Keynes’s General Theory

G. R. Steele
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G. R. Steele: University of Lancaster

Chapter 5 in Monetarism and the Demise of Keynesian Economics, 1989, pp 41-52 from Palgrave Macmillan

Abstract: Abstract The General Theory has had an unrivalled influence in twentieth-century economic thinking and policy. It is regarded as a classic work, but along with many other classics, it has shared a common fate. Those who cite it greatly outnumber those who read it. Almost certainly, it has gained its reputation for the wrong reasons. Its lasting contribution lies not with the advocacy of a more interventionist stategy for public investment. That owed more to pragmatism than to any new understanding of the economy. Much more importantly, The General Theory contributed to the evolution of Monetarism.

Keywords: Market Rate; Cash Holding; Speculative Demand; Monetary Expansion; Money Wage (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-09994-8_5

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DOI: 10.1007/978-1-349-09994-8_5

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