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A Question of Relevance: The General Theory in Keynes’s Time and Ours

In: On Money, Method and Keynes

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  • Victoria Chick

    (University College London)

Abstract

Nothing could stand as a better monument to Keynes, whose centenary this issue of The South African Journal of Economics is celebrating, than the fact that people are still arguing about his work: arguing not only for the sake of setting the record straight but also to understand what his work has to tell us about our present-day world. The General Theory (Keynes, 1936) is the focus of most of this discussion, and for good reason: despite the enormous volume of work which has been done since under the name of ‘macroeconomics’, the General Theory still stands as the major work in which macroeconomic questions — the theory of output-as-a-whole and of aggregate employment — have all been dealt with in a coherent manner. It is a theory whose parts fit together. Later ‘macro-theorists’ have tinkered with the parts and never put the pieces back together again to create something new. So we find, somewhat surprisingly, that after half a century the General Theory is still the best macroeconomics we have.

Suggested Citation

  • Victoria Chick, 1992. "A Question of Relevance: The General Theory in Keynes’s Time and Ours," Palgrave Macmillan Books, in: Philip Arestis & Sheila C. Dow (ed.), On Money, Method and Keynes, chapter 1, pages 1-29, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-21935-3_1
    DOI: 10.1007/978-1-349-21935-3_1
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    1. Victoria Chick, 1983. "Macroeconomics after Keynes: A Reconsideration of the General Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530457, April.
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