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Keynes and The Royal Swedish Academy

Author

Listed:
  • Rogério Arthmar

    (Department of Economics, Universidade Federal do Espírito Santo)

  • Michael McLure

    (Business School, The University of Western Australia)

Abstract

This paper examines Keynes's relationship with Gustav Cassel and Eli Hecksher and puts together the events related to him being awarded the 1939 Söderström Gold Medal by The Royal Swedish Academy of Sciences. The correspondence between these economists during the interwar years is detailed, with emphasis on their personal approaches to economic theory and history. Cassel's and Heckscher's critical reviews of Keynes's General Theory are outlined as well. Lastly, an account is provided of the grounds for conferring the award on Keynes while also drawing attention to the conflict-laden proceedings within the Academy when the conferral of the ward was being contemplated. The final remarks ponder why Keynes received the prize in spite of the prevailing controversy within the Swedish School over the General Theory at the time.

Suggested Citation

  • Rogério Arthmar & Michael McLure, 2017. "Keynes and The Royal Swedish Academy," Economics Discussion / Working Papers 17-17, The University of Western Australia, Department of Economics.
    • Handle: RePEc:uwa:wpaper:17-17
    Note: MD5 = 5e6a07f7abbeb8e933da9d4ef22a15e5
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    Keywords

    European reconstruction; purchasing power parity; mercantilism; effective demand; history of science;
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