The Legacy of Keynes - Essay Example

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The Legacy of Keynes

The influence of J.M. Keynes work is immense in the field of economics as he revolutionised economics with his classic book written in 1936, The General Theory of Employment, Interest and Money and changed the way we perceive the role of economy and governments in social life. With the introduction of the theory of income expenditure multiplier in 1931 by Richard Kahn, Keynes worked on the basis of his work which was to bring about revolutionary ideas to the field of economy giving rise to a new branch of economics known as the 'macroeconomics' (Keynes, 1936/1974).
In a two volume Treatise on Money published in 1930 Keynes established the Wicksellian theory of the credit cycle in which the initial ideas of the liquidity preference theory of interest are suggested. This has been considered as one of the most important of Keynes contributions along with his ideas on marginal efficiency of investment. The impact of his 1936 book The General Theory of Employment, Interest and Money has been unprecedented not only because of the timing of its publications but also due to its unique approach that brought in a new brand of Keynesian economics (Coddington 1976; 1260; Trevithick 1992). ...
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Summary

The focus of this discussion relates to the five main issues of Post -War Keynesianism, Keynes' Method, Keynes & the state, Keynes and his Marxist critics and Keynes' general theory. The effect of neoclassical Keynesianism and the differences between Keynes and Marx and effects of Keynesianism in social theory and post war economy are also studied…
Author : gschroeder

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