Edited by Jesper Jespersen and Mogens Ove Madsen
Chapter 1: The General Theory: a neglected work?!
The General Theory (Keynes 1936, hereafter GT) a neglected work? Am I joking? Few books have been subject to so much review, criticism and interpretation. Yet I suggest that its impact on modern economic theory, both neo-classical and post Keynesian, has in fact been minimal. This theoretical neglect has also limited Keynes’s impact on policy, other than as a poster boy for a traditional policy of public works which predated The General Theory. My aim in this lecture is to try to justify these claims. When I am not in Cambridge, I live just outside the border of an empire, appropriately enough for a post Keynesian economist. My home is just north of Hadrian’s Wall, the northern border of the Roman Empire. In a similar way, the wall surrounding the citadel of neo-classical economics is its methodology. Attempts to engage or challenge neo-classical economics by outsiders with different methodologies have been ignored or repelled. Conversely, when the imperial citizens have sought to colonize their neighbours, they have, despite their military discipline, met fierce resistance from the unruly painted tribes. Some of whom I see represented here in Roskilde . . . in this place that, fittingly, was never conquered by the Romans.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.