Keynes and Smith, Opponents or Allies? Part I: Keynes on Smith

Rod O’Donnell

Review of Political Economy, 2022, vol. 34, issue 1, 69-92

Abstract: This paper is the first of a two-part investigation of a topic that has received little attention: the relationships between Keynes and Smith in economic theory and policy. Due to its wide scope and the need for careful discussion of primary sources, two papers are presented. Part I focuses on Keynes and examines all his remarks concerning Smith to address two central questions. Did Keynes classify Smith as a ‘classical economist’ and hence as an exponent of the views he rejected? And how was Smith, and the ‘invisible hand’, treated in Keynes’s writings from 1910 to 1946? The second paper focuses on Smith, and the parallels between the economic arguments of these master-economists.

Date: 2022
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DOI: 10.1080/09538259.2021.1882185

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