Abstract
The Keynesian Revolution was essentially a revolution of economic principles rather than, say, of policy prescriptions. As a consequence, the criticism of the General Theory which followed its publication in 1936 — and which, as we have seen, found its most telling expression in the work of D.H. Robertson — was directed primarily at the fundamentals of Keynes’s theory. Nevertheless, the conclusions that Keynes derived from his theory were clearly intended to have important implications for policy, and it was on the question of the consequences that were said to flow from the application of Keynes’s ideas that the Keynesian Revolution was ultimately to face its greatest challenge.
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Notes and References
A claim made, for example, by H. G. Johnson in his Further Essays in Monetary Economics (London: Allen & Unwin, 1972) pp. 53–4.
J. M. Keynes, A Treatise on Money (London: Macmillan, 1930).
See C. H. Feinstein, National Income, Expenditure and Output of the United Kingdom 1855–1965 (CUP, 1972) table 57. See also, J. Tomlin-son, ‘Unemployment Policy in the 1930s and 1980s’, The Three Banks Review (September 1982) pp. 17–33.
W. Beveridge, Full Employment in a Free Society (London: Allen & Unwin, 1944) pp. 127–8.
See T. Wilson, ‘Policy in War and Peace: the Recommendations of J. M. Keynes’, in A. P. Thirlwall, Keynes as a Policy Adviser, (London: Macmillan, 1982) p. 59.
See M. Peston, The British Economy: An Elementary Macroeconomic Perspective (Deddington, Oxford: Philip Allan, 1982) pp. 53–5.
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© 1987 Gordon A. Fletcher
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Fletcher, G.A. (1987). The Consequences of Mr Keynes?. In: The Keynesian Revolution and its Critics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-08736-5_15
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DOI: https://doi.org/10.1007/978-1-349-08736-5_15
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