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The Early Keynes as a Marshallian: Before the Great Depression

In: Debates in Macroeconomics from the Great Depression to the Long Recession

Author

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  • Arie Arnon

    (Ben-Gurion University of the Negev)

Abstract

Probably the best-known and most influential economist of the twentieth century, John Maynard Keynes (1883–1946) grew up within the Cambridge (UK) economic tradition. The Marshallian school, dominant at the turn of the twentieth century, shaped his early views on economics, including those on money and banking. The famous General Theory, to which we will return in Chap. 5, was the last of the three famous books on the monetary economy written by Keynes. The first two books in the trio were A Tract on Monetary Reform (1923), which addressed urgent policy issues debated after the Great War ended, and A Treatise on Money, composed from 1924 to 1930, which was a definitive study of monetary theory which Keynes hoped would be his authoritative contribution to that discussion. However, as Keynes’s doubts about the validity of his 1930 theory grew in the face of the Great Depression this hope was shattered. This ultimately led to the 1936 revolutionary General Theory.

Suggested Citation

  • Arie Arnon, 2022. "The Early Keynes as a Marshallian: Before the Great Depression," Springer Studies in the History of Economic Thought, in: Debates in Macroeconomics from the Great Depression to the Long Recession, chapter 0, pages 25-41, Springer.
    • Handle: RePEc:spr:spshcp:978-3-030-97703-0_2
    DOI: 10.1007/978-3-030-97703-0_2
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