Definition & Reality in the General Theory of Political Economy

"Definition & Reality in the General Theory of Political Economy" by Thomas Cool is a scientific publication written in the early 21st century. The book aims to expand upon Keynes’s General Theory by incorporating the concept of endogenous government, thus creating a more comprehensive framework for understanding political economy. It delves into significant economic phenomena such as the Great Depression and the ongoing issues of stagflation, providing theoretical insights intended for fellow economists and policymakers. The opening of the book outlines the central theme that traditional economic theories must evolve to account for the dynamics of government involvement in the economy. Cool introduces the concept of an "Economic Supreme Court," which he argues should function alongside the established branches of government to ensure accountability and integrity in economic policymaking. He emphasizes the necessity for rigorous scientific methodology in analyzing economic policy while raising critical questions about persistent issues such as unemployment and the effectiveness of governmental interventions. Through this introduction, Cool sets the stage for a detailed exploration of the relationship between economic theory and the complexities of political structures.