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The Turning Point in Keynes's Theoretical Development. From «A Treatise on Money» to the «General Theory»

Toshiaki Hirai ()
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Toshiaki Hirai: Faculty of Economics, Sophia University, Tokyo, Japan

History of Economic Ideas, 2004, vol. 12, issue 2, 29-50

Abstract: Our findings indicate that Keynes reached a turning point towards the end of 1932, meaning by this not his establishment of the theory determining the level of employment (or output), but his construction of a new model which we refer to as ‘Model 1’ below. The crucial evidence comes from two sources: the manuscript entitled «The Parameters of a Monetary Economy», and Keynes’s 1932 Michaelmas lectures. We also show that the Cambridge Circus, with Kahn as the central figure, greatly contributed to prompt Keynes to reconstruct his theory along new lines after a period of contrast with the Circus.

Date: 2004
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