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Keynes, the Keynesians and the Classics: A Suggested Interpretation

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  • Gerrard, Bill

Abstract

Mainstream interpretations of John Maynard Keynes's General Theory are surveyed. An alternative postclassical interpretation is proposed. Keynes is interpreted as treating classical theory as the valid theory of allocation but this type of theory is of limited relevance for macroanalysis. The productive sector is characterized by the utilization mode of activity regulated by the nonallocative multiplier process. However, the financial sector is allocative and Keynes proposed the allocative theory of liquidity preference. It is argued that this dual conception of the macroeconomy is suggestive of the need for a more realistic method in macroeconomics. Copyright 1995 by Royal Economic Society.

Suggested Citation

  • Gerrard, Bill, 1995. "Keynes, the Keynesians and the Classics: A Suggested Interpretation," Economic Journal, Royal Economic Society, vol. 105(429), pages 445-458, March.
    • Handle: RePEc:ecj:econjl:v:105:y:1995:i:429:p:445-58
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    Cited by:

    1. Dilip M. Nachane, 2018. "The Global Crisis According to Post-Keynesians," India Studies in Business and Economics, in: Critique of the New Consensus Macroeconomics and Implications for India, chapter 0, pages 205-220, Springer.
    2. Christophe Lavialle, 2001. "L'épistémologie de Keynes et "l'hypothèse Wittgenstein" : La cohérence logique de la Théorie Générale de l'emploi, de l'intérêt et de la monnaie," Cahiers d'Économie Politique, Programme National Persée, vol. 38(1), pages 25-64.
    3. Giuseppe Fontana & Bill Gerrard, 2006. "The future of Post Keynesian economics," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 59(236), pages 49-80.
    4. Fontana, Giuseppe & Gerrard, Bill, 2004. "A Post Keynesian theory of decision making under uncertainty," Journal of Economic Psychology, Elsevier, vol. 25(5), pages 619-637, October.
    5. Yara Zeineddine, 2021. "Institutional Aspects of Capital in Joan Robinson's 'Rules of the Game': Rentier versus Entrepreneurs in Managerial Capitalism," Working Papers hal-03230146, HAL.

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