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The socio-economic philosophy of Keynes: Lessons for the twenty-first century

Author

Listed:
  • Eric Berr

    (GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique)

Abstract

According to author, the outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes. The General Theory represents the main body of the Keynesian revolution, and gives us the core elements of what Keynes himself calls his social philosophy. One of the most important features of the Keynesian revolution is the alternative explanation given to the relation between investment and saving. Neo-classical economists consider that saving drives investment. Keynes has been deeply marked by World War I and its economic consequences, as described in his famous pamphlet 'The Economic Consequences of the Peace'. The first is neo-classical in inspiration and serves as the basis for weak sustainability. It tries, at the micro-economic level, to give monetary value to natural elements so that they can be integrated into a cost-benefit analysis.

Suggested Citation

  • Eric Berr, 2016. "The socio-economic philosophy of Keynes: Lessons for the twenty-first century," Post-Print hal-03122667, HAL.
    • Handle: RePEc:hal:journl:hal-03122667
    DOI: 10.4324/9781315648132
    as

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