Fernando Cardim de Carvalho is Professor emeritus for economics at the Federal University of Rio de Janeiro. His research interests include monetary economics and economic policies. He was a consultant for the National Social and Development Bank of Brazil and for the Economic Commission for...

Much of the criticism directed at austerity programs implemented after the 2007/2008 financial crisis, more forcefully in the eurozone, have relied on the same arguments Keynes and others raised against the (British) Treasury View developed in the 1920s and 1930s. Austerity, however, has been...

In this important book, Professor Carvalho firmly establishes the methodological connections between Keynes’s uncertainty concept and the evolving post-Keynesian literature. At the same time, he demonstrates why the Hicksian ISLM ‘Keynesian’ approach went off the careful analytic tracks...

Keynes answered to critics of the General Theory, in 1937, that they failed to realize that there were two main innovations in that work. The first, was the relationship between money demand and uncertainty; the second was the consumption multiplier. The relation between money demand and...

Financial relations have been deeply transformed in the 1980s and 1990s by deregulation and liberalization. Among the most affected by these changes has been the banking system. Domestic banks have generally lost the implicit protection given by regulatory barriers to entry. Until very recently,...

Among the areas in which the Keynesian revolution has been more unsuccessful in changing orthodox views, the relationship between savings and investment must certainly be the best known. Even today, after more than seventy years of publication of The General Theory, policy-makers are still...

This topical book addresses unemployment in Europe, the wrong-headed reliance on NAIRU to formulate policy, distributional conflicts and financial factors, as well as problems faced in developing countries with respect to exchange rate policy, central banking, challenges to growth, and...