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(Mis)understanding Classical Economics

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  • Thomas, Alex M

Abstract

In 1936, Keynes published The General Theory of Employment, Interest and Money, one of the most influential books in economics of the twentieth century. With this publication, Keynes has confused and will continue to confuse generations of economists as to what classical economics means. This short essay argues that the 'classical economists' whom Keynes referred to in The General Theory were actually those economists who primarily employed 'marginal methods' in economics.

Suggested Citation

  • Thomas, Alex M, 2011. "(Mis)understanding Classical Economics," MPRA Paper 28980, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:28980
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    References listed on IDEAS

    as
    1. J. M. Keynes, 1997. "The General Theory of Employment," Voprosy Ekonomiki, NP Voprosy Ekonomiki, vol. 5.
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    More about this item

    Keywords

    Classical economics; Keynes; Ricardo;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)

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