Keynes, John Maynard

Research output: Chapter in Book/Report/Conference proceedingChapter


Keynes's background is outlined as it relates to his scholarly and public policy contributions. The evolution of his thought is discussed, leading up to his penultimate contributions in his General Theory and his invention of modern macro‐economics. His fact‐based understanding of macro‐economic market failure and persistent involuntary unemployment is contrasted with the classical perspective that market forces restore full employment quickly and efficiently. Modeling differences across Keynesian economists are also discussed.

Original languageEnglish
Title of host publicationThe Wiley-Blackwell Encyclopedia of Social Theory
EditorsBryan S Turner
PublisherJohn Wiley & Sons, Ltd
Number of pages13
ISBN (Electronic)9781118430873
ISBN (Print)9781118430866
Publication statusPublished - 4 Dec 2017


  • animal spirits
  • fiscal policy
  • involuntary unemployment
  • Keynes, John Maynard
  • monetary policy


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