Stephen A. Marglin is the Walter Barker Professor of Economics at Harvard University. His books include The Dismal Science: How Thinking Like an Economist Undermines Community and Growth, Distribution, and Prices. He is a past Guggenheim Fellow and member of the Harvard Society of Fellows.
Marglin has taken 80 years of neoclassical distortions of Keynes,
presented them with great clarity in their own language, and then
pounded them into dust, pushing the detritus back into the faces of
the high priests of the neoclassical synthesis, the New Keynesians,
and the New Classical Economists. Raising Keynes issues a
challenge that they would be cowardly to refuse-which is not to
suggest that they won't do their best to ignore it. -- James K.
Galbraith * Project Syndicate *
Stephen Marglin's magnum opus makes a powerful case that we cannot
expect the economy to solve its own problems, and that instead
economists and policymakers need to put persistent unemployment at
the center of their thinking in order to both better understand the
economy and to make a stronger case for using fiscal and monetary
policy to change it for the better. -- Jason Furman, Harvard
University, former Chairman of the U.S. Council of Economic
Advisers
This is a thought-stimulating reconstruction of John Maynard
Keynes's insight that market economies do not automatically
gravitate to full-employment equilibrium even if prices are
flexible. Stephen Marglin shows, with modern analytical tools and
(yet) in an often entertaining style, how normal signal processing
leads to real-time adjustments to shocks that can move a
competitive economy out of equilibrium in the short run and into a
different equilibrium in the long. He succeeds in demonstrating
this without invoking all those frictions and imperfections so
indispensable to New Keynesians. The book opens a wide array of
unorthodox, but well-founded perspectives on past and current
issues of economic policy. It is the fruit of life-long research,
and it deserves a wide readership. -- Hans-Michael Trautwein,
University of Oldenburg, Germany
Raising Keynes is a work of great significance that anyone
seriously interested in how capitalism functions and malfunctions
should read carefully. Stephen Marglin succeeds in clarifying the
central ideas in John Maynard Keynes's revolutionary macroeconomic
framework, while also extending and deepening those ideas in
important ways, applying the ideas to our contemporary conditions,
and also delivering devastating critiques of orthodox macroeconomic
theory and practice. The book is also highly accessible for a work
of this nature, without skimping at all on technical details-an
almost impossible combination to pull off. -- Robert Pollin,
University of Massachusetts Amherst
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