Definition & Reality in the General Theory of Political Economy

"Definition & Reality in the General Theory of Political Economy" by Thomas Cool is a contemporary scientific work building on Keynes's ideas to present a broader view of political economy by considering the government as an intrinsic part of the economic system. The book tackles major economic events like the Great Depression and continuing struggles with stagflation, offering theoretical perspectives for economists and those who create policy. It starts by making the case that current economic theories need to change so they can understand how governments affect the economy. Cool offers an idea of an "Economic Supreme Court" to work with the existing government to make sure economic policies are responsible and honest. The book highlights the importance of using strict scientific methods to study economic policy and asks important questions about problems like unemployment and whether government actions are effective. Cool's opening sets the stage for a deep look into how economic theory and complex political systems are linked.