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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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Keynes’s General Theory

Keynes’s General Theory

(p.329) 16 Keynes’s General Theory
The Fall and Rise of Keynesian Economics

John Eatwell

Murray Milgate

Oxford University Press

This chapter focuses on John Maynard Keynes’ General Theory of Employment, Interest and Money and analyzes varioius views and responses by economists to Keynesian theories and models. It focuses on two arguments that questions Keynes’ claim of the General Theory replacing the traditional analysis of employment. The first argument draws on the work of Joan Robinson, which examines the whole idea of the equilibrium argumentation in economics, while the second argument focuses on the nature of the market mechanism and the theoretical explanation for its operation.

Keywords:   John Maynard Keynes, General Theory, employment, Keynesian theories, employment, Joan Robinson, equilibrium argumentation, market mechanism

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