The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 51: Joseph Alois Schumpeter

Harald Hagemann


The relationship between Schumpeter and Keynes was complex. The birth of these two economic philosophers in 1883 surrounded the death of Karl Marx. All three had different visions of the functioning and the historical development of the capitalist system. Schumpeter, although praising him, considered Walras’s general equilibrium theory to be strictly static in character, and was much more interested in the dynamic development of the capitalist economy with its cyclical fluctuations. Marx’s analysis of capital accumulation and technical progress created a lifelong challenge for him. Keynes, however, was challenged by Marshallian analysis and focused more on short- and medium-run problems. Whereas Schumpeter had a high appreciation of some of Keynes’s earlier works, he was an extremely nasty critic of the General Theory.

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