Mark Hayes is a Quondam Fellow (Senior Member and former Fellow and Director of Studies) in Economics at Robinson College and former Affiliated Lecturer in the Faculty of Economics, University of Cambridge. He was the Secretary of the Post-Keynesian Economics Society (PKES, formerly known as PKSG, for Study Group) from 2006-2016.

This webpage covers material on Keynes and post-Keynesian economics. Please visit his Durham webpage and personal website for additional material on Catholic Social Thought, Fair Trade and the co-operative movement.



Mark Hayes will discuss his new book John Maynard Keynes: The Art of Choosing the Right Model with Charles Brendon, Ha-Joon Chang & Graham Gudgin from 5.00 pm to 6.30 pm on Thursday 5 December in the Umney Lecture Theatre, Robinson College.


Keynes Seminar

This seminar ran at Robinson College, Cambridge from 2009-2014. Audio, slides and papers can be found here.


Selected podcasts

2010. The Post-Keynesian (Policy) Difference - talk only - transcript

2008. BBC Radio 4, The World Tonight, 31 October, on Keynes © BBC 2008 and subject to the BBC's terms of use. Used with permission.


Working Papers (see also EconPapers webpage for PKES working papers)

2016. Trades unions, real wages and full employment


Books and book chapters (see also EconLit search - requires subscription)

2019. John Maynard Keynes: The Art of Choosing the Right Model, Polity Press

2018. Sraffa’s prices of production understood in terms of Keynes’s state of short-term expectation, in The General Theory and Keynes for the 21st Century, Sheila Dow, Jesper Jespersen and Geoff Tily (eds), Edward Elgar

2013. Ingham and Keynes on the Nature of Money, in Financial Crises and the Nature of Capitalist Money, Geoff Harcourt and Jocelyn Pixley (eds), Palgrave Macmillan

2012. "The General Theory: A Neglected Work?!", in Keynes’s General Theory For Today, Jesper Jespersen and Mogens Ove Madsen (eds), Edward Elgar

2012. "The Efficient Markets Hypothesis", in The Elgar Companion to Post Keynesian Economics, ed. J. E. King, Edward Elgar

2012. "Keynes, the Neglected Theorist", in Keynes’ General Theory: 75 Years Later, ed. Thomas Cate, Edward Elgar

2006. The Economics of Keynes: A New Guide to The General Theory, Edward Elgar

2006. "Financial bubbles", in A Handbook of Alternative Monetary Economics, eds. Philip Arestis and Malcolm Sawyer, Edward Elgar


Peer-reviewed papers and publications (see also EconPapers webpage)

2018. The Liquidity of Money, Cambridge Journal of Economics, 42 (5), 1205-1218

2017. Keynes’s liquidity preference and the usury doctrine: their connection and continuing policy relevance, Review of Social Economy, 75 (4), 400-416

2013 (with Olivier Allain and Jochen Hartwig). Effective Demand: Securing the Foundations - A Symposium, Review of Political Economy, 25 (4), 650-78

2013. The State of Short-term Expectation, Review of Political Economy, 25 (2), 205–24

2010. The Fault Line between Keynes and the Cambridge Keynesians: A Review Essay, Review of Political Economy, 22 (1), 151-60

2010. The loanable funds fallacy: saving, finance and equilibrium, Cambridge Journal of Economics, 34 (4), 807-820

2009. The post-Keynesian alternative to inflation targeting (with Angel Asensio), Intervention: European Journal of Economics and Economic Policies, 6 (1), 65-79

2008. Keynes's degree of competition, European Journal of the History of Economic Thought, 15 (2), 275–91

2008. Keynes's Z function: a reply to Hartwig and Brady, Cambridge Journal of Economics, 32 (5), 811–14

2007. Keynes's Z function, heterogeneous output and marginal productivity, Cambridge Journal of Economics, 31 (5), 741-53

2007. The point of effective demand, Review of Political Economy, 19 (1), 55–80

2006. Value and probability, Journal of Post Keynesian Economics , 28 (3), 527–38

2006. Lucas on involuntary unemployment, Cambridge Journal of Economics 30 (3), 473–7

2003. Investment and finance under fundamental uncertainty (unpublished Ph.D thesis)


Book reviews

2015. The Oxford Handbook of Post-Keynesian Economics, Journal of the History of Economic Thought, 37 (3) 499-502

2013. Money, Uncertainty and Time, by Giuseppe Fontana, Review of Political Economy, 25 (1) 169-172

2012. Keynes on Monetary Policy, Finance and Uncertainty, by Jörg Bibow, , Journal of the History of Economic Thought, 34 (2) 274-276

2011. The ‘Uncertain’ Foundations of Post Keynesian Economics: Essays in Exploration, by Stephen P. Dunn, Review of Social Economy, 69 (4) 531-4

2011. Money, Investment and Consumption, by O. F. Hamouda, Review of Political Economy, 23 (3) 476-8

2008. Keynes and His Battles, by Gilles Dostaler on

2008. The Cambridge Companion to Keynes, by Roger Backhouse and Bradley Bateman (eds), European Journal of the History of Economic Thought 15 (1) 151–61

2008. The Economics of Keynes in Historical Context: An Intellectual History of the General Theory, by Michael Lawlor, European Journal of the History of Economic Thought 15 (1) 151–61

2008. Keynes’s General Theory, the Rate of Interest and ‘Keynesian’ Economics: Keynes Betrayed, by Geoff Tily, European Journal of the History of Economic Thought 15 (1) 151–61