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The Keynesian Revolution in the Making, 1924–1936$
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Peter Clarke

Print publication date: 1990

Print ISBN-13: 9780198202196

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198202196.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 July 2021

. The Treatise under the harrow

. The Treatise under the harrow

Chapter:
(p.231) 10. The Treatise under the harrow
Source:
The Keynesian Revolution in the Making, 1924–1936
Author(s):

Peter Clarke

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198202196.003.0014

In the 1920s, it is true that Keynes's policy intuitions, fuelled by his political commitments, had often outrun the justifying theory, which was dragged along behind until ultimately they were reconciled in the exposition of the Treatise to the Macmillan Committee. The General Theory has likewise been depicted as ‘the apotheosis of opportunism’. This is based on the fact that ‘a new theory’ would be ‘virtually certain to sell’, if it satisfied the proviso that ‘to be a new theory it had to set up and knock down an orthodox theory’. If Harry Johnson's hypothesis were valid, one would expect the shift from the Treatise position to be signalled by some more obvious external ideological purchase available to the General Theory.

Keywords:   General Theory, Treatise, Keynes, Macmillan Committee, Harry Johnson

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