The Early Keynes as a Marshallian: Before the Great Depression

Arie Arnon ()
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Arie Arnon: Ben-Gurion University of the Negev

Chapter Chapter 2 in Debates in Macroeconomics from the Great Depression to the Long Recession, 2022, pp 25-41 from Springer

Abstract: Abstract Probably the best-known and most influential economist of the twentieth century, John Maynard Keynes (1883–1946) grew up within the Cambridge (UK) economic tradition. The Marshallian school, dominant at the turn of the twentieth century, shaped his early views on economics, including those on money and banking. The famous General Theory, to which we will return in Chap. 5, was the last of the three famous books on the monetary economy written by Keynes. The first two books in the trio were A Tract on Monetary Reform (1923), which addressed urgent policy issues debated after the Great War ended, and A Treatise on Money, composed from 1924 to 1930, which was a definitive study of monetary theory which Keynes hoped would be his authoritative contribution to that discussion. However, as Keynes’s doubts about the validity of his 1930 theory grew in the face of the Great Depression this hope was shattered. This ultimately led to the 1936 revolutionary General Theory.

Date: 2022
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DOI: 10.1007/978-3-030-97703-0_2

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