by Luigi L. Pasinetti
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Product Description
What was the Keynesian revolution in economics? Why did it not succeed to the extent that Keynes and his close pupils had hoped for? Keynes and the Cambridge Keynesians addresses these and other questions by tracing the historical development of Keynesian economics. The book is split into three parts. Part I contains the author's Caffè Lectures on Keynes's 'unaccomplished revolution'. Part II is a series of biographical essays where the author, himself a witness and participant of the group on which he writes, presents the successful and unsuccessful endeavours of Keynes's most important pupils: Richard Kahn, Joan Robinson, Nicholas Kaldor, Pierro Sraffa and Richard Goodwin. Part III of the book looks to the future by developing a conceptual analytical framework that makes sense of Keynes's 'revolution in economics', discussing the many ways in which the Keynesian way of doing economics is incompatible with the neoclassical tradition.
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Average Customer Review:
3 of 3 people found the following review helpful:
3.5 Stars-Interesting but flawed.Pasinetti completely ignores the D-Z analysis in chapters 20 and 21 of the GT, 2008-05-18
Pasinetti has written an interesting,but flawed(the flaw is Pasinetti's overlooking of Keynes's technical analysis, in chapters 20 and 21, in which Keynes proved mathematically that it is the existence of the speculative demand for money [speculative activity]under conditions of uncertainty that explains the existence of involuntary unemployment.Eliminate uncertainty and speculation and you obtain the neoclassical results which hold under conditions of risk and a transactions demand for money only)history.Pasinetti starts with Keynes.He asserts that chapter 3 of the GT is of fundamental inportance in terms of understanding the theory of effective demand and the point of effective demand(Pasinetti,pp.12-15,21).We know that this is incorrect because Keynes told Dennis Robertson point blank in March,1935 that his technical analysis of the D-Z model was NOT in chapter 3 but in chapter 20.Chapter 3 is a brief introduction that serves as an outline for the reader.Chapters 19(appendix to chapter 19),20,and 21 contain the fundamental Keynesian breakthrough.Pasinetti rejects this.Pasinetti next covers the 1937 meeting of the Econometrics Society where the IS-LM interpretation of Keynes's GT was presented by Hicks,Harrod,and Meade.Pasinetti emphasizes Keynes's reluctance to reject this interpretation as a mistake.The decision of Kahn and Robinson not to attend is also considered to be a mistake.(Pasinetti,pp,31-32,62-66).The conclusion Pasinetti reaches is that the revolution of Keynes was lost at this point.This ends the first part of the book
The second part of the book covers the contributions to macroeconomics,imperfect competition,etc., of Kahn,Joan Robinson,Kaldor,Sraffa,and Goodwin as they seek to rediscover what Keynes's intuitions had to have been in order for Keynes to have written the GT since Keynes provided no worked out model of his theory in the GT itself.Keynes would most likely have responded, had he lived longer, that it is all contained and worked out precisely in chapters 20 and 21,a la his letter to Robertson in March, 1935.
The third part of the book essentially argues for a research program to supposedly recapture the lost intuitions of Keynes in the GT.The last chapter of the book,titled "Back to the Future of the Keynesian Revolution",essentially means exactly that-a return to the 1930's is needed to reestablish the " True" meaning of Keynes's revolution in economic theory.A very strange characteristic of Pasinetti is his queer claim that all of Keynes's insights come from his intuition.The fact is that Keynes worked out the consequences of his intuitions in chapters 20 and 21.A more effective approach would be to do what Dennis Robertson,Richard Kahn,Joan Robinson,Nicholas Kaldor,Goodwin,Sraffa,Paul Davidson,Sydney Weintraub,E Roy Weintraub,and Luigi L Pasinetti have not yet done-cover the technical analysis in chapter 20 and its extension in chapter 21 of the GT.
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