Keynes’s Vision: Method, Analysis and “Tactics”

Abstract

The “Keynesian revolution” is linked in an indissoluble way to the publication of The General Theory in 1936. This was the book that, for Keynes, was to “largely revolutionise (…) the way the world thinks about economic problems,” and that had to “knock away” the Ricardian foundations of Marxism. The General Theory and its revolutionary impact can be best understood and appreciated only if we take into serious account all of Keynes’s previous work. ¹ Moreover The General Theory has to be read and interpreted also by taking account of Keynes’s tactics in dealing with the profession in the attempt to introduce his new ideas, and to persuade them of their correctness.

Article Footnote

This chapter is partly based on two previous articles: Harcourt 1987 and Sardoni 1989-90. The authors wish to thank John Davis, Sheila Dow, Alessandro Roncaglia and Mario Tonveronachi for their helpful comments.

Article Footnote

And, of course, his subsequent work. Keynes’s three 1937 articles represent fundamental contributions:“The General Theory of Unemployment”(KCW/XIV:109-23);“Alternative Theories of the Rate of Interest”(KCW/XIV:201-15);“The ‘Ex Ante’ Theory of the Rate of Interest”(KCW/XIV:215-23).For Keynes’works, references is to his collected writings in 30 volumes (KCW).Where necessary,the date of the frist publication is also given.