What did Keynes explain?

posted by
September 6, 2011
Cafe Hayek
by Don Boudreaux  
Posted in Commentary

"The claim that 'we owe our understanding of how an economy works' to Keynes is like saying that we owe our understanding of the way an automobile works to someone who famously explained only why automobiles sometimes run out of gas and what are the consequences of such a misfortune. Even if unassailable in every detail, such an explanation isn’t remotely close to being a 'general theory' of how the mechanism in question operates." (09/05/11)


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