Titlebook: Keynes‘s General Theory, the Rate of Interest and Keynesian‘ Economics; Geoff Tily Book 2007 Palgrave Macmillan, a division of Macmillan P

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JMK and the Fourth Grand Monetary DiscussionKeynes was a monetary economist concerned above all with monetary policy. His specific objectives have been well described by E. A. G. Robinson:

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Theory: Preliminary DiscussionIn emphasising policy, the statement of Keynes’s theory here differs substantially from both Keynes’s own presentation and subsequent post-Keynesian interpretations. Keynes stated that the focus of the . was theory, not practice:

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The ‘Keynesian’ Counter-Revolution and AfterKeynes’s response to the neo-classical initiatives was of no interest to those that promoted and developed the post-war consensus that would be known as ‘Keynesian’ economics.

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The , and the ‘Facts of Experience’Neglecting Keynes’s warnings on the opening page of the . proper, Modigliani, Samuelson and Solow fostered a return to the classical theory:

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978-0-230-27701-4Palgrave Macmillan, a division of Macmillan Publishers Limited 2007

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The Saving-Investment Identity and the Transition from the , to the her than equilibrium. The central argument of this Chapter is that this was the ‘discovery’ that set Keynes away from the . and became the foundation for all his subsequent theoretical arguments. The nature, cause and consequence of the saving-investment relationship are crucial components of any statement of Keynes’s . as a positive doctrine.

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Monetary Economics and Monetary Policyuse it neutralised the role of money in the economic system. Economies were not based on the commodity money assumed by classical economics, but on . Keynes saw that the evolution from commodity money to bank money had profound implications for economic theory, economic activity and economic policy.