Keynes and Macroeconomics: An Alternative Theory of Employment, Finance and Sustainability (Routledge Frontiers of Political Economy)

In 1936 John Maynard Keynes published a book that he believed would revolutionize the way the world thinks about economic problems: The General Theory of Employment, Interest, and Money.Although the book became the foundation of a particular approach to economic theorizing-later termed macroeconomics, in contrast to the microeconomics of the neoclassical school, which had just begun to dominate the discipline in the early decades of the 20th century-it can be argued that Keynes never achieved what Thomas Kuhn described as a scientific revolution: a true paradigm shift. This book not only revisits the debate on the ‘revolution that never was’ within a philosophy of science framework-one that clearly distinguishes between paradigmatic variations and paradigmatic alternatives, thus differentiating between economic orthodoxy and heterodoxy-but also argues that the ‘Keynesian revolution’ of the 1940s and 1950s was merely the orthodox response to ward off a genuine paradigm shift.This was ma