About: The General Theory of Employment, Interest, and Money   Sponge Permalink

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“Following Adam Smith, political economy had an underlying bias towards Laissez-faire. The classical economists, with some exceptions, were preoccupied with Government Failure. …In contrast to this orthodoxy, the most revolutionary aspect of Keynes’s work, which we can detect in his writings from the mid-20s onwards, was his clear and unambiguous message that with regard to the general level of employment and output there was no ‘invisible hand’ channeling self-interest into some social optimum.”

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  • The General Theory of Employment, Interest, and Money
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  • “Following Adam Smith, political economy had an underlying bias towards Laissez-faire. The classical economists, with some exceptions, were preoccupied with Government Failure. …In contrast to this orthodoxy, the most revolutionary aspect of Keynes’s work, which we can detect in his writings from the mid-20s onwards, was his clear and unambiguous message that with regard to the general level of employment and output there was no ‘invisible hand’ channeling self-interest into some social optimum.”
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abstract
  • “Following Adam Smith, political economy had an underlying bias towards Laissez-faire. The classical economists, with some exceptions, were preoccupied with Government Failure. …In contrast to this orthodoxy, the most revolutionary aspect of Keynes’s work, which we can detect in his writings from the mid-20s onwards, was his clear and unambiguous message that with regard to the general level of employment and output there was no ‘invisible hand’ channeling self-interest into some social optimum.” “In order effectively to confront the existing orthodoxy head-on, Keynes needed to provide an alternative theory. With the onset of the Great Depression we find Keynes retreating ‘into his ivory tower at King’s to engage, at age forty-eight, in a supreme intellectual effort to save Western civilization from ...economic collapse…” (Snowdon 2005 p. 56)
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