Reinterpreting The Keynesian Revolution

This insightful book explores the reasons behind the Keynesian Revolution, analyzing various factors that contributed to its success and enduring influence.

In Reinterpreting The Keynesian Revolution, the author delves into the multifaceted reasons behind the emergence of Keynesian economics in the early 20th century. This work builds on established traditions within the history of science studies, aiming to provide a comprehensive analysis of the factors that contributed to the success of the Keynesian Revolution. The narrative begins by exploring the timing of John Maynard Keynes's seminal work, The General Theory of Employment, Interest, and Money, which was published shortly after the Great Depression, suggesting that its relevance was not merely coincidental but rather a crucial aspect of its impact.

The book also highlights the significance of Keynes's relationships with the Cambridge 'Circus,' a group of young economists who played a pivotal role in shaping his ideas. Through anecdotal evidence, the author illustrates how these collaborations enriched Keynes's theories, allowing them to resonate with the economic challenges of the time. However, the author argues that previous analyses have often overlooked the interconnectedness of these various factors, leaving a gap in our understanding of the intellectual landscape during this transformative period.

By employing a sociology of science perspective, Reinterpreting The Keynesian Revolution systematically examines the intellectual, technical, institutional, psychological, and financial elements that influenced the success of Keynesian economics. This approach not only clarifies why the macroeconomic revolution was distinctly 'Keynesian' but also sheds light on how Keynes managed to outmaneuver contemporaries like Friedrich von Hayek and Michal Kalecki in the competitive arena of economic thought.