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Article
Author(s)
Teodoro Dario Togati
Full-Text PDF XML 613 Views
DOI:10.17265/1537-1506/2020.06.001
Affiliation(s)
University of Turin, Turin, Italy
ABSTRACT
The
paper emphasizes the true “generality” of the General Theory (GT) in the face
of the dominant view, according to which Keynes’s theory is captured by “Keynesian
outcomes” in axiomatic general equilibrium models due to market imperfections. However, it argues that the advocates of generality
must make a serious effort to re-conceptualize the GT in a very broad
perspective. One must understand both its limitations and why the generality
debate after the GT has failed to reconsider it in a proper way and what to do
to restore Keynes’s generality claim in the present context. This paper’s
contribution is twofold. The first is to make a distinction between three
different dimensions of the generality issue and suggest that Keynes failed to
grasp their full significance because he was facing the Marshallian orthodoxy,
rather than general equilibrium. The second contribution is to suggest that one
way to restore Keynes’s generality claim is to stress that he belongs to an
alternative paradigm that has several features in common with contemporary
modernist revolution and with Einstein’s relativity theory in particular.
KEYWORDS
conventions, stability, macroeconomics, Keynesianism
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