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Capitalism and Keynes: From the Treatise on Probability to The General Theory

Edmund S. Phelps

Title:
Capitalism and Keynes: From the Treatise on Probability to The General Theory
Author(s):
Phelps, Edmund S.
Date:
Type:
Reports
Department(s):
Center on Capitalism and Society
Persistent URL:
Series:
Center on Capitalism and Society Working Papers
Part Number:
21
Publisher:
Center on Capitalism and Society, Columbia University
Publisher Location:
New York
Abstract:
Of the main controversies in 20th century political economy, none were more heated than the debate over Marxism and, relatedly, the debate over capitalism. John Maynard Keynes was a major figure in both controversies. In this paper I will first touch on Keynes’s contribution to the debate with Marxism. I will then go on to take up the criticism of capitalism with which he is lastingly associated. Both these strains in Keynes’s thinking lead us ineluctably (to use a favorite word of his) to his work of great genius, his theory of economic activity. The latter topic will give me a chance to propose a non-monetary model of employment that, contrary to my previous non-monetary models, preserves the main driver in Keynes’s theory and, at the same time, avoids any presuppositions, plausible or implausible, about “money-wage behavior.”
Subject(s):
Economics
Keynesian economics
Capitalism
Keynes, John Maynard, 1883-1946
General theory of employment, interest and money (Keynes, John Maynard)
Item views
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Metadata:
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Suggested Citation:
Edmund S. Phelps, , Capitalism and Keynes: From the Treatise on Probability to The General Theory, Columbia University Academic Commons, .

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