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The Empirical Success of Keynesianism

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  • Donald Gillies

    (University College London)

Abstract

The main thesis of this paper is that the empirical success of Keynesianism shows it to be scientific. Keynesianism here refers not to a specific theory, but to a paradigm. It is argued that Kuhn's notion of paradigm can be applied to economics, but, in contrast to the natural sciences, in economics there are always competing paradigms. The principal ones in contemporary economics are the Neoclassical, Keynesian and Marxist. To investigate whether the Keynesian paradigm is scientific we need a criterion for the scientificity of a paradigm. The paper first considers one approach to this problem due to Kant, but this is rejected as incorrect and called 'the Kantian fallacy'. Another approach is then put forward: 'the empirical confirmation principle', and reasons are given for accepting this as correct. Using this principle, it is then argued that that Keynesianism is indeed scientific.

Suggested Citation

  • Donald Gillies, 2020. "The Empirical Success of Keynesianism," Economic Thought, World Economics Association, vol. 9(1), pages 24-43, July.
    • Handle: RePEc:wea:econth:v:9:y:2020:i:1:p:24
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    References listed on IDEAS

    as
    1. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
    2. Friedman, Milton, 1966. "Essays in Positive Economics," University of Chicago Press Economics Books, University of Chicago Press, number 9780226264035, September.
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