Some Implications of Keynes General Theory of Employment,Interest,and Money

Abstract

This paper, written in 1949, deals with the significance of Keynes' General Theory. It is argued that there is nothing revolutionary in the tools of analysis, the methodology, or the assumptions embodied in Keynes' "general theory". The General Theory is revolutionary in the same sense in which Ricardo's Principles was revolutionary. Orthodox economists busy themselves explaining away the revolutionary implications of the General Theory but their efforts are doomed. The logical implications of the structure of the General Theory point beyond the capitalist system.