Paul Davidson has played a central role in the development of Post Keynesian economics in the United States over the past several decades. This non-technical book provides a clear and practical introduction to the subject, beginning with Davidson's distinctive interpretation of Keynes. Interestingly, while it was published several years before the current crisis in financial markets, it sheds a great deal of light on what is going on today.I have only two mild criticisms. First, the policy recommendations at the end of the book, while very appealing in theory, seem largely unrealistic in practice. Second, some explanation of Minsky's financial instability hypothesis would have been useful, beyond the brief allusion in Chapter 11.
Edward Elgar Publishing