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Keynes's “General Theory” Which is not a General Theory

In: The Truth of Liberal Economy

Author

Listed:
  • Yasuo Gonjo

    (Yokohama National University)

  • Kazuhiko Yago

    (Waseda University)

  • Patrick Fridenson

    (Ecole des Hautes Etudes en Sciences Sociales)

Abstract

In this chapter discusses Rueff's review of Keynes's main work, The General Theory of Employment, Interest, and Money. Rueff rejects “the General Theory” in its entirety throughout the essays he published over the course of his career. He rejects all policy responses to the liquidity preference theory, underemployment, and the unemployment problem caused by public debt, which are at the core of Keynesian theory, arguing that the “adjustment phenomenon of money” functions adequately. The core of Rueff's theory is that “the quantity of currency in circulation cannot be controlled,” and on this basis, he criticizes not only Keynesian theory but also Friedman's monetarism.

Suggested Citation

  • Yasuo Gonjo & Kazuhiko Yago & Patrick Fridenson, 2023. "Keynes's “General Theory” Which is not a General Theory," Springer Studies in the History of Economic Thought, in: The Truth of Liberal Economy, chapter 0, pages 39-47, Springer.
    • Handle: RePEc:spr:spshcp:978-981-99-0841-7_6
    DOI: 10.1007/978-981-99-0841-7_6
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