Cambridge Economics in the Post-Keynesian Era : The Eclipse of Heterodox Traditions / / by Ashwani Saith

• Autore: Saith Ashwani
• Pubblicazione: Cham : , : Springer International Publishing : , : Imprint : Palgrave Macmillan, , 2022
• Edizione: 1st ed. 2022.
• Descrizione fisica: 1 online resource (1218 pages)
• Disciplina: 330.071142659
• Soggetto topico: Economics - History; Schools of economics; Development economics; History of Economic Thought and Methodology; Heterodox Economics; Development Economics
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Volume I -- 1 Cambridge, That Was: The Crucible of Heterodox Economics -- 1.1 The Narrative -- 1.2 Evolutions and Revolutions -- 1.2.1 The Great Banyan of Heterodox Traditions -- 1.2.2 Cohorts -- 1.2.3 The Cambridge Habitat -- 1.2.4 Which Cambridge? -- 1.3 Regime Change -- 1.3.1 The World of Cambridge: Stories Within -- 1.3.2 Worlds Beyond Cambridge: Neoliberalism at the Gates -- 1.4 The Dialectic of Competing Paradigms -- 1.4.1 Laissez-Faire: “Receding at last into the distance” -- 1.4.2 The Force of Ideas -- 1.4.3 Opposition Brewing -- 1.4.4 Evolutions and Hegemonic Incorporation -- 1.4.5 Ideological: Not the Techniques but the Purposes of Economics -- 1.4.6 Sociological: Mathematical Whiz-Kids and Ageing Dinosaurs -- 1.4.7 Beyond Kuhnian Reductionism -- 1.4.8 Mankiw’s Pendulum -- 1.4.9 Solow’s À La Carte Approach -- 1.4.10 Silos and Trenches -- 1.4.11 Joan Versus Hahn—History Versus Equilibrium -- 1.5 Semantics and Pedantics -- References -- 2 The Warring Tribes -- 2.1 A Sanctuary of Sages -- 2.1.1 Class to Community: The Cement of War -- 2.1.2 Community to Conflict: Cement to Sand -- 2.1.3 A Pride of Savage Prima Donnas -- 2.2 Faculty Wars -- 2.2.1 Paradise Lost -- 2.2.2 Fault Lines Within -- Wynne Godley: No Legacy No Synthesis, No Textbooks—The Samuelson Factor -- Shifting Student Preferences? -- “Irrelevance” and Irreverence: Joan and K-Theory -- Inbred Insularity, Complacency -- Simultaneities in the Demographic Lifecycle -- Lack of Internal Group Coherence -- The Heterodox Camp: No Chairs—Sorry, Standing Room Only -- A Break in Intergenerational Transmission, in the Reproduction of Traditions -- 2.3 Godfathers, Uncles and Nephews: The Gathering Foe -- 2.3.1 The Trojan Horse: By the Pricking of My Thumbs -- 2.3.2 Forming the Academy -- Meanwhile, at the Orthodox Party—A Merry Game of Musical Chairs -- 2.3.3 The Chess Master -- 2.4 The Campaign: How the War Was Lost and Won -- 2.4.1 The Orthodox Gambit: Capture the External Commanding Heights -- 2.4.2 Carrots and Commanders -- 2.4.3 Modus Operandi: Masters, Mandarins and Interlocking Committees -- References -- 3 Worlds Beyond Cambridge: The Global Web of the ‘Neoliberal Thought Collective’ -- 3.1 Conjunctures -- 3.1.1 1930s, The Prelude -- LSE Versus Cambridge -- Émigré Economists: The Benefactions of Lenin and Hitler -- 3.1.2 1940s, The Cascade -- 3.1.3 Keynesianism: Divergent Receptions -- Post-war Affinity in the UK -- Post-New Deal Hostility in the USA -- 3.2 Spreading the Word: Messiahs, Messages, Methods -- 3.2.1 Ideas and Ideologies: Manufacturers and Retailers -- 3.2.2 USA: Early Ideological Entrepreneurs of Libertarianism -- Harold Luhnow: The Volker Fund and its Dollars -- Foundation for Economic Education (FEE) and its Facilitators -- 3.2.3 Europe: Friedrich Hayek and the Mont Pelerin Society -- Antecedents -- Pilgrims Atop a Mountain, Mont Pelerin, Switzerland, April 1947 -- Financial Sponsors -- The First Meeting of Minds -- Sarcastic Schumpeter, Sceptical Solow, Scathing Samuelson -- 3.2.4 UK: Antony Fisher, Global Venture Capitalist of Think Tanks -- 3.3 Branding the Message: The ‘Nobel’ Prize -- 3.3.1 The Stockholm Connection: Ideological Entrepreneurs -- 3.3.2 Some Early Awards: Setting the Direction -- Jan Tinbergen—Ragnar Frisch 1969 -- Samuelson 1970 -- Gunnar Myrdal—Friedrich von Hayek 1974 -- Milton Friedman 1976 -- 3.3.3 Mont Pelerin Society and the ‘Nobel’—A Golden Embrace -- 3.3.4 Cambridge Heterodoxy? -- 3.3.5 ‘An Ideological Coup’ -- 3.4 Reaching Politics: Weaponising the Message -- 3.4.1 Santiago de Chile: Pinochet the Pioneer -- Chicago and its Cowboys -- Thatcher: Romancing Pinochet’s Chile -- 3.4.2 The White House: Reagan, a Disciple -- 3.4.3 10 Downing Street: Thatcher, a Devotee -- More than its Weight in Gold—The Market Price of Symbolic Capital -- 3.4.4 Pulling Together -- 3.5 Besieging Cambridge: The Chicago–MIT–LSE Trinity -- 3.5.1 A Cross-Atlantic Triangle -- 3.5.2 Diversity of Practice -- 3.5.3 Unity of Purpose -- References -- 4 Camp Skirmishes Over Interstitial Spaces: Journals, Seminars, Textbooks -- 4.1 The Battle of Teruel—The Day before -- 4.2 Journals -- 4.2.1 EJ Leaves ‘Home’—The Loss of a Flagship -- 4.2.2 CJE Arrives—A Forum of One’s Own -- 4.2.3 Cambridge Economic Policy Review: One Crowded Hour of Glorious Life -- 4.3 Seminars -- 4.3.1 Cambridge Economic Club—A Marshallian Precursor: 1884–1890, 1896–? -- 4.3.2 Political Economy Club: From Keynes to Robertson to Kahn—Dazzling to Dour -- 4.3.3 The Marshall Society: A Socialisation into Economics and Its Purposes -- 4.3.4 Piero Sraffa’s Research Students Seminar: A Precocious Nursery -- 4.3.5 In Retrospect, Austin Robinson on the Cambridge Circus: The Engine Room of The General Theory -- 4.3.6 Cambridge–LSE Joint Seminar: Jousting Juniors -- 4.3.7 Kahn’s ‘Secret’ Seminar at King’s: Fires in the Kitchen -- 4.3.8 The Richard Stone Common Room: Typhoo and Typhoons -- 4.3.9 Ajit Singh’s Political Economy Seminar at Queens’: Young Turks -- 4.3.10 Arestis and Kitson Political Economy Seminar at St. Catherine’s College -- 4.3.11 Hahn’s Churchill Seminar: Only Maths and Neoclassicals, Others Beware -- 4.3.12 Cambridge Growth Project Seminar at DAE -- 4.3.13 Hahn’s ‘Quaker’ Risk Seminar: The Rising Tide -- 4.3.14 Matthews’s CLARE Group: The Master’s Lodge of Moderate Practitioners -- 4.3.15 Lawson—Realism and Social Ontology: Ways of Seeing and Framing -- 4.4 Textbooks -- 4.4.1 Distant Thunder: Keynes and McCarthy, Tarshis and Samuelson -- 4.4.2 Lawrence Klein and the Paradox of The Keynesian Revolution -- Puzzle -- Ph.D.—At Samuelson’s Feet -- Cowles Commission—The New Dealers -- The Keynesian Revolution: The Extra Chapter— Klein, Then a Closet Marxist? -- Beyond Keynes -- UMich and McCarthyism -- Policy to Forecasting -- Resolution -- 4.4.3 ‘Death of a Revolutionary Textbook’: Robinson and Eatwell -- 4.4.4 An ‘Applied Economics’ Textbook That Wasn’t: Joan and Young Friends -- 4.5 The Battle of Teruel—The Day After -- Appendix 4.1: First off the Blocks: Mabel Timlin’s Keynesian Economics, 1942 -- References -- 5 The DAE Trilogy -- 5.1 Origins and Evolution -- 5.1.1 Origins -- 5.1.2 Evolution: Substance and Styles -- 5.1.3 Foundations of Stone -- 5.1.4 Reddaway’s Method: Eclectic Development -- 5.1.5 Godley: Turbulent Times -- 5.2 End of the Golden Age: The Decade of Discontent -- 5.3 The Trilogy: Discrete Episodes or a Serial Campaign? -- Appendix 5.1: DAE—Finding a Good Home -- References -- 6 Cambridge Economic Policy Group: Beheading a Turbulent Priest -- 6.1 Charged Conjuncture -- 6.1.1 Imbroglios of 1974: Old Versus New Cambridge Versus the Establishment -- 6.1.2 The Enigma of Kahn -- 6.1.3 Kaldor: On Radical Policy Implications of New Cambridge, 1976 -- 6.1.4 Cambridge Squabbles: Spillover into Whitehall? -- 6.1.5 Triggering Crisis: The Pivot of the OPEC Price Hikes -- 6.1.6 1979: Enter Margaret Thatcher, Right-Wing, Upfront -- 6.1.7 The Case of the Odd Consensus: The Letter by 364 Economists, 1981 -- 6.1.8 Thatcher in the Garage of the Federal Reserve -- 6.1.9 1981: Brixton Riots, Toxteth Fires: “A Concentration of Hopelessness” -- 6.1.10 The CEPG: A Thorn in the Thatcher Hide -- 6.1.11 The Bogey of Import Controls and the Spectre of Bennism -- 6.2 SSRC and CEPG: Dispensing Instant Injustice -- 6.2.1 Posner’s Parlour -- 6.2.2 Posner’s Process -- 6.3 Epilogue -- 6.3.1 Vengeance -- 6.3.2 The Team Scattered -- 6.3.3 The Model Reincarnated -- 6.3.4 The Rehabilitation of Wynne -- 6.3.5 Wynne Godley: ‘My Credo’ … -- 6.3.6 The Pacification of the CEPG -- Appendix 6.1: Old Cambridge, New Cambridge, 1974: and All the King’s Men -- 1. Letter WG to RFK 23 May 1974. JVR/ vii/228/3/3 -- 2. Letter NK to RFK 20 May 1974. JVR/ vii/228/3/14-16 -- 3. Letter from RFK and MP to NK 24 May 1974. JVR/vii/228/3/17-20 -- 4. Letter from RFK and MP to NK 28 May 1974. JVR/vii/228/3/24 -- 5. Letter from FC to RFK 29 May 1974. JVR/7/228/3/25 -- 6. Reply from RFK to FC 6 June 1974. JVR/7/228/3/24 -- 7. In the interim, NK replied to RFK and MP. JVR/7/228/3/26 -- 8. Letter from NK to RFK. RFK/12/2/132/3 -- References -- 7 ‘Unintended’ Collateral Damage? The Cambridge Economic Policy Group and the Joseph-Rothschild-Posner SSRC Enquiry, 1982 -- 7.1 Joseph—Rothschild—Posner—Godley -- 7.2 The Posner-the-Saviour Narrative -- 7.3 Setting Up the Enquiry -- 7.4 Who Proposed Rothschild? -- 7.5 Rothschild Report Writing Process -- 7.6 The Judgement of Rothschild -- 7.7 Between Draft and Release and Response: Handshakes and Cigars -- 7.8 Did Posner Get Away with Just a Change of Name? -- 7.9 CEPG—Collateral Damage? Or, Traded Down the River? -- 7.10 The Rothschild Report: Gleanings on Macroeconomic Modelling -- 7.11 Lord Kaldor—Off the Record, Off the Cuff, Off the Mark? -- 7.12 Lord Harris’ Vitriol -- 7.13 Catholicity and Independence -- 7.14 Rothschild’s Last Word -- 7.15 Joseph’s Last Laugh -- References -- 8 Cambridge Growth Project: Running the Gauntlet -- 8.1 Background and Conjuncture -- 8.1.1 The Decision -- 8.2 Substantive Issues -- 8.2.1 No Innovation? -- 8.2.2 Catholicity, Turnover and the Value of Disaggregation -- 8.2.3 Use of Input-Output Tables -- 8.2.4 CGP Presence in Policy Debates -- 8.2.5 Insularity -- 8.2.6 On Exploiting the Cheap Labour of Graduate Students -- 8.3 Issues of Procedural Probity -- 8.3.1 Shifting Goalposts Across Evaluations -- 8.3.2 Unequal Application of Criterion of Commercial Funding -- 8.3.3 Public Good or Private Resource? -- 8.3.4 ESRC Ignored CGP Model Performance: Why? -- 8.3.5 Compromised ‘Independent’ Evidence -- 8.4 Other Concerns -- 8.4.1 ‘Reds’? -- 8.4.2 Crowding Out Competitors? -- 8.4.3 Deadweight Loss of Built-up Intellectual Capital -- 8.4.4 Gratuitously Offensive: Up Close and Out of Order -- 8.4.5 The Consortium: ‘Revived Talk of Conspiracy Theory’ -- 8.4.6 I.
• Sommario/riassunto: “I had the great pleasure to read early versions of this meticulously researched history of the rise and demise of Cambridge heterodox economics. I warmly congratulate Ashwani for his tour de force.” —Geoff Harcourt “This book is awesome in both its depth and range. It should be required reading. A notable addition to the history of economic thought and to the history of our times.”—Amiya Bagchi “The book is destined to become the definitive account in the history of economic thought of how neoclassical economists reinforced their hegemony over the academic discipline in the 20th Century”. —Terry Barker “Ashwani Saith’s book is monumental, enthralling, beautifully written with its occasional satirical tone, but as we are being warned, depressing … This was so far an untold story.” —Marc Lavoie “A fascinating investigation – fair, balanced, scholarly. Highly recommended.” —Maria Cristina Marcuzzo “The meticulous research in Saith’s brilliant book … is not just a great contribution to the history of economic thought, but also to the understanding of the intellectual obscurantism of our times.” —Jose Gabriel Palma “A meticulous and comprehensive discussion of … the capture of Cambridge by economic orthodoxy … a tour de force … it is written with remarkable scrupulousness and lucidity. An essential read.” —Prabhat Patnaik “Brilliantly contextualises the local happenings in Cambridge within the global rise of the ‘neoliberal thought-collective’ … An extraordinary piece of research, lovingly told and immensely worthwhile.” —Servaas Storm Using fresh archival materials, personal accounts and interviews, this meticulously researched book chronicles the untold story of the eclipse of diverse revolutionary heterodox and Keynesian intellectual traditions rooted and nurtured in Cambridge since the 1920s, and the rise to hegemony of orthodox, mainstream economics. It investigates both internal fault lines within the faculty, and the power of external ideological and political forces released by the global dominance of neoliberalism. Also expunged in the neoclassical counter-revolution were the structural and radical policy-oriented macroeconomic modelling teams of the iconic Department of Applied Economics, alongside the atrophy of sociology, development studies and economic history from the self-purifying faculty. This book addresses researchers in the history of economic thought, sociology of knowledge, political economy, especially heterodox and post-Keynesian economics, and anyone wishing to make economics fit for public purpose again for negotiating the multiple crises rampant at national and global levels. Ashwani Saith is an Emeritus Professor, International Institute of Social Studies, Erasmus University Rotterdam, and former Professor & Director, Development Studies Institute, London School of Economics.
• Titolo autorizzato: Cambridge Economics in the Post-Keynesian Era
• ISBN: 9783030930196; 9783030930189
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910624305803321
• Lo trovi qui: Univ. Federico II
• Serie: Palgrave Studies in the History of Economic Thought, . 2662-6586