Abstract
The General Theory has had an unrivalled influence in twentieth-century economic thinking and policy. It is regarded as a classic work, but along with many other classics, it has shared a common fate. Those who cite it greatly outnumber those who read it. Almost certainly, it has gained its reputation for the wrong reasons. Its lasting contribution lies not with the advocacy of a more interventionist stategy for public investment. That owed more to pragmatism than to any new understanding of the economy. Much more importantly, The General Theory contributed to the evolution of Monetarism.
It is undoubtedly true that Keynes regarded the problems he was dealing with as problems peculiar to the monetary economy. (Fender, 1981, p. 132)
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Author information
Authors and Affiliations
Copyright information
© 1989 G.R. Steele
About this chapter
Cite this chapter
Steele, G.R. (1989). Keynes’s General Theory. In: Monetarism and the Demise of Keynesian Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-09994-8_5
Download citation
DOI: https://doi.org/10.1007/978-1-349-09994-8_5
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-09996-2
Online ISBN: 978-1-349-09994-8
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)