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Keynesian Economics after Fifty Years

In: Essays on Keynesian and Kaldorian Economics

Author

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  • Nicholas Kaldor

Abstract

Keynes’s General Theory of Employment, Interest and Money is undoubtedly regarded as the most important book on economics in the twentieth century and this view would be shared, I think, by those who are wholly opposed to its teaching as well as by its adherents. Nearly 50 years after its appearance controversy still rages around its basic ideas and prescriptions, and I do not think that any major economist in the West would regard the issues raised by Keynes as finally settled. In this respect Keynes’s General Theory is in sharp contrast to all the previous pathbreaking books on economics — such as Adam Smith’s Wealth of Nations or Ricardo’s Principles or Marshall’s Principles — whose main tenets have not given rise to violent controversies in the same way as Keynes’s. The possible exception is Karl Marx’s Capital, but then Marx was a revolutionary which Keynes was certainly not — Keynes’s avowed purpose was to save the capitalist system, not to destroy it.

Suggested Citation

  • Nicholas Kaldor, 2015. "Keynesian Economics after Fifty Years," Palgrave Studies in the History of Economic Thought, in: Essays on Keynesian and Kaldorian Economics, chapter 1, pages 27-74, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-1-137-40948-5_2
    DOI: 10.1057/9781137409485_2
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