Description
The different versions of the model for closed and open economies are concerned with the key areas of macroeconomics, such as full employment, constant inflation and external balance. Eckhard Hein expertly illustrates how to embed these post-Keynesian macroeconomics and macroeconomic policies into the post-Keynesian research programme more generally, whilst also providing a review of its methods and historical roots. Furthermore, the book links post-Keynesian short-run macroeconomics to long-run distribution and growth theories. Finally, it applies these theoretical approaches to the current research on macroeconomic regimes and regime changes within finance-dominated capitalism and on the macroeconomic challenges of the ecological crisis and of the required socio-ecological transformation.
This book will be a crucial read for academics and graduate students interested in post-Keynesian macroeconomics. Providing a thought-provoking alternative to orthodox economic policies, this will also be of interest to policy advisers and politicians.
About the Author
Eckhard Hein, Professor of Economics, Institute for International Political Economy, Berlin School of Economics and Law, Germany
Reviews
'Macroeconomics After Kalecki and Keynes has certainly achieved the task that Eckhard Hein had set for himself, that is, to provide "a comprehensive and teachable post-Keynesian macroeconomic model, which includes the main features of post-Keynesian macroeconomics and from which a full macroeconomic policy mix for monetary policy, fiscal policy and wage or incomes policies can be derived" (Hein, p. ix). The book is a remarkable achievement.' -- Review of Political Economy (ROPE)
'At a time when conventional macroeconomic theories and policies have visibly failed to promote sustainable and equitable economic growth, Eckhard Hein's brilliant new book provides the most lucid synthesis to date of a comprehensive and progressive alternative: the post-Keynesian approach. Hein builds a complete short-run macro model connecting money, credit, output, inflation and the balance of payments, which he deftly applies to construct an alternative policy paradigm for stabilizing prices while maintaining full employment and external balance. The author then uses this foundation as a springboard to explore advanced issues about long-run growth, income distribution, financial instability, policy-induced stagnation and ecological sustainability. Hein's clear presentation and persuasive analysis will make this volume an indispensable reference for university students, professional economists and economic policy makers for years to come.' -- Robert A. Blecker, American University, Washington DC, US
'Macroeconomics After Keynes and Kalecki is a tour de force. It systematically theorizes the short-term outcomes and required policy responses on which macro instruction - and student interest in the field - typically focuses, linking this analysis to longer-term growth dynamics and associated concerns with financialization and ecological sustainability. The book will be of lasting value to all serious students of macroeconomics.' -- Mark Setterfield, New School for Social Research, New York, US
'This book provides a great guide to the vibrancy of post Keynesian macroeconomic analysis in the traditions of Kalecki and Keynes. Particularly welcome is that Eckhard Hein shows how post-Keynesian macroeconomic analyses has developed to incorporate issues of inequality and gender, and contributes to the studies of financialisation and confronting the major ecological issues.' -- Malcolm Sawyer, Emeritus Professor of Economics, University of Leeds, UK
Book Information
ISBN 9781035339044
Author Eckhard Hein
Format Paperback
Page Count 382
Imprint Edward Elgar Publishing Ltd
Publisher Edward Elgar Publishing Ltd
