The General Theory and Keynes for the 21st Century
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The General Theory and Keynes for the 21st Century

Edited by Sheila Dow, Jesper Jespersen and Geoff Tily

This book is devoted to the lasting impact of The General Theory (and Keynes’s thought) on macroeconomic theory, methodology and its relevance for understanding the post-crisis challenges of the 21st Century. A number of contributions take their departure from Keynes's presentation during the 1930's of his new macroeconomic understanding and its policy implications. Other chapters take a more pluralistic view of Keynes's ideas and their importance for contemporary debates. Further, it is demonstrated that many textbooks often misrepresent The General Theory and therefore cannot be a reliable guide to 21st Century economic policy.
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Chapter 2: Against twisting The General Theory

Maria Cristina Marcuzzo

Abstract

The General Theory is a controversial book, which raises questions about the nature of its assumptions and conclusions. The answers to these questions led to different interpretations which were not mutually compatible and gave rise to controversies and, in some cases, even to distorted interpretations, which transformed the message of The General Theory into something completely different. This chapter discusses a few of the distortions to which Victoria Chick, together with many others, has drawn attention over the years and puts forward a suggestion for why The General Theory might have been liable to be misinterpreted.

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