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Anna Carabelli

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Anna M. Carabelli and Mario A. Cedrini

A fundamental dimension in macroeconomics, time, is rarely portrayed as a prominent theme, because of the sharp contrasts that have historically divided economists using alternative conceptions of time, but also because of the conundrums brought about by incorporating time into economic models. This chapter provides an interpretation of John Maynard Keynes’s methodological reflections on the concept of time as (among others) complex and manifold magnitudes, which – confounding the choice of units for macroeconomics – requires economists to carefully avoid inconsistent logical reasoning about its characteristics, and instead to focus, as Keynes did, on change and transition.

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Anna M. Carabelli and Mario A. Cedrini

The paper aims at showing that revisiting Keynes's early writings on international economic relations and some less well-known episodes of his economic diplomacy, with special attention being paid to the methodological issues involved, may disclose useful insights in understanding the features of his desired new global order. We contrast the three main pillars of Keynes's vision as detected in this revisitation (coordinated multilateral responses to global imbalances, a rational international monetary regime, and enhanced policy space) with the major shortcomings of the current non-system, and show the continuing relevance not only of Keynes's specific proposals for global reform, but also, and most importantly, the legacy of his way of reasoning about international economic relations.