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Special Forum on Recent Interpretations of Keynes and the General Theory: Contextualising Keynes's Revolution. Review of Michael S. Lawlor's ›The Economics of Keynes in Historical Context‹

Abstract

First paragraph

As befits the Post-Keynesian perspective of this forum, the books being reviewed here are related to time: Lawlor (2006) deals with antecedents of Keynes’s General Theory; Tily (2007) mainly with what happened to it afterwards. Michael Lawlor has done us an important service, in bringing together in one place the fruit of many years’ work on the origin and evolution of Keynes’s ideas. These ideas are organised into three areas: (1) the economics of employment, (2) speculation (including new work on institutional features: Marshall on the representative firm and joint stock ownership), and (3) ›the shifting equilibrium of a monetary economy‹. The latter category encompasses (a) the theory of money and interest, (b) Sraff aand Hayek on own rates of interest and (c) the essential properties of money. Marshall plays a key role in the story, as is right. Other key figures include Pigou, Hawtrey, and Robertson.

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