These four lectures present a critique of the rational expectations-market clearing approach to macroeconomics and a forceful defense of Keynesian economics. The first questions the reliability of price variation as an automatic stabilizer; the second is a critique of the new classical arguments that active stabilization policy is neither effective nor desirable; the third deals with the Ricardian equivalence theorem; and the fourth discusses the ways in which the processes of saving, capital accumulation and government finance affect economic activity Monograph on accumulation of productive capital, economic activity and current macroeconomic theory - defends neo-keynesian theory against criticisms, indicates extensions of traditional economic models to handle more elaborate financial structures, and analyses the efficiency and stability of the saving and capital investment process, and state intervention through fiscal policy, financial policy and monetary policy in stabilizing the economy. Diagrams and references