The crisis of Keynesian economics : a Marxist view /

Pilling's critical analysis of the theoretical foundations of Keynesian economics is explicitly informed by Keynes's own work as well as by the interpretations of proponents and leading critics. He also reviews recent economic history, criticizing the idea that the acceptance of Keynesian ideas was a major reason for the rise of state expenditure and intervention in developed capitalist economies and for their 30-year record of economic expansion after WW II. Pilling demonstrates that the very character of Keynes's theorizing is qualitatively distinct from that of the classical tradition, and the so-called ``post-Keynesian'' efforts to integrate theoretical insights from Keynes with those from Marx and Ricardo inevitably lead to theoretically unsatisfactory formulations. And it is from Marx (rather than from Ricardo) that Pilling draws to suggest the outlines of a superior theoretical understanding of contemporary capitalism. This is a compact, difficult, and very good book. Pilling is admirably careful, clear, and consistent in his development of alternative positions. An outstanding guide to the issues and major participants involved in current debates about macroeconomic theory and policy. Highly recommended for upper-division and graduate students.-F.S. Weaver, Hampshire College