Keynes and Economic Policy: The Relevance of The General Theory after Fifty Years

Abstract

Part 1 The adequacy of market forces for the achievement of high employment: are market forces adequate to maintain full employement - if not, can demand management policies be relied upon to fill the gap, Jo Artis the role of demand management in the maintenance of full employment, Bennett McCallum. Part 2 Money, wages and employment: wages and unemployment half a century on Patrick Minford wages and economic activity, Stephen Nickell. Part 3 The effect of fiscal reflation upon employment: the effect of fiscal reflation upon employment, Francis Breddon, Alan Budd et al aspects of the theory of fiscal policy, Maurice Preston. Part 4 The inflationary impact of fiscal policy : inflation and fiscal expansion, Christopher Taylor is fiscal expansion inflationary, Peter Sinclair Part 5 The significance of public sector borrowing: government deficits and debts - the necessity and cost of adjustment - the case of Italy, Giampaolo Galli and Rainer Masera measures of fiscal stance and rules for stabilizing the economy - the case for separating measurement from policy, Marcus Miller and Alan Sutherland. Part 6 Policy to control interest rates: interest rates and macroeconomic policy, J. Flemming interest rates and the conduct of monetary policy, Geoffrey Wood. Part 7 Should reflationary fiscal policy have priority over monetary policy: Monetary and fiscal policy in the UK, Alan A.Walters Should fiscal policy rule the roost - the coordination of monetary and fiscal policy, David Currie. Part 8 Keynesian policy in a historical context: Keynes on interwar economic policy, N.H.Dimsdale Keynes and the TUC in the 1930s and the 1980s, Bill Callaghan Keynesian and other explanations of post-war macro-economic trends, R.C.O.Matthews and A.Bowen. Part 9 The international dimension : how valid is international Keynesianism, Max Corden. Part 10 Keynes and UK and German economic policy: the irrelevance of Keynes to German economic policy and to international economic cooperation in the 1980s, Ernst Helmstadter the UK government's financial strategy , Sir Terence Burns. Conclusion: The continuing relevance of Keynes to economic policy, Walter Eltis.