Inflation and the Keynesianism of Restraint

  • Michael Beggs


‘Nugget’ Coombs, Director General of the Ministry for Post-War Reconstruction 1943–49, central bank Governor 1949–68 and preeminent organic intellectual of the postwar technocracy, suggests that Keynesian ideas were a material force:1

in Keynes’ General Theory there was a conceptual framework providing a means of communication between me and my colleagues in the Bank, between the Bank and the Government and its Treasury advisers, and between the Bank and its principal clients in the private banks. It was one of the attractive features of the Keynesian analysis that it seemed to by-pass the most divisive issues within our society. It seemed in everybody’s interest that expenditure should be pitched at levels adequate to sustain business activity reasonably close to capacity and so to maintain high levels of employment, while avoiding inflationary pressures. (Coombs, 1981a, p. 146)


Monetary Policy Price Level Fiscal Policy Real Wage Aggregate Demand 
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Copyright information

© Michael Beggs 2015

Authors and Affiliations

  • Michael Beggs
    • 1
  1. 1.University of SydneyAustralia

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