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The road to The General Theory: J. M. Keynes, F. A. Hayek, and the Genealogy of Macroeconomics

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  • Keanu Telles da Costa

Abstract

The criticism made by Friedrich A. Hayek to A Treatise on Money by JohnMaynard Keynes, and the subsequent controversy that followed with the involvement ofmembers of the Cambridge Circus, sustained important elements to Keynes’ abandonmentof his earlier ideas and to his way to General Theory. The figure and position of Hayekoperated to clarify the underlying differences and the new theoretical routes for Keynes,one that was more explicitly opposite to critical authors drawing from Knut Wicksell. Tosome degree, the road to General Theory was paved in the famous 1931 controversy – inparticular the rejection of the Wicksell connection. JEL Classification: B22; B31; E12; E30.

Suggested Citation

  • Keanu Telles da Costa, 2022. "The road to The General Theory: J. M. Keynes, F. A. Hayek, and the Genealogy of Macroeconomics," Brazilian Journal of Political Economy, Center of Political Economy, vol. 42(1), pages 48-70.
    • Handle: RePEc:ekm:repojs:v:42:y:2022:i:1:p:48-70:id:2295
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    Keywords

    John Maynard Keynes; Friedrich A. Hayek; Knut Wicksell; General Theory; coordination;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)

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