Keynesian or Post-Keynesian Macroeconomics? Review of: Eckhart Hein, Engelbert Stockhammer (eds.), A Modern Guide to Keynesian Macroeconomics and Econo- mic Policies, Edward Elgar, Cheltenham 2011, pp. xxii + 365, hardback, ?95. This volume has its origin in a series of summer schools held in Berlin. The thirteen essays focus on the following elements in Keynesian/Post-Keynes- ian macroeconomic theory and policy (the number of essays in which each element is prominent is in brackets): history and method of the approach (1), money and finance (4), the interna- tional dimension (4), the New Consen- sus (2), institutions (3), growth (3), dis- tribution (3), labour (2). The tally ex- ceeds thirteen because most of the chapters fall into more than one cate- gory, but this list may give a feeling for the scope of the book. Policy is left out because it comes in to most of the arti- cles. Interesting, for me, is the emphasis on distribution, normally an underde- veloped area in the Keynesian/Post- Keynesian camp. This is linked to a theme which recurs and seems to unite the research programmes of several of the authors, namely the contrast be- tween an economy whose growth is “wage-led” and one which is “profit- led”. There are several allusions to this contrast, though the underlying con- cepts and criteria of definition are un- der- explained. A chapter devoted to them would have been helpful. The essays deal with functional dis- tribution. There is growing awareness in the real world that the wage earner has lost ground over the last thirty years, though the headlines have been taken by the distribution by size of indi- vidual incomes, as the current “Oc- cupy” protests on behalf of “the 99 per cent” testifies. It would be of great inter- est to know what light Post-Keynesian economics can shed on the trend in personal income distribution since the 1970s. Three chapters are concerned with the influence of institutions on out- comes, a feature again very welcome. Of the four concerned with finance, only one deals head-on with the crisis that began in 2007, though the essay on Financial Architecture also includes a section on it. This is somewhat sur- prising, because, although the annual summer schools that inspired the es- says began before 2008, the crisis must have been well underway by the time these essays were collected and/or commissioned. The absence of a stronger emphasis on the relevance of Post-Keynesian economics to this upheaval gives an overall impression of intellectual tranquillity and settled methods and models amongst Keynes- ian/Post-Keynesian practitioners, which I think slightly misleading. The emphasis on growth models is also surprising, at a time when the limits to growth are so much in evidence in the world and in debate. The brief seems to have been to give an overview of the subject, rather than to break new ground. This is entirely appropriate for a Guide, and all the es- says of the overview type are extensive in their coverage of the literature and clearly written. In addition there are two detailed, searing critiques by Phillip Arestis, one of the New Consensus and one of EU economic policies. There are some original contributions 154 Wirtschaft und Gesellschaft 37. Jahrgang (2011), Heft 4