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The revolution that was - or wasn't: A meta-analysis of the Keynesian revolution debate

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  • Heise, Arne

Abstract

Following Lawrence Klein's designation of a 'Keynesian Revolution', the impact of John Maynard Keynes's The General Theory of Employment, Interest and Money has remained contested. While early interpretations viewed it as a refinement of neoclassical equilibrium theory, later accounts increasingly characterized it as revolutionary break. Drawing on a meta- synthesis of journal articles explicitly addressing the Keynesian Revolution, this paper shows that such claims are typically justified intuitively rather than on explicit philosophy-of-science grounds, even after Thomas S. Kuhn's Structure of Scientific Revolutions. Where analytical criteria are applied, conclusions hinge on whether Keynes's theory transforms the ontological and epistemological foundations of economics or merely modifies them. The findings suggest that most interpretations reflect intra-paradigmatic variation rather than a genuine scientific revolution suggesting 'a revolution that never was'.

Suggested Citation

  • Heise, Arne, 2026. "The revolution that was - or wasn't: A meta-analysis of the Keynesian revolution debate," ZÖSS-Discussion Papers 128, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
  • Handle: RePEc:zbw:cessdp:341982
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    References listed on IDEAS

    as
    1. Donald Winch, 1966. "The Keynesian Revolution in Sweden," Journal of Political Economy, University of Chicago Press, vol. 74(2), pages 168-168.
    2. Ron Stanfield, 1974. "Kuhnian Scientific Revolutions and the Keynesian Revolution," Journal of Economic Issues, Taylor & Francis Journals, vol. 8(1), pages 97-109, March.
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    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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