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A Question of Relevance: The General Theory in Keynes's Time and Ours

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  • VICTORIA CHICK

Abstract

Nothing could stand as a better monument to Keynes, whose centenary this issue of The South African Journal of Economics is celebrating, than the fact that people are still arguing about his work: arguing not only for the sake of setting the record straight but also to understand what his work has to tell us about our present-day world. The General Theory (Keynes, 1936) is the focus of most of this discussion, and for good reason: despite the enormous volume of work which has been done since under the name of ‘macroeconomics’, the General Theory still stands as the major work in which macroeconomic questions — the theory of output-as-a-whole and of aggregate employment — have all been dealt with in a coherent manner. It is a theory whose parts fit together. Later ‘macro-theorists’ have tinkered with the parts and never put the pieces back together again to create something new. So we find, somewhat surprisingly, that after half a century the General Theory is still the best macroeconomics we have.
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  • Victoria Chick, 1983. "A Question of Relevance: The General Theory in Keynes's Time and Ours," South African Journal of Economics, Economic Society of South Africa, vol. 51(3), pages 261-279, September.
    • Handle: RePEc:bla:sajeco:v:51:y:1983:i:3:p:261-279
    DOI: 10.1111/j.1813-6982.1983.tb00800.x
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    1. Victoria Chick, 1983. "Macroeconomics after Keynes: A Reconsideration of the General Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530457, December.
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