Money, Investment and Consumption
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Money, Investment and Consumption

Keynes’s Macroeconomics Rethought

Omar F. Hamouda

Contrary to the commonly perpetuated belief that Keynes’s theory is appropriate only to economic depressions, the author of this provocative book maintains that Keynes provided a complete set of macroeconomic relations and the ingredients of a new theoretical model, much more reflective of and analytically appropriate to the 21st century than those on which current macroeconomics is based.
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Omar F. Hamouda


This book, however academic, is actually a straightforward reconsideration of the ideas of one of the most important authors to have written in the field of economics, John Maynard Keynes. One of its main objectives has been to analyse anew two related texts of Keynes’s ideas, first, A Treatise on Money, published in 1930, in which Keynes summarized his liquidity theory and trade cycle, and second, The General Theory (1936). The purposes were twofold: to fuse The General Theory with the credit cycle model of the Treatise, and to affirm the position that The General Theory is the discussion of but one phase of Keynes’s whole trade cycle. This analysis has constituted the focus of the volume, within which several themes have been developed: Keynes’s theory of money, his theory of cycles and prices, his capital theory, his theory of employment, and his policy on inflation and deflation. Keynes’s ideas in relation to those of, for example, Wicksell, Hayek, and Hicks have been highlighted. A rereading of the actual words of Keynes has been found to be absolutely necessary because one of the most unfortunate outcomes of the early debates over his two most important theoretical works was to have deflected attention away from the true novelty and uniqueness of their offerings. Right after publication of the Treatise, the exchanges with Friedrich von Hayek and Dennis Robertson led to the quick disappearance from view of the substance of the work, without the significant matters of the economists’ disagreements having been...

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