In major advanced economies, including Australia, independent central banks have become established institutions. Yet there are reasons why the sustained presence of such an institution in a democratic society should be challenged. This paper considers the arguments usually advanced for central...

The General Theory showed that the main determinant of the level of output and of employment at any point of time was the level of effective demand. It did so in an environment of uncertainty using analysis in historical time. Unfortunately, most of Keynes's insights were soon lost to the...

Roger Backhouse begins his essay on “MIT and the Other Cambridge” (Backhouse, 2014; hereafter RB with page numbers only) citing Joan Robinson's “challenge to what she chose to call the neoclassical theory of production” (RB, p. 252). His title referred, of course, to Robinson's protagonists...

Keynes originally published his Essays in Biography in 1933. After his death, Rupert Hart-Davies reprinted the volume, adding, with the help of Sir Geoffrey Keynes (Keynes's brother), “three of the more important of Keynes's later writings – the essays on … Jevons and Newton and his...