Cambridge Economics in the Post-Keynesian Era

"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.

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.

Texte du rabat

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.

Contenu

CHAPTER 1 CAMBRIDGE: THE CRUCIBLE OF HETERODOX ECONOMICS

1 THE NARRATIVE

2 EVOLUTIONS AND REVOLUTIONS

2.1 The Great Banyan of Heterodox Traditions

2.2 Cohorts

2.3 The Cambridge Habitat

2.4 Which Cambridge?

3 REGIME CHANGE

3.1 The World of Cambridge: Stories Within

Multiple Explanations of the Decline

The Untold Story

3.2 Worlds Beyond Cambridge: Neoliberalism at the Gates

4 THE DIALECTIC OF COMPETING PARADIGMS

4.1 Laissez-fare: "receding at last into the distance ..."

4.2 The Force of Ideas

4.3 Opposition brewing

4.4 Evolutions and Hegemonic Incorporation

4.5 Ideological: Not the Techniques but the Purposes of Economics

4.6 Sociological: Mathematical Whiz-kids and Ageing Dinosaurs

4.7 Beyond Kuhnian Reductionism

4.8 Mankiw's Pendulum

4.9 Solow's a la Carte Approach 4.10 Silos and Trenches

4.11 Joan vs Hahn - History vs Equilibrium

5. SEMANTICS AND PEDANTICS

CHAPTER 2 THE WARRING TRIBES

1 A SANCTUARY OF SAGES

1.1 Class to Community: The Cement of War

1.2 Community to Conflict, Cement to Sand

1.3 A Pride of Savage Prima Donnas

2 FACULTY WARS

2.1 Paradise Lost

2.2 Fault Lines Within

Wynne Godley:' No Legacy No Synthesis, No Textbooks'

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

3 GODFATHERS, UNCLES AND NEPHEWS: The Gathering Foe

3.1 The Trojan Horse: By the pricking of my thumbs ...

3.2 Forming the Academy

Meanwhile, at the Orthodox Party - A Merry Game of Musical Chairs

3.3 The Chess Master

4 THE CAMPAIGN: HOW THE WAR WAS LOST AND WON

4.1 The Orthodox Gambit: Capture the External Commanding Heights

4.2 Carrots and Commanders

4.3 Modus Operandi: Masters, Mandarins and Interlocking Committees

CHAPTER 3 WORLDS BEYOND CAMBRIDGE: THE GLOBAL WEB OF THE 'NEOLIBERAL THOUGHT COLLECTIVE'

1 CONJUNCTURES

1.1 1930s, The Prelude

LSE vs Cambridge

Émigré Economists: The Benefactions of Lenin and Hitler 1.2 1940s, The Cascade

1.3 Keynesianism: Divergent Receptions

Post-War Affinity in the U.K.

Post-New Deal Hostility in the U.S.A.

2 SPREADING THE WORD: MESSIAHS, MESSAGES, METHODS

2.1 Ideas and Ideologies: Manufacturers and Retailers

2.2 USA: Early Ideological Entrepreneurs of Libertarianism

Harold Luhnow: The Volker Fund and its Dollars

Foundation for Economic Education (FEE) and its Facilitators

2.3 Europe: Friedrich Hayek and the Mont Pelerin Society

Antecedents

Paris

Vienna

Geneva

Pilgrims atop a Mountain, Mont Pelerin, Switzerland, April 1947

Financial Sponsors

The First Meeting of Minds

Sarcastic Schumpeter, Sceptical Solow, Scathing Samuelson

2.4 UK: Antony Fisher, Global Venture Capitalist of Think Tanks

3 BRANDING THE MESSAGE: THE "NOBEL" PRIZE

3.1 The Stockholm Connection: Ideological Entrepreneurs

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 Mont Pelerin Society and the "Nobel" - A Golden Embrace

3.4 Cambridge Heterodoxy? …