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Surprising Saving-Investment Relation in Keynesianism and Keynesism: A New Note

Arup Konar ()

The IUP Journal of Managerial Economics, 2011, vol. IX, issue 4, 52-57

Abstract: Keynesism should not be erroneously equated with Keynesianism. Keynesianism is the modified version of Keynesism. While Keynesism refers to the works of Keynes, Keynesianism implies the works of Keynesians, who are the followers, supporters, interpreters, re-interpreters and/or menders of Keynes’s works. Keynesianism is not homogeneous, but rather heterogeneous in the sense that there are as many interpretations or reinterpretations of Keynes’s works as there are Keynesians. This note discloses that the two sets of propositions, selected from the multitude of propositions about the saving-investment relations in Keynesism, are not only ‘intra-ism’ (Keynesism) contradictory, but also ‘inter-ism’ (Keynesism and Keynesianism) contradictory. Surprisingly, such ‘dual contradiction’ still persists in macroeconomics. No corrective initiative has been undertaken by the authors or scholars up till now. Hence, the objective of this note is to open our eyes to a new perspective on two almost 75-year-old, sets of propositional ideas about saving-investment relation in Keynesism.

Date: 2011
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Handle: RePEc:icf:icfjme:v:09:y:2011:i:4:p:52-57