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Whose Keynes?

In: Keynes’s General Theory After Seventy Years

Author

Listed:
  • Roger E. Backhouse
  • Bradley W. Bateman

Abstract

Many economists have laid claim to Keynes’s legacy, creating successive generations of Keynesians, post-Keynesians, neo-Keynesians, and new Keynesians. Paradoxically, one of the reasons for this proliferation of claimants who denounce others as either pretenders or bastard progeny is the very success of the Keynesian revolution. For decades, macroeconomics was dominated by Keynesian economics. For example, as late as 1971, Robert Barro could take the view that Keynesian economics was “the only ball game in town” (Snowdon and Vane 1994, p. 269). Some people want to claim Keynes’s authority for themselves because the immense success of the Keynesian revolution makes his authority extremely desirable. Others take Keynes as their target because to knock him down is to establish their own credentials more effectively than would be possible by attacking anyone else. But to claim his mantle, economists have to reinterpret what his revolution was in their own terms. This has led to many Keynesian revolutions each of which has its own Keynes.

Suggested Citation

  • Roger E. Backhouse & Bradley W. Bateman, 2010. "Whose Keynes?," International Economic Association Series, in: Robert W. Dimand & Robert A. Mundell & Alessandro Vercelli (ed.), Keynes’s General Theory After Seventy Years, chapter 1, pages 8-27, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-0-230-27614-7_2
    DOI: 10.1057/9780230276147_2
    as

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