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 55: Bertil Ohlin

Hans-Michael Trautwein

Abstract

Keynes and Ohlin encountered each other in two famous controversies in the Economic Journal, both under the editorship of Keynes. The first, which took place in 1929, was the debate about the transfer problem in German reparation payments. The second was an exchange in 1937 about anticipations and critique of Keynes’s General Theory by a group of Swedish economists whom Ohlin described as “the Stockholm School”. Both debates ended inconclusively, but came to stimulate further developments in development economics and macroeconomics. A closer look at the relevant articles helps to define the common ground in the two controversies. It corroborates Ohlin’s claim that there was a “parallel development of several essential aspects of theory and policy in Cambridge and Stockholm” during those years of high theory.

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