viernes, 9 de enero de 2009


Sixty years after the publication of The General Theory of Employment, Interest, and Money (hereafter referred to as GT), interpretations and critical reactions of Keynes’s theory are still being discussed in Economics. This book was written during a time when Say’s Law - that is to say, supply creates its own demand - was the foundation of orthodox economic thought.1 Keynes’s explanation for the chronic unemployment of the Great Depression revolutionized economic theory by arguing that in a monetary capitalist economy, even with flexible prices and wages, a lack of aggregate demand is a normal result of the economic process.

The primary purpose of this article is to present briefly a survey of main orthodox theoretical interpretations and criticisms of Keynes’s ideas that have become embedded in theoretical discussions on macroeconomic theory. Secondly, this paper explains why, according to the Post Keynesian view, most accepted theoretical interpretations and criticisms of Keynesian theory (a) involve logical inconsistencies when compared with Keynes’s theoretical analytical structure and (b) misrepresent the dynamic characteristics of modern entrepreneurial economies.

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