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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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The Gold Standard and Monetary Theory

The Gold Standard and Monetary Theory

(p.352) 18 The Gold Standard and Monetary Theory
The Fall and Rise of Keynesian Economics

John Eatwell

Murray Milgate

Oxford University Press

This chapter covers the exchanges of comments and criticisms that passed between John Maynard Keynes and A. C. Pigou on practical matters of economic policy and the theory of money and employment. It focuses on the controversy between Keynes and Pigou in the interwar years, which includes the period leading up to Britain’s return to the gold standard in 1925 and the era of the Treatise on Money. The chapter concludes with a description of Keynes’s reactions to Pigou’s Theory of Unemployment and Pigou’s reactions to the General Theory of Employment, Interest and Money.

Keywords:   John Maynard Keynes, A. C. Pigou, economic policy, Treatise on Money, Theory of Unemployment, General Theory, employment, gold standard

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