Misusing Keynes

What did Keynes really teach? The influence of vulgar Keynesianism on academic orthodoxy as well as on practical discourse has been so great that it threatens to obscure the distinctive core of Keynes's developed economic theory. Fortunately, the theory is unencumbered by the toy mathematics that has served so much subsequent economic theorizing as a surrogate for causal explanation. I interpret this theory as organized around nine propositions. The first three propositions have to do with the themes intimately connected in Keynes’s ideas of money, uncertainty, and illusion.

Watch the full video of this lecture here

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