Keynes’s Response to ‘Keynesian’ Economics

Geoff Tily

Chapter 9 in Keynes’s General Theory, the Rate of Interest and ‘Keynesian’ Economics, 2007, pp 251-270 from Palgrave Macmillan

Abstract: Abstract If I have correctly interpreted the primary emphasis of Keynes’s policy initiatives and the basic approach of his theoretical argument, then there can be no question that ‘Keynesian’ economics bears only the slightest similarity to Keynes’s economics. Moreover, the reality is that the identification of a 17–page paper (Hicks, 1937) with the General Theory is justified in a manner so trivial as to be beyond belief. Most economists have accepted a short sentence from Keynes, ‘I found it very interesting and really have next to nothing to say by way of criticism’ (31 March 1937, CW XIV, p. 79), as sufficient grounds to ignore his work in its entirety.

Keywords: Interest Rate; Monetary Policy; Traditional Wisdom; Liquidity Preference; Marginal Efficiency (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-80137-0_9

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DOI: 10.1057/9780230801370_9

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