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Theory, method and mode of thought in Keynes's General Theory

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  • Victoria Chick

Abstract

In my 1983 book, Macroeconomics after Keynes, I claimed that much that was original in Keynes was to be found not at the level of theory but in his method. Shortly afterwards, Sheila Dow's book Macroeconomic Thought (1985) introduced those of us who are not specialist methodologists to what she called the 'mode of thought'. In that book, and subsequently, it has become clear that differences in approach between those who take their inspiration from Keynes and Kalecki and those I shall loosely describe as neoclassicists lie at the level of mode of thought. Almost all post-Keynesians say that Keynes's General Theory is founded on a concern with time, uncertainty and organicism - features of Keynes's mode of thought. Yet, as far as I know, no one has shown precisely what the relationships are between the identifiable aspects of Keynes's mode of thought and his method and theory. This is the task that this paper sets itself. I identify four key theoretical contributions and their corollaries, and show how they are related to the deeper levels of method and mode of thought. This exercise is contrasted with the three-level structure of typical neoclassical macroeconomic theory. The underlying purpose is to help modern theory develop in a fruitful way.

Suggested Citation

  • Victoria Chick, 2003. "Theory, method and mode of thought in Keynes's General Theory," Journal of Economic Methodology, Taylor & Francis Journals, vol. 10(3), pages 307-327.
    • Handle: RePEc:taf:jecmet:v:10:y:2003:i:3:p:307-327
    DOI: 10.1080/1350178032000110873
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    Cited by:

    1. Sonya Marie Scott, 2018. "Crises, confidence, and animal spirits:exploring subjectivity in the dualism of Descartes and Keynes," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 11(2), pages 1-28, May.
    2. Anna M. Carabelli & Mario A. Cedrini, 2014. "Keynes's General Theory , Treatise on Money and Tract on Monetary Reform : different theories, same methodological approach?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(6), pages 1060-1084, December.
    3. Anna M. Carabelli & Mario A. Cedrini, 2011. "Chapter 18 of the General Theory “Further Analysed”: The Theory of Economics as A Method," Working Papers 128, SEMEQ Department - Faculty of Economics - University of Eastern Piedmont.
    4. Fiorillo Damiano, 2007. "Il capitale sociale nel pensiero di John Maynard Keynes," CESMEP Working Papers 200701, University of Turin.
    5. Finn Olesen, 2010. "Uncertainty, bounded rationality and post-Keynesian Macroeconomics," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 7(1), pages 109-124.
    6. Michael McLure, 2004. "Pure Duals, Derived Duals and Paretian Fiscal Sociology," Economics Discussion / Working Papers 04-25, The University of Western Australia, Department of Economics.

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