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Keynes’s Response to ‘Keynesian’ Economics

In: Keynes’s General Theory, the Rate of Interest and ‘Keynesian’ Economics

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  • Geoff Tily

Abstract

If I have correctly interpreted the primary emphasis of Keynes’s policy initiatives and the basic approach of his theoretical argument, then there can be no question that ‘Keynesian’ economics bears only the slightest similarity to Keynes’s economics. Moreover, the reality is that the identification of a 17–page paper (Hicks, 1937) with the General Theory is justified in a manner so trivial as to be beyond belief. Most economists have accepted a short sentence from Keynes, ‘I found it very interesting and really have next to nothing to say by way of criticism’ (31 March 1937, CW XIV, p. 79), as sufficient grounds to ignore his work in its entirety.

Suggested Citation

  • Geoff Tily, 2007. "Keynes’s Response to ‘Keynesian’ Economics," Palgrave Macmillan Books, in: Keynes’s General Theory, the Rate of Interest and ‘Keynesian’ Economics, chapter 9, pages 251-270, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-80137-0_9
    DOI: 10.1057/9780230801370_9
    as

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