Post Keynesian Theory and Policy

A Realistic Analysis of the Market Oriented Capitalist Economy

New Directions in Post-Keynesian Economics series

Paul Davidson, Holly Chair of Excellence Emeritus, University of Tennessee, US and Founding Editor of the Journal of Post Keynesian Economics

How did economic “experts” worldwide fail to predict the financial crisis of 2007-2008? Eminent economist Paul Davidson discusses how mainstream economic theory may not be applicable to the world of experience. Post Keynesian theory is designed to be applicable to the real world, and this book demonstrates how applying it to policy formulation could help practically resolve economic problems. Davidson goes on to demonstrate how many Post Keynesian economists warned of the impending financial crisis as early as 2002.

‘Paul Davidson here provides an easy-to-read review of the central elements of Keynes and Post Keynesian theory, especially on such current matters as unemployment, the national debt, and international payments systems.’
——詹姆斯·k·加尔布雷斯,作者d of Normal: the Great Crisis and the Future of Growth

‘If you’ve been wondering what Post Keynesian economics is all about, or if you’ve been searching for a better explanation of what went wrong in the 2000s, Paul Davidson’s latest book is the place to look. Davidson is a thought leader in the field, writes lucidly, and refuses to accept the conventional wisdom as wise.’
– Alan S. Blinder, Princeton University, US

‘There has been much written about the global financial crisis that began in 2007 but little as succinct and wise as this book by Paul Davidson. A clear analysis of what went wrong, its real strength is in explaining what can be done to put matters right.’
– Larry Elliott, Economics Editor, The Guardian