Dr. Keynes: Economic Theory in a Diagnostic Science
AbstractIn his own view, economic theory was important to Keynes’s work as an economists. Aside from the General Theory, most of his economic writings, however policy oriented make explicit reference to theory. Nevertheless, Keynes’s theoretical style is so far from what contemporary economics regards as “theory” that some have dismissed Keynes as a theorist altogether or thought of him as a theorist hampered by the lack of modern mathematical tools. In this paper, I argue to the contrary that Keynes’s theoretical style is conditioned by a conception of theory as a diagnostic tool. This is a natural development from Marshall, and conceptually very different from modern macroeconomists. It is nonetheless a very attractive conception of the place of theory in economics.
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Bibliographic InfoPaper provided by University of California, Davis, Department of Economics in its series Working Papers with number 63.
Date of creation: 01 Apr 2005
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general theory; economics; contemporary;
Find related papers by JEL classification:
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- E00 - Macroeconomics and Monetary Economics - - General - - - General
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