The Eclipse of Keynesianism: The Political Economy of the Chicago Counter-Revolution Review

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The Eclipse of Keynesianism: The Political Economy of the Chicago Counter-Revolution ReviewLeeson(L)essentially is republishing a few past journal articles.He includes one new essay in an attempt to tie the book together.His discussion of the Keynes-Tinbergen exchange of 1939-1940 on the methodology of ecomometrics,as well as Tinbergen's belief that he could test different theories of the business cycle and correctly model expectations, is badly marred by his belief that other economists,like M. Friedman and R. Lucas ,whose partially correct analysis appeared in print 20-40 years after the pathbreaking work of Keynes,deserves equal billing with Keynes's seminal contribution that should stand alone.A vastly superior treatment of these topics was published in 2000 by H.A.Keuzenkamp,titled "Probability,Econometrics and Truth",by Cambridge University Press.Strangely,L,whose book appeared over a year later,does not cite Keuzenkamp's book.Finally,the reader on a budget would do well to xerox the essay by H.Pesaran and P.Smith,titled"Keynes on Econometrics" contained in a book of essays called"Keynes's Economics:Methodological Issues",edited by Pesaran and Lawson in 1985.L's book is simply not worth the money .If you are going to buy a book in this area ,buy Keuzenkamp's.Period.The Eclipse of Keynesianism: The Political Economy of the Chicago Counter-Revolution OverviewThis book examines the process by which Keynesianism, with its sympathetic view of the role of government in the economy and society, lost influence among economists and policy makers and was replaced by more negative views about government intervention and more positive views about the role of the market as a social organizer.

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