IDEAS home Printed from https://ideas.repec.org/p/cwl/cwldpp/1093.html
   My bibliography  Save this paper

An Overview of the General Theory

Author

Abstract

This paper is intended to be a chapter in a forthcoming "Second Edition" of John Maynard Keynes, The General Theory of Employment, Interest and Money, published in one single edition in 1936. The Second Edition is being edited by Geoffrey Harcourt and Peter Riach and will contain contributions by 30 or 40 authors. It is to be published by Routledge, it is hoped in 1996, the 60th birthday of the great book. Most of the contributions correspond to the chapters of the original book, and others are essays about the book or natural extensions of it. The chapter of the Second Edition I was asked to write might be regarded as a revision of Keynes's Chapter 18, "The General Theory of Employment Restated," but it is meant to be more inclusive and may appear as a preface or conclusion to the Second Edition. Each of the proposed revised chapters of The General Theory is meant to be what the 1994 author thinks Keynes would have written if he had had the time and health to prepare a revised edition by 1946. This revision, written as if by Keynes some fifty years ago, is Part I of a Second Edition chapter. In part II the modern author gives his or her own view of the state of the topic in the 1990s. Those are the functions of Parts I and II of my paper. It is a daunting task to take on the role of Keynes. It's presumptuous too. I know I can't write, either in content or style, as Keynes would have done. I have not tried to be a close scholar of the Keynes papers, inferring from them what his own second edition in the 1940s would have said. Although I have stuck close to the essential themes of 1936, as I understand them, I am sure that much of what I have written is colored by what I would like a second edition prepared by Keynes himself to have said. In Part II I discuss changes in Keynesian theory suggested by events in the world and in professional macroeconomics since World War II, and I argue that Keynes still has the better of the big debate.

Suggested Citation

  • James Tobin, 1995. "An Overview of the General Theory," Cowles Foundation Discussion Papers 1093, Cowles Foundation for Research in Economics, Yale University.
  • Handle: RePEc:cwl:cwldpp:1093
    Note: CFP 947.
    as

    Download full text from publisher

    File URL: http://cowles.yale.edu/sites/default/files/files/pub/d10/d1092.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Abhijit V. Banerjee, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, Oxford University Press, vol. 107(3), pages 797-817.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cwl:cwldpp:1093. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Matthew Regan). General contact details of provider: http://edirc.repec.org/data/cowleus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.