Keynes and The General Theory after 75 Years

Rod O’Donnell

History of Economics Review, 2011, vol. 54, issue 1, 1-13

Abstract: On the 75th anniversary of the publication of The General Theory, this paper explores the framework of Keynes’s thought as a whole, his development of a realistic and insightful analysis of a monetary production economy, and the practical conclusions that these entail. Ranging across philosophy, economics and politics, it comments on the approach needed to understand his distinctive thinking, some of the central elements of his analytical framework, the fate of the Keynesian revolution, his emphasis on reason and humanity, and his hope that individual greed and acquisition might be replaced in the future by non-economic, goodnessenhancing activities. The paper also argues that it is not sufficient to read The General Theory in isolation as a self-contained work if one wants to understand its pioneering nature fully. Three questions are posed by way of conclusion—why is Keynes so different from, more difficult to understand, and yet more appealing than, many modern economists?

Date: 2011
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DOI: 10.1080/18386318.2011.11682179

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