Cambridge Economics in the Post-Keynesian Era

This book chronicles the rise and especially the demise of diverse revolutionary heterodox traditions in Cambridge theoretical and applied economics, investigating both the impact of internal pressures within the faculty as also the power of external ideological and political forces unleashed by the global dominance of neoliberalism. Using fresh archival materials, personal interviews and recollections, this meticulously researched narrative constructs the untold story of the eclipse of these heterodox and post-Keynesian intellectual traditions rooted and nurtured in Cambridge since the 1920s, and the rise to power of orthodox, mainstream economics. Also expunged in this neoclassical counter-revolution were the structural and radical policy-oriented macro-economic modelling teams of the iconic Department of Applied Economics, along with the atrophy of sociology, development and economic history from teaching and research in the self-purifying faculty. This book will be of particular interest to researchers in the history of economic thought, sociology of knowledge, political economy, especially those engaged in heterodox and post-Keynesian economics, and to everyone wishing to make economics fit for purpose again for negotiating the multiple economic, social and environmental crises rampant at national and global levels.

Investigates a crucial period of inflexion in Cambridge economics traditions Uses archival material to present fresh and new analysis Constructs a narrative and collective interpretation from individual perspectives

Auteur
Ashwani Saith is an Emeritus Professor at the International Institute of Social Studies, Erasmus University Rotterdam, and former Professor of Development Studies & Director, Development Studies Institute, London School of Economics.

Contenu

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 HahnHistory 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 TextbooksThe 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 ChairsSorry, 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 PartyA 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 Capitalistof 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 TinbergenRagnar Frisch 1969.- Samuelson 1970.- Gunnar MyrdalFriedrich 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 GoldThe Market Price of Symbolic Capital.- 3.4.4 Pulling Together.- 3.5 Besieging Cambridge: The ChicagoMITLSE 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 TeruelThe Day before.- 4.2 Journals.- 4.2.1 EJ Leaves 'Home'The Loss of a Flagship.- 4.2.2 CJE ArrivesA 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 ClubA Marshallian Precursor: 18841890, 1896?.- 4.3.2 Political Economy Club: From Keynes to Robertson to KahnDazzling 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 CambridgeLSE 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: OnlyMaths 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 LawsonRealism 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 CommissionThe 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 TeruelThe 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 Gold…