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Keynesian and Other Interest Theories

In: Essays in Economic Dynamics

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  • R. M. Goodwin

Abstract

In spite of many attempts, it is difficult to feel that a satisfactory reconciliation of the Keynesian and the more traditional interest theories has been attained. Yet, I believe, both theories are necessary. Can anyone really hold, for example, that the older theories give a satisfactory explanation of the extraordinary course of interest rates in recent years, or of their contrasting behaviour in the two World Wars? On the other hand, the newer analysis fails to find any place for the body of doctrine associated with the names of Böhm-Bawerk, Wicksell, Fisher, Schumpeter and others, and it does not, I think, fill in the gap thus left.1 When there are no speculative hoards, the Keynesian theory breaks down.

Suggested Citation

  • R. M. Goodwin, 1982. "Keynesian and Other Interest Theories," Palgrave Macmillan Books, in: Essays in Economic Dynamics, chapter 2, pages 28-39, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05504-3_2
    DOI: 10.1007/978-1-349-05504-3_2
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