Probability and uncertainty in Keynes`s General Theory

Por • 22 jul, 2020 • Sección: Leyes

Donald Gillies, University College London

In the last two decades, a great deal of attention has been devoted to the question of probability and uncertainty in Keynes’s General Theory by a group often referred to as the ‘Post-Keynesians’. As I will be making a good deal of use of the researches of this group in the present paper, I will begin by saying a little in general terms about the group and its ideas. After the second world war, Keynesian economics became dominant in the British academic community, and British governments to a large extent followed the advice of Keynesian economists. Keynesian economics had a similarly important (even if not always quite so dominant) rôle in other advanced capitalist countries in the same period. During the 1970’s, however, Keynesian economics came under increasing criticism from the monetarist school, and Keynesian economists began to lose both academic and political influence. In Britain the election of Margaret Thatcher in 1979 signalled the end of the government’s use of Keynesian policies, and the adoption instead of free market policies based on monetarist economic theory. Many academic economists went over to the new (or rather revived) free market ideas. However, some remained convinced of the value of Keynesian ideas in economics.

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