John Maynard Keynes, a Renegade Quantitativist
Abstract
The radical turn taken by John Maynard Keynes in his 1936’s General Theory had roots in his monetary theory and policy that, rather than in an evolutionary process, resulted in a complete abandonment of the monetary quantitative theory, on which he had based his previous works, and the renouncement to the objective of price stability and to the monetary policy as an instrument to solve the disturbances of activity and unemployment of resources. In the General Theory, Keynes focuses the problem on the market economic system, which produces such disastrous results in an inherent and persistent way.
The paper explains this radical theoretical change, analyzing its content or background and its possible reasons, whose catalysis I establish in the events of 1925.
Downloads
Article download
Crossmark
License
In order to support the global exchange of knowledge, the journal Iberian Journal of the History of Economic Thought is allowing unrestricted access to its content as from its publication in this electronic edition, and as such it is an open-access journal. The originals published in this journal are the property of the Complutense University of Madrid and any reproduction thereof in full or in part must cite the source. All content is distributed under a Creative Commons Attribution 4.0 use and distribution licence (CC BY 4.0). This circumstance must be expressly stated in these terms where necessary. You can view the summary and the complete legal text of the licence.
Iberian Journal of the History of Economic Thought is an open access journal that does not charge authors for article processing (submission, review or editing) or publication.
