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Keynesian theory overruns the classics

In: Classical Economic Theory and the Modern Economy

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The General Theory was published in 1936 and had by 1950 entirely conquered the economics profession. So overwhelming was the Keynesian tide that no other approach to economic issues could stand in its way. This chapter goes through the sequence of the major publications that allowed classical theory to be overwhelmed by the far more superficial Keynesian analysis that not only replaced the overall theory of the cycle, but so radically altered the meaning of terms and concepts that a modern economist can no longer read a classical text and understand what is being said. This is a discussion that begins with J.R. Hicks and Joan Robinson in 1937 and ends with Paul Samuelson, Dudley Dillard, along with many others at the start of the 1950s, by which time classical theory had completely disappeared into the past.

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  • ., 2020. "Keynesian theory overruns the classics," Chapters, in: Classical Economic Theory and the Modern Economy, chapter 7, pages 131-167, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17468_7
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    Economics and Finance;

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