Post-Keynesian Essays from Down Under Volume I: Essays on Keynes, Harrod and Kalecki

Joseph Halevi was born 1946 in Haifa, then British Palestine. An Alama Mater University of Rome La Sapienza, he began teaching economics at the New School of Social Research in New York and later at Rutgers University. He has a permanent appointment at the University of Sydney. He was Visiting Professor at the University of Connecticut and regularly in France at the Universities of Grenoble, Nice and Amiens. He has authored many books and contributed to the first edition of The New Palgrave Dictionary of Economics in 1987 and co-edited Beyond the Steady State with Macmillan in 1992, among others.   Geoff C. Harcourt was born in Melbourne, Australia in 1931. He was a graduate of the Universities of Melbourne and Cambridge. He has worked mainly at Adelaide (1958 to 1985) and Cambridge (1964 to 1966; 1972 to 1973; 1980; 1982-2010). He is now Visiting Professorial Fellow at UNSW Australia. He has authored or edited 29 books and over 360 articles, notes, chapters in books and reviews. His books include Some Cambridge Controversies in the Theory of Capital (1972), The Structure of Post-Keynesian Economics (2006), (with Prue Kerr) Joan Robinson (2009) and (jointly edited with Peter Kriesler) The Oxford Handbook of Post-Keynesian Economics (2013).   Peter Kriesler currently teaches in the School of Economics at the University of New South Wales, Australia. He also organizes the Annual Australian Society of Heterodox Economists Conference, which is now in its fourteenth year. Peter's main publications are in the areas of history of economic thought, heterodox economics, the Australian economy, labour economics, and economic perspectives on human rights.   J. W. Neville is Emeritus Professor at the University of New South Wales, Australia. He has published extensively on fiscal policy, macroeconomic policy in general, economics and ethics, and the history of economic thought. He has served on a number of statutory authorities and government enquiries.

'In the wake of the financial crisis of 2008, when economic theory is rightly challenged to show the relevance of its insights, it is reassuring to turn to readings that show why such theory really matters. These essays show how, and why, Australian economics has been able to draw on the best of twentieth-century economics to provide insights into the economic problems of the twenty-first century. In these essays Joseph Halevi, Geoff Harcourt, Peter Kriesler and John Nevile bring a rare scholarship to bear on fundamental questions of how we are to understand the unstable workings of capitalism. Their working through of ideas derived from Keynes, Kalecki and Harrod make this volume essential reading for the renewal of macroeconomics in our times.' Jan Toporowski, Professor of Economics and Finance, School of Oriental and African Studies, University of London, UK 'Four leading post-Keynesian and heterodox economists 'from down under' provide us with a rich menu of essays on three of the great post-Keynesians. The authors' writings provide us with deep insights into the works of Keynes, Harrod and Kalecki, showing the continuing relevance of their analyses. A welcome collection of highly readable essays.' Malcolm Sawyer, Emeritus Professor of Economics, University of Leeds, UK

• List of Figures List of Tables Acknowledgements Keynes 1. The enduring importance of the General Theory; Harcourt and Kriesler 2. The General Theory after sixty years: history or economic laws?; Halevi 3. Notes on Keynes' aggregate supply curve; Nevile 4. What Keynes would have thought of the development of IS-LM; Nevile 5. IS-LM in macroeconomics after Keynes; Kriesler and Nevile 6. Keynes, Kalecki and the General Theory; Kriesler 7. Michal Kalecki on capitalism; Kriesler and Bruce McFarlane 8. Kalecki and modern capitalism; Halevi 9. Kalecki's pricing theory revisited; Kriesler 10. Microfoundations: a Kaleckian perspective; Kriesler 11. Kalecki, classical economics and the surplus approach; Halevi and Kriesler 12. Kalecki's conception of the economic cycle and state intervention; Halevi 13. Was Kalecki an 'imperfectionist'? Davidson on Kalecki; Kriesler 14. Answers for Steedman; Kriesler 15. Reply to Steedman; Kriesler 16. On the limitations of fiscal policy: a radical Kaleckian view; Halevi and Kriesler 17. The influence of Michal Kalecki on Joan Robinson's approach to economics; Harcourt and Kriesler 18. Michal Kalecki and Rosa Luxemburg on Marx's schemes of reproduction: two incisive interpreters of capitalism; Harcourt and Kriesler 19. The contemporary significance of Baran and Sweezy's notion of monopolistic capitalism; Halevi 20. Dynamic Keynesian economics: cycling forward with Harrod and Kalecki; Kriesler and Nevile 21. The mathematical formulation of Harrod's growth model; Nevile 22. The stability of warranted growth; Nevile 23. A reply to Dr. Inada; Nevile 24. Expectations, lags and particular parameter values in Harrod's dynamics; Nevile 25. Accumulation and structural disequilibrium; Halevi