Originally published in 1994, this book, divided into three parts, examines macroeconomic models in a non-technical way. Part I discusses the importance of macroeconomic modelling; Part II examines the rise and fall of Keynesian income-expenditure models; and part III evaluates the evidence and presents a critique of how we can learn from these models now and in the future.
Part I UK macroeconomic models 1. Why study macroeconomic models? 2. Macroeconomic models: a panoramic view of their history Part II The rise and fall of the Keynesian income-expenditure model 3. Keynsian demand management: the emergence of the model as the formalisation of a view 4. Keynesian 'normal science': the elaboration of the income-expenditure model 5. Keynesian reform: Kaldor's radical critique and the exchange-rate 6. Keynesian crisis: new Cambridge and the attack on short-term demand management 7. Keynesian demise: the rise of monetarism Part III Evaluation and critique 8. The turn to the long-run (1): how soon is the long-run 9. The turn to the long-run (2): policies for the long-run 10. Can we return to keynesianism?