 2010), The Return to Keynes (Bateman et al. 2010), The Fall and Rise of Keynesian Economics (Eatwell and Milgate 2011) and Keynes Hayek: The Clash that Defined Modern Economics (Wapshott 2011). Yet even if Keynes had never written General Theory, he would have been historically important as the critic of the Versailles Peace Treaty and author of the Economic Consequences of the Peace, and as a leading Treasury advisor and international negotiator during and after two world wars. His interests and activities, notably as a philosopher and as a cultural entrepreneur, ranged far beyond economics. The Elgar Companion to John Maynard Keynes surveys and samples the scholarship on his life and legacy, the influences on his intellectual development, and the nature and context of his contributions. This body of scholarship, anchored by the great biographies of Keynes by Donald Moggridge (1992) and Robert Skidelsky (1983–2000), has benefitted from the 30 volumes of The Collected Writings of John Maynard Keynes (1971–89, general editors Donald Moggridge and Austin Robinson, volume editors Donald Moggridge and, for four volumes, Elizabeth Johnson), supplemented by T.K. Rymes’s reconstruction of Keynes’s lectures in the early 1930s (Rymes 1989), and by much now-available unpublished material such as declassified Treasury files (see Lekachman 1964, for an overview of earlier studies of Keynes as an economist). It has also benefitted from a changed, and deepened, understanding of Keynes as an economist, notably by Axel Leijonhufvud’s distinction between Keynesian economics (the economics of the mainstream of those who considered themselves Keynes’s followers) and the economics of Keynes himself (Leijonhufvud 1968; see also Minsky 1975, Friedman 1997 and Harcourt and Riach 1997 for other perspectives on the economics of Keynes). Views of Keynes the man also evolved: contrast Jeff Escoffier (1995) on Keynes as a gay man with the reticence of Harrod (1951). Too much can, and all too often has, been made of this: Keynes’s pre- Lydia homosexuality can explain his break from the economic orthodoxy of Pigou and Robertson only if a similarity can explain a difference. The Bloomsbury group, a crucial context for Keynes, is now much better known and understood than it was.

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Piero Ferri

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Colin White

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

Economic theorizing dates back to the time of Aristotle, but it was François Quesnay (1694-1774) who first formulated a model describing a whole economy, with empirical relevance and clear-cut, radical policy implications for the French economy and society. In this chapter we use his model as an introduction to input-output (IO) tables and IO analysis, focusing on a classic translation of Quesnay’s (1759) Tableau Économique into IO language by Barna (1975). From this perspective, Quesnay’s model provides an IO matrix with two commodities, corn and manufactured goods, where the corn input into the production of corn (agriculture) and manufacturing (including trade) also includes the subsistence consumption of workers as a representation of their direct labor input (as if they were cattle).

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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

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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

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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