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Keynes and development economics: a sixty-year perspective

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  • John Toye

    (Department of Economics, University of Oxford, UK)

Abstract

John Maynard Keynes exercised considerable influence on the formative years of development economics, through his disciples. Key issues were the relevance of disguised unemployment to developing countries and the supply side policies that would have to complement Keynesian demand management. Although Michal Kalecki made a greater contribution to structuralist economics, Keynesian accounting formats still dominate macroeconomic development models. The legend of Keynes-his policy advocacy and intellectual innovation-also inspired emulation by a younger generation of development economists. Ironically, his writings on Soviet development were neglected, and Keynes's modern critics unknowingly used his own arguments to try to discredit his influence. Copyright © 2006 John Wiley & Sons, Ltd.

Suggested Citation

  • John Toye, 2006. "Keynes and development economics: a sixty-year perspective," Journal of International Development, John Wiley & Sons, Ltd., vol. 18(7), pages 983-995.
    • Handle: RePEc:wly:jintdv:v:18:y:2006:i:7:p:983-995
    DOI: 10.1002/jid.1332
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    References listed on IDEAS

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    5. Toye, John, 2000. "Keynes on Population," OUP Catalogue, Oxford University Press, number 9780198293620.
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    1. Carabelli, Anna M. & Cedrini, Mario, 2013. "Globalization and Keynes’s Ideal of a “Sounder Political Economy between all Nations," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201349, University of Turin.

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