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Conclusion

Pragmatic and Dogmatic Keynesianism

Published online by Cambridge University Press:  04 November 2022

Peter Clarke
Affiliation:
University of Cambridge
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Summary

This concluding chapter naturally considers the long-term impact of the image of Keynes that has been suggested in the substantive chapters. It thus confirms the view that ‘Pragmatic Keynesianism’ had obvious traction in situations where practical expedients are sought in face of economic problems. But it also suggests that ‘Dogmatic Keynesianism’ has insights that can be applied (in a more theoretical sense) in understanding the workings of the economy, with reference to the rival theories of especially Schumpeter, Hayek and Friedman. The abiding concern that Keynes showed with the concepts of probability and uncertainty is highlighted; but also, in a methodological frame, the conclusion identifies intractable reasons why individual economic rationality cannot be relied upon to rescue us. Above all, this is a book that appeals to the historical record in offering us insights on the unique career path of a figure who was rather more than today’s conception of a professional economist.

Type
Chapter
Information
Keynes in Action
Truth and Expediency in Public Policy
, pp. 226 - 241
Publisher: Cambridge University Press
Print publication year: 2022

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  • Conclusion
  • Peter Clarke, University of Cambridge
  • Book: Keynes in Action
  • Online publication: 04 November 2022
  • Chapter DOI: https://doi.org/10.1017/9781009255028.011
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  • Conclusion
  • Peter Clarke, University of Cambridge
  • Book: Keynes in Action
  • Online publication: 04 November 2022
  • Chapter DOI: https://doi.org/10.1017/9781009255028.011
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Conclusion
  • Peter Clarke, University of Cambridge
  • Book: Keynes in Action
  • Online publication: 04 November 2022
  • Chapter DOI: https://doi.org/10.1017/9781009255028.011
Available formats
×