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The Continuing Policy Relevance of Keynes’s General Theory

In: Keynes for the Twenty-First Century

Author

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  • Jan Kregel

Abstract

Today, Keynes’s General Theory of Employment, Interest and Money is primarily considered part of the history of economics, rather than a guide to economic policy for the new millennium. This is primarily the result of what were considered to be theoretical errors and weaknesses in the theory that Keynes put forward in the book. Most of these criticisms appeared in the immediate postwar period, which, paradoxically, was the period in which Keynesian “policy” was being applied in almost all developed countries and was taken as the foundation for the restructuring of the postwar international trade and financial system.

Suggested Citation

  • Jan Kregel, 2008. "The Continuing Policy Relevance of Keynes’s General Theory," Palgrave Macmillan Books, in: Mathew Forstater & L. Randall Wray (ed.), Keynes for the Twenty-First Century, chapter 0, pages 127-144, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-61113-9_8
    DOI: 10.1057/9780230611139_8
    as

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