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Keynes’ Scientific System

In: Keynesianism, Social Conflict and Political Economy

Author

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  • Massimo Angelis

    (University of East London)

Abstract

In a 1937 article published in the Quarterly Review of Economics, after having summarized the content of The General Theory, Keynes concluded by defining two major areas in which his approach differs radically from the classical one. These two elements are, first, the introduction of expectations into economic discourse and, second, the use of aggregate variables. In Keynes’ opinion, classical economics lacks a “theory of the supply and demand of output as a whole,” and this also explains its failure to discuss expectations (Keynes 1937b: 223, my emphasis). The centrality of these two elements, aggregation and expectations, define the strategic terrain of modern macroeconomics.

Suggested Citation

  • Massimo Angelis, 2000. "Keynes’ Scientific System," Palgrave Macmillan Books, in: Keynesianism, Social Conflict and Political Economy, chapter 3, pages 23-36, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-333-97749-1_3
    DOI: 10.1057/9780333977491_3
    as

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