First published in 1956, Introduction to Keynesian Dynamics provides a coherent and compact study of macro-dynamic analysis in general and particularly the two outstanding ‘post Keynesian’ developments in the field- 1) dynamic theories of cyclical fluctuations and 2) secular growth analysis.
Part I of this book provides a general base of reference for substantive analysis. Part II contains fairly definitive materials, dealing as it does with the modus operandi of cyclical fluctuations, the dynamics of inflation and deflation, the stability conditions of equilibrium, a nonlinear model of dynamic switches, the interaction of endogenous and exogenous variables, and international oscillatory processes. Part III explores the technical possibility and difficulty of securing maximum economic growth with minimum instability. The concluding chapter critically examines the twin problems of steady growth for advanced economies and rapid development for underdeveloped economies in a way that would suggest a common solution. This is a must read for students of economics and economic history.