Keynes's “General Theory” Which is not a General Theory

Yasuo Gonjo, Kazuhiko Yago and Patrick Fridenson
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Yasuo Gonjo: Yokohama National University
Kazuhiko Yago: Waseda University
Patrick Fridenson: Ecole des Hautes Etudes en Sciences Sociales

Chapter Chapter 6 in The Truth of Liberal Economy, 2023, pp 39-47 from Springer

Abstract: Abstract In this chapter discusses Rueff's review of Keynes's main work, The General Theory of Employment, Interest, and Money. Rueff rejects “the General Theory” in its entirety throughout the essays he published over the course of his career. He rejects all policy responses to the liquidity preference theory, underemployment, and the unemployment problem caused by public debt, which are at the core of Keynesian theory, arguing that the “adjustment phenomenon of money” functions adequately. The core of Rueff's theory is that “the quantity of currency in circulation cannot be controlled,” and on this basis, he criticizes not only Keynesian theory but also Friedman's monetarism.

Date: 2023
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DOI: 10.1007/978-981-99-0841-7_6

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