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Synopsis
Will Hutton argues that Keynesian revolution has yet to take place. Economists, he finds, have not yet come to terms with the heart of Keynes' argument: that there are limits to what prices can do in a market economy. But referring closely to Keynes' writings, Hutton demonstrates that Keynes was concerned to show how the financial sector of the economy originated and how it reinforced the incapacities of the market economy.Post-war Keynesianism, Will Hutton concludes, has overstressed the role of fiscal policy in programmes of Keynesian economic management: it is but one element in a larger policy of financial and momentary leverage aimed at leaning against these market incapacities. By insisting that government intervention is a prerequisite to the proper functioning of the market, Keynesianism in effect becomes a political philosophy challenging the entire panoply of economic and political liberalism. As such it may require important changes in the structure of government if it is to be implemented successfully.
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About the Author
Will Hutton is Chief Executive of the Industrial Society. He was previously editor-in-chief of the Observer, and is the author of many books, including the bestselling The State We’re In.
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- PublisherAddison-Wesley Educational Publishers Inc
- Publication date1986
- ISBN 10 058229603X
- ISBN 13 9780582296039
- BindingPaperback
- LanguageEnglish
- Number of pages240
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The Revolution That Never Was: An Assessment of Keynesian Economics
Published by
Addison-Wesley Educational Publi, 1986
ISBN 10: 058229603X
ISBN 13: 9780582296039
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The Revolution That Never Was: An Assessment of Keynesian Economics
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Addison-Wesley Educational Publishers Inc, 1986
ISBN 10: 058229603X
ISBN 13: 9780582296039
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