The Keynesian unblocking

Robert Skidelsky

Chapter 3 in The General Theory and Keynes for the 21st Century, 2018, pp 29-43 from Edward Elgar Publishing

Abstract: In light of Victoria Chick’s work on Keynes and economic methodology, in this chapter I explore why there was a Keynesian revolution at all. The reason I give is that existing political solutions to unemployment were blocked. Keynes offered an unblocking intellectual alternative in which both capitalists and workers would gain. I argue that The General Theory can be read on at least two levels: one responding to the institutional facts of the time, the second a more general rebuttal of the neoclassical road to full employment. Though the first reading has been more popular – the orthodox economics profession has always preferred Keynesian policy to Keynesian theory – Victoria Chick’s work and our experience of the Great Recession require us to build a better macroeconomics based on the second.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2018
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