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Was Keynes an Economist?

In: John Maynard Keynes

Author

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  • Piero V. Mini

Abstract

This study has concerned itself with the originality of Maynard Keynes and its sources. In order to bring out this originality we had to traverse some biographical ground, review Keynes’s main works and concerns, and also sketch out the methodological nature of the system he found so unsatisfactory, classical economics. If by originality we mean break with the past, there is much that is original in Keynes: he did not believe in freedom of capital movements; in the smooth passage of savings into investments; in cost-benefit analysis as a principle of decision-making; in international free trade; in the stabilising influence of speculation; in competition arranging everything for the best; in thrift; in the rationality of economic agents; in econometric estimates; in the stock market; in the rentier. He had misgivings about the desirability of monetary incentives and he distrusted ‘market solutions’, partly because of their consequences (destabilising speculation, flight into liquidity, unemployment, etc.), but partly also because he was ethically repelled by what he regarded as the law of the jungle.

Suggested Citation

  • Piero V. Mini, 1994. "Was Keynes an Economist?," Palgrave Macmillan Books, in: John Maynard Keynes, chapter 14, pages 214-226, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23606-0_14
    DOI: 10.1007/978-1-349-23606-0_14
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