Focus on Economic Theory Keynes on the “Nature of Economic Thinking”: The Principle of Non‐Neutrality of Choice and the Principle of Non‐Neutrality of Money

Giuseppe Fontana

American Journal of Economics and Sociology, 2001, vol. 60, issue 4, 711-743

Abstract: In the last two decades there has been a flourishing of writings on the methodological approach of Keynes. Whereas broad interpretations of Keynes’s work may have a role to play for future economics the main argument of this paper is to propose a return to the theoretical foundations of a truly Keynesian economics. In the main economic writings of Keynes it is possible to discern a body of beliefs, which is (a) consistent in its own terms and (b) susceptible of being used in the explanation of different realities. That body of beliefs is grounded on (1) the principle of non‐neutrality of choice and (2) the principle of non‐neutrality of money. Both principles were essential parts of the core of Keynes’s A Treatise on Money (1930) and The General Theory (1936), and should be used as foundation for future development of Keynesian economics at the methodological as well as at the theoretical level.

Date: 2001
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