John Maynard Keynes Life, Ideas, Legacy
An introduction to Keynesian economics and a study of the influence of Keynes' ideas on economic theory and economic policy through conversations with eight leading economists, including several Nobel prizewinners. It has been fifty years since Keynes pub
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Also by Mark Blaug ECONOMIC THEORY IN RETROSPECT THE METHODOLOGY OF ECONOMICS GREAT ECONOMISTS BEFORE KEYNES GREAT ECONOMISTS SINCE KEYNES WHO'S WHO IN ECONOMICS INTRODUCTION TO THE ECONOMICS OF EDUCATION
John Maynard Keynes Life, Ideas, Legacy
Mark Blaug
Palgrave Macmillan
ISBN 978-0-333-49653-4 ISBN 978-1-349-20952-1 (eBook) DOI 10.1007/978-1-349-20952-1
© Mark Blaug and the Institute of Economic Affairs, 1990 Softcover reprint of the hardcover 1st edition 1990 978-0-333-49652-7 All rights reserved. For information, write: Scholarly and Reference Division, St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010 First published in the United States of Americain 1990 ISBN 978-0-312-04890-7 Library of Congress Cataloging-in-Publication Data Blaug, Mark. John Maynard Keynes: life, ideas, legacy/Mark Blaug. p. em. Includes bibliographical references. ISBN 978-0-312-04890-7 1. Keynes, John Maynard, 1883-1946. 2. Economists-Great Britain-Biography. 3. Keynesian economics. I. Title. HB103.A3K473 1990 330.15'6--dc20 [B] 90-8446 CIP
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Contents List of Plates
IX
Preface
XI
Introduction
1
1 Life
3
2 The Ideas
11
3 The Keynesian Revolution
2S
4
The Legacy: Talking to Leading Economists about Keynes
39
Epilogue
90
Suggestions for Further Reading
91
Index of Names
93
Index of Subjects
95
vii
List of Plates 1 John Maynard Keynes as an Eton scholar in 1902. By permission of Dr Milo Keynes 2 Duncan Grant's drawing of John Maynard Keynes, 1908. By permission of Dr Milo Keynes 3 J. M. Keynes, 1926, cartoon by David Low. By permission of London Express 4 John Maynard Keynes in the 1930s. HultonlDeutsch 5 The lifeboat that stayed ashore'. Cartoon by David Low from The Evening Standard 1929. Original owned by Dr Milo Keynes, reproduced by courtesy of the Institute of Economic Affairs 6 John Maynard and Lydia Keynes in 1932. Oil painting by Lilian Roberts. The National Portrait Gallery 7
'The feller ought to be ashamed, encouraging rain!' Cartoon by
David Low from The Evening Standard 5 January 1938. The University of Kent at Canterbury © Solo Syndication and Literary Agency, London
8 'Canute shushes the waves'. Cartoon by David Low from The Evening Standard, 8 February 1940. The University of Kent at Canterbury © Solo Syndication and Literary Agency, London 9 John Maynard Keynes in the library of his London house in Gordon Square, 1940. Hulton Picture Company
Preface In 1988 I wrote and presented a one-hour documentary video film entitled The Life, Ideas and Legacy of John Maynard Keynes for the Institute of Economic Affairs, London. This has been well received both by the economics profession and by a wider audience at home and overseas. It went on to win a Silver Medal at the prestigious New York Film and Television Festival, and is available on video cassette for purchase from the lEA's distributor Guild Sound & Vision Ltd, 6 Royce Road, Peterborough, PEl 5YB, England. In the course of making the programme, I had a unique opportunity of interviewing a number of colleagues and
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