Paul Davidson was a critical figure in the preservation of John Maynard Keynes's ideas, sticking with them when they were out of fashion. He was also key to the survival of the Post Keynesian school. Davidson endorsed Keynes's liquidity preference theory of interest, and he emphasized...

The purpose of public policy, expansionary or contractionary, is to encourage the expansion of income, output, and employment. Theory decides the nature and kind of policy, and the underlying mechanics that result in expansion. Keynes (1964) brings money and a monetary production economy to the...

Sidney Weintraub (1914–1983) was an American economist who spent most of his career at the University of Pennsylvania. A distinguished economic theorist (and the author's father), he was a co ‐ founder of the Journal of Post Keynesian Economics , and the leading figure in the US in the early...

This paper explores themes suggested by Paul Davidson's 2007 book iJohn Maynard Keynes./i I argue, first, that rejection of the neutrality of money goes beyond nominal rigidity to explain the possibility of insufficient effective demand. Second, I relate Davidson's rejection of the "gross...

Paul Davidson's admirable and concise new introduction to Keynes the person and to the ideas of Keynes emphasizes Keynes's demonstration that even a competitive economy with freely flexible wages and prices may lack an adjustment mechanism to automatically restore full employment without active...

This paper reviews the treatment of open economy issues in Paul Davidson's book, iJohn Maynard Keynes/i. Davidson aptly summarizes Keynes's criticism of the international monetary system for the asymmetric "burden of adjustment" it places on deficit countries compared with surplus countries,...

In this paper, we show that there are many similarities between the economics of Paul Davidson and the views expressed by the monetary circuit. This is not surprising because they both trace their roots to Keynes. Circuitists emphasize banks and uncertainty; Davidson places the focus on...

Sidney Weintraub (1914–1983) was an American economist who spent most of his career at the University of Pennsylvania. A distinguished economic theorist (and the author’s father), he was a co ‐ founder of the Journal of Post Keynesian Economics , and the leading figure in the US in the...