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Monday, February 13, 2006

Remembering Keynes and The General Theory

John Maynard Keynes painted by his friend, Duncan Grant

In 2006, some people are remembering the 250th anniversary of the birth of Mozart.
Some of us are remembering February 1936.
In February 1936,
The General Theory of Employment Interest and Money was published.
The General Theory is generally regarded as the masterwork of
John Maynard Keynes.
It impacted greatly on world events in the 20th century after the first world war.
In fact, in my view
John Maynard Keynes, through The General Theory,
has had an impact beyond that of any other economist.
And that includes Adam Smith!
His impact has been great on the economy of Australia.
Nugget Coombs in his biography Trial Balance
speaks of the wonder and novelty
on first reading The General Theory.
This influence was with Coombs at the Commonwealth Bank
and is in the The White Paper on Full Employment.
Post 1945 Australia would not have been the same
without Keynes or Coombs.
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