1st Edition

Biography of an Idea John Maynard Keynes and the General Theory of Employment, Interest and Money

By David Felix Copyright 1995
    285 Pages
    by Routledge

    298 Pages
    by Routledge

    The culmination of John Maynard Keynes's thought and lifework was The General Theory of Employment, Interest and Money. Here, placing it in the context of his era, David Felix examines the evolution of Keynes's theorizing. He boldly claims that The General Theory lacks logical and factual support as pure theory, but is an achievement of great statesmanship in political economy.

    Felix argues that Keynes's ideas have misled successive generations of students and practitioners. He suggests that a more discriminating view of his thought can reconcile Keynesian views with neoclassical theory and replace the false synthesis that dominates contemporary text-books with a truer one. Biography of an Idea devotes four chapters to an analysis of The General Theory and an examination of the economic logic of Keynes. The author disentangles the work's fundamentally simple theses from its difficult technical pre-sentation. He shows how Keynes shaped his economic model as he did as an effort to win public support for sensible policies that clashed with generally accepted beliefs of the time.

    Biography of an Idea is bound to be controversial due to the many cohorts of economists who have been trained in macroeconomics according to Keynes. It will be of interest and ac-cessible to intellectually curious laymen and students, and important to economists, historians, and political scientists.

    Introduction: The Idea as Hero; 1: The Theorist as a Young Man; 2: Early Theorizing; 3: Keynes Reconstituted: Thoughts on Policy and Theory; 4: Theorizing of the Middle Period: A Treatise on Money; 5: Policy-Making; 6: Theorizing: Toward the Final Statement; 7: The General Theory as Abstraction; 8: Consumption and the Propensity to It; 9: Investment and the Inducement to It; 10: The Close of Keynes’s System; 11: Defense; 12: Conquest


    David Felix