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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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The politics of Keynesian economics, 1924–1929

The politics of Keynesian economics, 1924–1929

(p.75) 4 The politics of Keynesian economics, 1924–1929
The Keynesian Revolution in the Making, 1924–1936

Peter Clarke

Oxford University Press

If Keynes changed horses in mid-stream, he changed to better horses. He fastened upon the insights which were to determine the future bearings of his economic analysis, especially the proposition that orthodox theory assumed full use of resources. He saw with a new clarity how the distinction between saving and investment could be put to work, and thus took a large step towards completing the Treatise. Finally, he articulated a crude but distinctive multiplier process as his last-minute riposte to the Treasury, almost as though in a race to conceive the General Theory before polling day. It was only when he reached this point that he recognized a coherent economic justification for policy initiatives which he had supported through a mixture of political prejudice and sheer intuition.

Keywords:   Keynesian economics, saving, investment, Treatise, General Theory

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