A Polemical Digression

  • Lawrence R. Klein
Part of the Keynesian Studies book series (KST)


For those who feel that the controversies, in the literature, on Keynesian economics have been carried on ad nauseam, this chapter will be of little interest. However, economists should be absolutely clear about their theoretical foundations. It is true that some rare individuals have great intuitive insight into economic problems and do not find it necessary to rely on rigorous theoretical analysis, but there is nothing more tragic than an economist floundering in the field of economic policy because his theory is confused. This chapter is designed as an attempt to clear away some confusions in theoretical economics and should be of interest to those who take economics as a serious affair.


Interest Rate Real Wage National Income Cash Balance Loanable Fund 
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  1. 25.
    Numerous models have been constructed by P. A. Samuelson, “The Stability of Epuilibrium, Comparative Statics and Dynamics,” Econometrica, Vol. IX, April, 1941, q.97.CrossRefGoogle Scholar

Copyright information

© Lawrence R. Klein 1966

Authors and Affiliations

  • Lawrence R. Klein
    • 1
  1. 1.Wharton School of Finance and CommerceUniversity Of PennsylvaniaUSA

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