Economics in Cambridge and Oxford in the Age of John Maynard Keynes

Roberto Marchionatti

Chapter Chapter 2 in Economic Theory in the Twentieth Century, An Intellectual History—Volume II, 2021, pp 21-97 from Springer

Abstract: Abstract The chapter deals essentially with economics in Cambridge, United Kingdom, with the decline of Pigou’s Marshallian tradition after the 1920s and the emergence of a new generation of young economists around the leading figure of John Maynard Keynes. Keynes’s General Theory of Employment, Interest and Money was the most impactful book of economics of his epoch. It is carefully analyzed together with The Treatise on Probability and other Keynes’s writings in the 1920s, from the Tract of Monetary Reform to the Treatise on Money. The analysis of the main works of the members of the New Cambridge School—Keynes’s close circle and their fellow-travelers—follows: in particular Joan Robinson’s Economics of Imperfect Competition, Michal Kalecki’s Essays in the Theory of Economic Fluctuations and Roy Harrod’s Essay in Dynamic Theory. Lastly, critical developments in Oxford are considered.

Keywords: Marshallian economics; A. C. Pigou; J. M. Keynes; Treatise on Probability; Treatise on Money; General Theory; New Cambridge School; P. Sraffa; R. Kahn; J. Robinson; Imperfect Competition; M. Kalecki; Economic Fluctuations; R. Harrod; Dynamic Theory; Oxford’s Research Group (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-80987-4_2

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DOI: 10.1007/978-3-030-80987-4_2

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