Abstract
In the post-war years, Keynesianism became the label for the mixed economy, for an approach to fiscal policy that entailed fine-tuning the economy, and for the revolution in economic theory that brought macroeconomic analysis to the fore. This article debunks many of the myths that grew up around Keynes’s legacy by examining his attitude to fiscal and monetary policy over the course of his career. By differentiating what Keynes said from what his followers and his critics said after his death, it is possible to understand the broad switch to demand management during the 20th century in a clearer light.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsBibliography
Backhouse, R., and B. Bateman. 2006. The Cambridge companion to Keynes. Cambridge: Cambridge University Press.
Backhouse, R., and D. Laidler. 2004. What was lost with IS–LM. History of Political Economy 30 : 25–56.Supplement on ‘The IS–LM model: Its rise, fall and strange persistence’
Bateman, B. 2005. Scholarship in deficit: Buchanan and Wagner on John Maynard Keynes. History of Political Economy 37: 185–190.
Buchanan, J., and R. Wagner. 1977. Democracy in deficit: The political legacy of Lord Keynes. New York: Academic.
Clarke, P. 1998. The Keynesian revolution and its economic consequences. Cheltenham: Edward Elgar.
Great Britain: Ministry of Reconstruction. 1944. Employment policy, Cmd. 6527. London: HMSO.
Hall, P., ed. 1989. The political power of economic ideas: Keynesianism across nations. Princeton: Princeton University Press.
Hansen, A. 1953. A guide to Keynes. London: McGraw Hill.
Hayek, F.A., ed. 1995. Contra Keynes and Cambridge, ed. B. Caldwell. The collected works of F.A. Hayek, vol. 9, ed. S. Kresge. London: Routledge.
Higgs, R. 1992. Wartime prosperity: A reassessment of the US economy in the 1940s. Journal of Economic History 52: 41–60.
James, H. 1989. What is Keynesian about deficit financing? The case of interwar Germany. In Hall (1989).
Keynes, J.M. 1936. The general theory of employment, interest and money. London: Macmillan.
Keynes, J.M. 1945. National debt inquiry. In The collected writings of John Maynard Keynes, ed. D. Moggridge, vol. 27. London: Macmillan and Cambridge University Press. 1980.
Leijonhufvud, A. 1968. On Keynesian economics and the economics of Keynes. Oxford: Oxford University Press.
Lerner, A. 1936. Mr. Keynes’ general theory of employment, interest and money. International Labour Review 34: 435–454.
Lerner, A. 1944. The economics of control. New York: Macmillan.
Peden, G. 1988. Keynes, the treasury and British economic policy. London: Macmillan.
Peden, G.C. 2006. Keynes and British economic policy. In The Cambridge companion to Keynes, ed. R.E. Backhouse and B.W. Bateman. Cambridge: Cambridge University Press.
Salant, W. 1989. The spread of Keynesian doctrines and practices in the United States. In The political power of economic ideas: Keynesianism across nations, ed. P. Hall. Princeton: Princeton University Press.
Stein, H. 1969. The fiscal revolution in America. Chicago: University of Chicago Press.
Author information
Authors and Affiliations
Editor information
Copyright information
© 2018 Macmillan Publishers Ltd.
About this entry
Cite this entry
Backhouse, R.E., Bateman, B.W. (2018). Keynesianism. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_834
Download citation
DOI: https://doi.org/10.1057/978-1-349-95189-5_834
Published:
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-95188-8
Online ISBN: 978-1-349-95189-5
eBook Packages: Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences