Abstract
Revolutions have a nasty way of devouring their progenitors and replacing them by a lesser and more arrogant breed who, in the name of the revolution, seek to consolidate its gains only to betray it in the process. The Keynesian revolution, in the realm of ideas, is a case in point, though in this instance the creator of the revolution was not quite the revolutionary others had made him out to be. Keynes himself, according to Joan Robinson, did not grasp the full import of his General Theory, and shortly after its publication in 1936 there were many heated discussions between him and his followers over what the General Theory ‘really’ meant.
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Notes and References
See Jean de Largentaye, ‘A Note on the General Theory of Employment, Interest and Money.’ Journal of Post Keynesian Economics, Spring 1979.
John Maynard Keynes, The Economic Consequences of the Peace (New York: Harcourt Brace and Howe, 1920), pp. 10–11; subsequent quotations are from p. 12 and pp. 18–22, italics supplied.
John Maynard Keynes, The General Theory of Employment, Interest, and Money ( New York: Harcourt Brace, 1936 ), p. 372.
See Michal Kalecki, Selected Essays on the Dynamics of the Capitalist Economy (New York: Cambridge University Press, 1971), Ch. 6.
See, for example, George Gilder, Wealth and Poverty (New York: Basic Books, 1981 ). For a critical evaluation of supply-side economics, see Stephen Rousseas, The Political Economy of Reaganomics: A Critique ( Armonk, N.Y.: M. E. Sharpe, 1982 ).
Alessandro Roncaglia, Sraffa and the Theory of Prices ( Chichester: John Wiley, 1978 ), p. 106.
Luigi Pasinetti, Growth and Income Distribution: Essays in Economic Theory ( London: Cambridge University Press, 1974 ), p. 43.
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© 1998 Stephen Rousseas
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Rousseas, S. (1998). Introduction. In: Post Keynesian Monetary Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-26456-8_1
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