The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Keynes, John Maynard (1883–1946)

  • Don Patinkin
Reference work entry


J. M. Keynes was the greatest political economist of the first half of the 20th century. This article traces the development of his thinking about economic theory and policy. It focuses largely on the inter-war trilogy, the Tract on Monetary Reform (1923), the Treatise on Money (1930), and the General Theory of Employment, Interest and Money (1936), in which Keynes’s monetary thought evolved from the quantity-theory tradition he had inherited, changed the face of monetary theory, laid the foundation for its development into macroeconomic theory, and defined the analytical framework and research programme of this theory for decades to come.


Beveridge, W. Bretton Woods agreement Business cycles Cambridge Circus Cheap money Clark, C. Credit cycle Demand for money Econometric Society Effective demand Fisher, I. Fundamental equations Gold standard Harrod, R. Hawtrey, R. Hicks, J. Inflation International Monetary Fund Kahn, R. Kalecki, M. Keynes, J. M. Keynes, J. N. Kuznets, S. Leontief, W. Lerner, A. Liquidity preference Liquidity premium Liquidity trap Macmillan Committee on Industry and Finance Marginal efficiency of capital Marshall, A. Mathematical economics Meade, J. Modigliani, F. Myrdal, G. National-income estimates Ohlin, B. Paradox of thrift Partial equilibrium theory Patinkin, D. Pigou, A. Public works Purchasing power parity Quantity theory of money Robertson, D. Robinson, A. Robinson, J. Say’s Law Shackle, G. Sraffa, P. Stockholm School Stocks and flows Tinbergen, J. Unemployment equilibrium Velocity of circulation Viner, J. Wage rigidity Walras, L. Wicksell, K. World Bank 

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Reprinted or translated works are cited in the text by year of original publication; the page references to such works in the text are, however, to the pages of the reprint or translation in question.

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Don Patinkin
    • 1
  1. 1.