IDEAS home Printed from
   My bibliography  Save this article

The relevance of Keynes


  • Robert Skidelsky


This paper argues that the thinking of John Maynard Keynes remains highly relevant to an understanding of the financial collapse of 2007--8 and for policy measures to enable the world to escape from the 'great recession'. The essay explains the role of uncertainty in Keynes's theory, and the Keynesian case for fiscal and monetary 'stimulus'. It provides a Keynesian perspective on the reform of the world's monetary system, and concludes with reflections on the role of the state and the state of economics. Copyright The Author 2010. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • Robert Skidelsky, 2011. "The relevance of Keynes," Cambridge Journal of Economics, Oxford University Press, vol. 35(1), pages 1-13.
  • Handle: RePEc:oup:cambje:v:35:y:2011:i:1:p:1-13

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    1. repec:oup:cambje:v:41:y:2017:i:5:p:1489-1504. is not listed on IDEAS
    2. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    3. Avi-Yonah Reuven S., 2011. "Citizens United and the Corporate Form," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 1(3), pages 1-56, December.
    4. Deakin, Simon & Wilkinson, Frank, 2005. "The Law of the Labour Market: Industrialization, Employment, and Legal Evolution," OUP Catalogue, Oxford University Press, number 9780198152811, June.
    5. Gindis, David & Hodgson, Geoffrey M. & Huang, Kainan & Pistor, Katharina, 2017. "Legal institutionalism: Capitalism and the constitutive role of lawAuthor-Name: Deakin, Simon," Journal of Comparative Economics, Elsevier, vol. 45(1), pages 188-200.
    6. Bratton William W., 2011. "Reuven Avi-Yonah's "Citizens United and the Corporate Form": Still Unuseful," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 1(3), pages 1-10, December.
    7. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    8. Gindis, David, 2009. "From fictions and aggregates to real entities in the theory of the firm," Journal of Institutional Economics, Cambridge University Press, vol. 5(01), pages 25-46, April.
    9. Aoki, Masahiko, 2010. "Corporations in Evolving Diversity: Cognition, Governance, and Institutions," OUP Catalogue, Oxford University Press, number 9780199218530, June.
    10. Robé Jean-Philippe, 2011. "The Legal Structure of the Firm," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 1(1), pages 1-88, January.
    11. Hansmann, Henry & Kraakman, Reinier, 2000. "Organizational law as asset partitioning," European Economic Review, Elsevier, vol. 44(4-6), pages 807-817, May.
    12. Gindis, David, 2016. "Legal personhood and the firm: avoiding anthropomorphism and equivocation," Journal of Institutional Economics, Cambridge University Press, vol. 12(03), pages 499-513, September.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Giancarlo Bertocco, 2011. "Housing bubble and economic theory: is mainstream theory able to explain the crisis?," Economics and Quantitative Methods qf1116, Department of Economics, University of Insubria.
    2. Carlo Zappia, 2012. "Re-reading Keynes after the crisis: probability and decision," Department of Economics University of Siena 646, Department of Economics, University of Siena.
    3. Junankar, Pramod N. (Raja), 2016. "On Measuring Uncertainty: Snakes and Ladders," IZA Discussion Papers 10244, Institute for the Study of Labor (IZA).
    4. Giancarlo Bertocco, 2011. "Finance and risk: does finance create risk?," Economics and Quantitative Methods qf1115, Department of Economics, University of Insubria.
    5. Singh, Ajit, 2011. "The economic and financial crisis of 2008-2010: the international dimension," MPRA Paper 53091, University Library of Munich, Germany.
    6. repec:pal:easeco:v:43:y:2017:i:3:d:10.1057_eej.2015.56 is not listed on IDEAS

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:35:y:2011:i:1:p:1-13. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.