(Mis)understanding Classical Economics
AbstractIn 1936, Keynes published The General Theory of Employment, Interest and Money, one of the most influential books in economics of the twentieth century. With this publication, Keynes has confused and will continue to confuse generations of economists as to what classical economics means. This short essay argues that the 'classical economists' whom Keynes referred to in The General Theory were actually those economists who primarily employed 'marginal methods' in economics.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 28980.
Date of creation: 2011
Date of revision:
Classical economics; Keynes; Ricardo;
Find related papers by JEL classification:
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-02-26 (All new papers)
- NEP-HIS-2011-02-26 (Business, Economic & Financial History)
- NEP-HME-2011-02-26 (Heterodox Microeconomics)
- NEP-HPE-2011-02-26 (History & Philosophy of Economics)
- NEP-PKE-2011-02-26 (Post Keynesian Economics)
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