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Keynes’s General Theory

Keynes’s General Theory

Seventy-Five Years Later

Edited by Thomas Cate

This volume, a collection of essays by internationally known experts in the area of the history of economic thought and of the economics of Keynes and macroeconomics in particular, is designed to celebrate the 75th anniversary of the publication of The General Theory.

Chapter 13: Money’s Endogeneity, Keynes’s General Theory and Beyond

Louis-Phillippe Rochon

Subjects: economics and finance, economic psychology, history of economic thought, post-keynesian economics


Louis-Phillippe Rochon1 INTRODUCTION John Maynard Keynes’s The General Theory of Employment, Interest, and Money (Keynes, Collected Writings (CW), vol. VII) remains one of the most important books written in economics, and certainly ranks as one of the most influential academic books ever written. Its importance cannot be understated, and its influence is felt not only in the area of economic theory, but also policy, and philosophy. It has influenced generations of young scholars and will continue to do so for generations more. I was first introduced to The General Theory as an undergraduate student at the University of Ottawa, while studying with Marc Lavoie, Alain Parguez and Mario Seccareccia, and then at McGill University, under Tom Asimakopulos. In Ottawa, understanding Keynes was necessary in various courses I took. But it is while I was an MA student at McGill that Keynes’s General Theory was required reading, in Asimakopulos’s graduate seminar on Keynes – an endeavour which later became Keyne’s General Theory and Accumulation (1991). Every week, we read and discussed in detail the content of each chapter, both of The General Theory and of Asimakopulos’s book. In this sense, I got an early and very distinct education on Keynes and The General Theory, not to mention my further studies at the New School with Ed Nell and Tom Palley. I therefore welcome the opportunity, no less on the 75th anniversary of The General Theory, to discuss and reflect on the importance of the book, its lasting relevance today, but also to...

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