Conclusion

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.