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Today's financial crisis has led to a widespread lack of confidence in the laissez faire style of economic policy. In The Keynes Solution author Paul Davidson provides insights into how we got into the crisis—but more importantly how to use Keynes economic philosophy to get out of this mess. John Maynard Keynes was committed to making the market economy work—but our current system has been a dismal failure. Keynes advocated for an interventionalist government role, in cooperation with private initiative, to mitigate the adverse effects of recessions, depressions and booms. His economic policy helped the world out of the great depression and was an important influencer in the thinking behind FDR's new deal policies. In this book Keynesian expert Davidson makes recommendations and details plans for spending, monetary policy, financial market rules and regulation, and wages—all to reverse the effects of our past policies. Keynes renewed influence can be seen everywhere: in Barack Obama's planned stimulus package, for example—and this book explains the basic tenant of Keynesian economics as well as applied solutions to today's critical situation.
- Sales Rank: #933402 in eBooks
- Published on: 2009-09-01
- Released on: 2009-09-01
- Format: Kindle eBook
Review
“Paul Davidson is the keeper of the Keynesian flame. Keynes lives (intellectually), and Davidson is one of the reasons.”--Alan S. Blinder, Gordon S. Rentschler Memorial Professor of Economic and Public Affairs, Princeton University
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“Paul Davidson has persistently attacked conventional economics for having ignored Keynes’s emphasis on uncertainty, and the use of money as a store of value, in causing economic crises.� In this lucid new book, he exposes the intellectual mistakes which led to the present world economic downturn, and shows how�Keynes’s ideas can help bring about a ‘civilized economic society’.”
--Robert Skidelsky, author of John Maynard Keynes 1883-1946: Economist, Philosopher, Statesman
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"Paul Davidson has given us a timely and lucid answer to the important question: What would Keynes have said?� He is particularly good on the disastrous condition of the mainstream economics, which ignored Keynes for decades, and is now exposed as having left us wholly unprepared for the crisis at hand."--James K. Galbraith, The University of Texas at Austin, author of "The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too."�
About the Author
Paul Davidson is Holly Chair of Excellence in Political Economy at the University of Tennessee, Knoxville. He has previously held Professorships at the University of Pennsylvania and Rutgers University. He is Editor of the Journal of Post Keynesian Economics, a former member of Brookings Economics Panel, and is the author, co-author or editor of twenty-two books and more than 200 articles. His books include Money and the Real World, Post Keynesian Macroeconomic Theory, International Money and the Real World: Economics for a Civilized Society, and Financial Markets, Money and the Real World.
Most helpful customer reviews
19 of 24 people found the following review helpful.
Keynes Made Accessible and Relevant
By Scot Griffin
Paul Davidson has done a remarkable job of explaining John Maynard Keynes' key insights, most of which he first introduced to the world in his seminal 1936 "General Theory of Employment, Interest and Money." Unfortunately, for Keynes, that book is fairly impenetrable, so the general public is essentially unaware that the economics movement that bore his name (i.e., "Keynesian") is, in fact, a synthesis of the classical economics that Keynes rejected and Keynes' less controversial ideas. In other words, Keynes' own name was hijacked by what were, essentially, classical economists.
This book is an easy read and easy to understand because it uses the recent economic crisis to compare and contrast neoclassical economics (best exemplified by Milton Friedman and the Chicago School) to true Keynesian economics. If you really want to understand Keynes' insights in detail, pick up a used copy of Anatol Murad's "What Keynes Means," which is a fantastic primer.
If you are interested in reading other accessible economics books by heterodox economists, check out Steve Keen's "Debunking Economics." Like Davidson, Keen is a Post Keynesian economist.
10 of 12 people found the following review helpful.
Valuable Insights for Investors
By R. Farley
This book is terrific. Like many investors, I am very wary of economic commentary because many commentators seem to be living in a parallel universe that has assumed away many of the practical realities that we see every day. Dr. Davidson's book not only discusses current economic issues in a pragmatic way, he also addresses the flaws and strained assumptions upon which policy makers have conducted economic policy. It takes someone who understands the flawed models of mainstream economics to illuminate these flaws for those of us who are merely observers.
Much more so than the Keynes solution itself, this book's greatest value comes from its insights into trade deficits, unemployment, the monetary system, and the realities of correcting trade imbalances. Many of the benefits of imports come at the cost of higher unemployment, and it is important to understand the real choices involved in addressing this situation.
Macroeconomic analysis can be frustratingly useless to investors. According to the famous investor Peter Lynch: "I've always said if you spend 13 minutes a year on economics, you've wasted 10 minutes." However, I sat down and read this book in one sitting, and I'd love to send it to Mr. Lynch, as it might just be the exception that proves his rule.
As a companion piece, I'd suggest Warren Buffett's 2003 article in Fortune magazine that originates Buffett's proposal of Import Certificates as a way to correct trade imbalances. Taken together, there is plenty of food for thought.
4 of 4 people found the following review helpful.
Excellent book, showing how Keynes' ideas are still vitally important
By William Podmore
In this superb book, Paul Davidson shows that Keynes' ideas would help to get us out of the crisis. Davidson is editor of the Journal of Post Keynesian Economics and the Holly Chair of Excellence Emeritus Professor in Economics at the University of Tennessee.
He quotes Alan Greenspan's admission: "This modern risk management paradigm held sway for decades. The whole intellectual edifice, however, collapsed. ... I found a flaw in the model that I perceive is the critical functioning structure that defines how the world works. That's precisely the reason why I was shocked ... I still do not fully understand why it happened, and obviously to the extent that I figure it happened and why, I shall change my views."
Davidson writes, "The classical solution to incomes inflation is to depress the economy. ... For example, say a central bank announces that it has a target rate of inflation of 2 percent. This target is set to warn the public that if the measured inflation rate exceeds 2 percent, the central bank will deliberately create a recessionary environment, threatening people's jobs, in order to force people to reduce their inflationary income demands. ... This policy to constrain demands for money income increases can be called an `incomes policy of fear'. ... Nothing closely approaching full-employment prosperity can be tolerated as long as we rely on the free market's incomes policy of threatening unemployment and enterprise failure. ... A ubiquitous and overwhelming fear instilled in all members of society is a necessary condition for the barbarous inflation-targeting program to work. Inevitably, civil society is the first casualty of this war."
Keynes showed that capitalism, unaided, cannot produce full employment. Davidson notes, "Keynes demonstrated that flexible wages and prices and pure competition are not sufficient conditions to ensure full employment in our economic system, even in the long run." Monetarist Milton Friedman lied about the `rigid price assumption of Keynes'. Keynes stated that his theory did not rely on the assumption of price rigidity.
Unemployment is not due to wage and price rigidities, but to inadequate demand due to the operations of financial markets. If people do not spend their entire income on newly produced goods and services, they save part of this income in some form of liquid asset. Liquid assets are not produced by labour, so they do not create demand for goods and services.
So if we are going to keep employment high, there must be other people who will spend more than their income on goods and services, creating jobs to offset the lack of jobs created by savers. These `spenders' get the extra money either by running down savings, i.e., selling liquid assets to get money to spend, or by borrowing. Who are these other people, if not the government?
Keynes wrote, "It is characteristic of a freely convertible international standard that it throws the main burden of adjustment on the country which is the debtor position on the international balance of payments - that is, on the country which is (in this context) by hypothesis the weaker and above all the smaller ..."
Under the Bretton Woods rules, the burden of adjustment is on countries running deficits, which are told to deflate their economies. Instead, Davidson urges us to shift `responsibility for ending persistent trade imbalances to those nations that persistently experience exports that exceed their imports'. For example, Germany should buy from the other eurozone countries, invest in new projects there and aid them.
But this will not happen. The German ruling class is enforcing Thatcherism across the eurozone, destroying nations economically in order to destroy them politically.
Davidson underestimates the dangers of capitalism. So long as we permit it to exist, it will never stop attacking us. Capitalism breeds the problems that Keynes could solve, and the capitalist class stops his solutions being put into practice.
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