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Where Keynes Went Wrong

In: Studies in the History of Monetary Theory

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  • David Glasner

Abstract

This chapter examines the development of Keynes's monetary thought in the context of Britain's return to the gold standard (opposed by Keynes) in 1925 and his unsuccessful attempt to develop a theory of macroeconomic fluctuations in his Treatise on Money. Keynes, who had predicted that rejoining the gold standard at the prewar parity would lead to economic stagnation and high unemployment may have had his belief in a monetary explanation for the Great Depression shaken by the failure of Britain's departure from the gold standard to cause a rapid recovery and reduce unemployment. This disappointment led him to undertake a more radical revision of his views in the Treatise than he initially contemplated. By doing so, he departed from the views of Ralph Hawtrey to whose monetary theory of the Great Depression he had been sympathetic.

Suggested Citation

  • David Glasner, 2021. "Where Keynes Went Wrong," Palgrave Studies in the History of Economic Thought, in: Studies in the History of Monetary Theory, chapter 0, pages 313-330, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-83426-5_12
    DOI: 10.1007/978-3-030-83426-5_12
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