The Continuing Policy Relevance of Keynes’s General Theory

Jan Kregel

Chapter Chapter 7 in Keynes for the Twenty-First Century, 2008, pp 127-144 from Palgrave Macmillan

Abstract: Abstract Today, Keynes’s General Theory of Employment, Interest and Money is primarily considered part of the history of economics, rather than a guide to economic policy for the new millennium. This is primarily the result of what were considered to be theoretical errors and weaknesses in the theory that Keynes put forward in the book. Most of these criticisms appeared in the immediate postwar period, which, paradoxically, was the period in which Keynesian “policy” was being applied in almost all developed countries and was taken as the foundation for the restructuring of the postwar international trade and financial system.

Keywords: Aggregate Demand; Full Employment; Policy Relevance; Price Theory; Aggregate Supply (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-61113-9_8

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DOI: 10.1057/9780230611139_8

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