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Whatever happened to Keynes’s monetary theory?

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  • Victoria Chick
  • Geoff Tily

Abstract

Some see a return to Keynes’s ideas in response to the crisis that began in 2007, but we argue that the resurrected ideas belong to that betrayal of Keynes’s thought known as ‘Keynesian’ economics. What happened is almost a reversal of the Whig history view of economics, in which past knowledge is embodied in later theory: Keynes has been made a pre-Keynesian. We trace this transformation mainly through his monetary theory, though we range more widely where necessary. We state what we consider to be his monetary theory, then identify and summarise the key contributions to its destruction. Then, in a speculative section, we suggest a variety of motivations for this subversion of his ideas. We end by assessing what has been lost, in particular his monetary policy, and suggest social and political pressures that may have been partly responsible.

Suggested Citation

  • Victoria Chick & Geoff Tily, 2014. "Whatever happened to Keynes’s monetary theory?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(3), pages 681-699.
    • Handle: RePEc:oup:cambje:v:38:y:2014:i:3:p:681-699.
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    File URL: http://hdl.handle.net/10.1093/cje/beu011
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    Cited by:

    1. Flanagan, Kathleen & Martin, Chris & Jacobs, Keith & Lawson, Julie & Hayward, Richard Donald, 2019. "A conceptual analysis of social housing as infrastructure," SocArXiv wmuc4, Center for Open Science.
    2. Geoff Tily, 2023. "Victoria Chick's Keynes in Time," Development and Change, International Institute of Social Studies, vol. 54(5), pages 1296-1330, September.
    3. Maria Cristina Marcuzzo, 2022. "Victoria Chick (1936-2023) (Victoria Chick (1936-2023))," Moneta e Credito, Economia civile, vol. 76(301), pages 101-106.

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