Allan G. Gruchy (essay date 1949)
SOURCE: "J. M. Keynes' Concept of Economic Science," in The Southern Economic Journal, Vol. XV, No. 3, January, 1949, pp. 249-66.
[In the following excerpt, Gruchy examines Keynes's economic thought at its various levels of analysis—from his theory of output and employment, to his theory of the capitalist order, to his set of proposals for remedying the capitalist system as it was then operating in England—illustrating how his views on the nature of economic science adhered to and diverged from the orthodox position of the Cambridge school.]
Recent attempts to reduce Keynes' economics to the general textbook level raise the very...
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