November Article of the Month

In one of the 2023 Themed Collections devoted to great Cambridge post-Keynesian scholar, economist Geoffrey Harcourt, Amiya Kumar Bagchi identifies the intellectual legacies of John Maynard Keynes, who created the modern macroeconomics discipline and refined the concept of national income, which inter alia enable collection, organisation and analysis of economic and social data. As Bagchi convincingly conveys, Keynes also offered deep understanding of the global economy and issues of balance of payments surpluses or deficits, and highlighted concern for the challenges for less developed economies. Importantly and more well-known, Keynes also supported public investment and state involvement in solving problems of unemployment, while his analysis of the instability of stock markets and dangers of financialisation remains very relevant. This highly readable scholarly article offers persuasive argument and vivid examples.