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Ulysses’ journey home to Ithaca: a new metaphor for understanding the General Theory

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  • Teodoro Dario Togati

Abstract

This paper argues that in order to remedy the lack of alternative methods in current macroeconomics it is necessary to clarify the ontology of Keynes’s General Theory. One of the reasons why Keynes lost his generality battle is that he left many gaping holes in the ‘correct’ articulation of his research programme—especially in terms of the specification of hard-core ‘cosmological’ beliefs concerning stability, value and aggregate behaviour—yet to be filled by the post-Keynesian literature. In order to start filling the gaps, this paper proposes a new agenda called ‘The General Theory 4.0’ based on the new ‘Ulysses’ journey’ metaphor, which, it shows, is better than alternative ones, such as Farmer’s ‘windy boat’ and Akerlof and Shiller’s ‘rollercoaster’, for improving understanding of Keynes’s book.

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  • Teodoro Dario Togati, 2020. "Ulysses’ journey home to Ithaca: a new metaphor for understanding the General Theory," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 44(6), pages 1395-1414.
    • Handle: RePEc:oup:cambje:v:44:y:2020:i:6:p:1395-1414.
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    File URL: http://hdl.handle.net/10.1093/cje/beaa020
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    Cited by:

    1. Teodoro Dario Togati, 2021. "On two recent attempts to introduce animal spirits in macroeconomics: Heresy or enlightened church reform?," PSL Quarterly Review, Economia civile, vol. 74(296), pages 51-73.

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