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INDEX
Age of Keynes 30
aggregate demand, deficiency of 29
failure 132
aggregate demand price 64
aggregate supply price 64
Alma-Tadema, L. 234
Amariglio, J. 34, 259, 260–262, 268, 269, 270
analogy, reasoning by 169
Andrews, D. R. 17
Anglo-American postwar economic talks 149
‘animal spirits’ 10, 46, 48, 50, 52, 53, 55, 66, 215, 262
Annan, N. 217
Apostles 1, 3, 6, 119, 137–162, 163, 186–188, 190, 196, 218
rejection of Moore's argument to follow rules 247
aristocracy of the sensitive 231
Aristotle 161, 242
Arnold, M. 230
Arts Council 3, 156, 217, 263
Arts Theatre, Cambridge 3, 123–124, 217, 264
Asquith, H. 8
asset-price bubbles 197
auctioneer, economics without 28
Austrian economics 51, 92, 259
Baccini, A. 178
Backhouse, R. E. 36, 56, 57, 96, 97, 115, 259, 288, 290
Bacon, F. 169
balance of payments 107
Baldwin, T. 6, 7
bancor 113
bank failures 55
Bank of England 102–106, 108–109, 112, 184, 197
Bank rate 91, 103–104
Barber, W. 289
Barkai, H. 103
Barro, R. J. 29
Bateman, B. W. 11, 17, 18, 46, 56, 97, 132, 133, 155, 163, 164, 193, 198, 204, 209, 246, 256, 261, 273, 288
Bauhaus 267
Beauty 1, 238
Becker, G. 270
Beckett, W. E. 152
Bell, A. O. 142
Bell, C. 219, 220, 222, 223, 231, 234, 263
Civilization 222
Bell, V. 30, 136, 138, 220, 230, 233, 263
Bentham, J. 219, 232, 240
Benthamite calculus 176, 189, 214, 221
Bernstein, E. M. 150
Bernstein, M. 290
Berwick Church 233, 236
Besomi, D. 127, 133
Beveridge, W. 113, 116, 132
Full Employment in a Free Society 116
Biddle, J. 221
biological metaphors, Darwinian 221
biology, evolutionary 221
bisexuality 186
Blair. T. 188
Blake, W. 133
Blaug, M. 13, 18, 32, 259, 269
Bloomsbury 9, 10, 11, 12, 119, 120, 160, 164, 177, 190, 217, 258, 266
effect of Keynes's ethical theory on 246
influence on Keynes 6, 263–266
interest in psychology 232, 269
limited faith in government 231
Moore's influence on 218–220
on appropriate ends of human life 218–223
on religion 233
rhetorical style of 234–236
Bonadei, R. 265
Bonar Law, A. 101
Booth, A. 114
Boumans, M. 88
Bradford, F. A. 19
Brentano, F. 6, 240–243, 244, 245
The Origin of Our Knowledge of Right and Wrong 240–244
unsatisfactoriness of his ethical theory 241–243
Bretton Woods 113, 115, 149, 150, 152, 155, 191
Bricmont, J. 258
Brittan, S. 12, 198
Broad, C. D. 163, 166, 170
Brook, N. 148
Brown, G. 184
Bruegger, N. 261
Buchanan, J. M. 98, 99, 131, 272, 274, 277
Buchanan, J. M., and Wagner, R., Democracy in Deficit 98, 274
budget deficits 8, 10, 11, 99, 107, 114, 184, 192, 194, 196, 272, 273–293
budget of 1941 111
bureaucracy 182
Burke, E. 6, 163, 176, 179, 186, 187, 188, 189, 192
influence on Keynes 6
similarity with Moore's ethics 163
Burton, J. 99
business cycle 11, 46, 147, 194, 259, 271–272, 280
Cambridge theory of 7
Cagan, P. 83
Cain, N. 57
Cairncross, A. 110
Cambridge economics 12, 47, 118, 182
Cambridge philosophy 161
Cambridge School 130
Cambridge tradition 58, 91, 122, 261
Cambridge, University of 1, 5, 6, 8, 12, 101, 149, 173, 185, 218, 240, 280
Cambridge University Press 137, 138
Campbell, R. M. 289
Canada, wartime assistance to Britain 151
See also demand management, in Canada
capital expenditure 99, 273–277
See also investment
capitalism 9–12, 185, 229
Carabelli, A. 5, 17, 133, 155, 168, 204, 268
Carnap, R. 167, 171
Carnegie, A. 252
Carrington, D. 220
Cartwright, N. 89
Casino 10
causal language, Keynes's use of 86
causality, principle of 170
central bank independence 197
central bankers 193
Central Economic Information Service 109–111
Central Statistical Office 109
certainty equivalents 64
Chamberlain, A. 101, 102
Chamberlain, N. 101, 107
Charleston 138
cheap money 193
Chicago School 272
Childs, P. 267, 269
Churchill, W. S. 101, 102, 109, 181
Civil Service 185
Civil Service Examination 2, 120, 237
civilization 231, 232, 233
Clark, K. 233
Clarke, P. 17, 18, 96, 99, 106, 125, 155, 273, 288
classical and Keynesian research programmes 32
classical economics 21, 22, 23, 24, 25, 28, 32, 39, 40, 41, 48, 53, 56, 59, 65, 90, 128, 177, 258, 287
classical liberal idea of government 197
classical theory, see classical economics
Classics, Keynes and 39–40, 73
Clower, R. W. 27–28, 29, 65, 66
Coates, J. 174, 198
Coats, A. W. 32
Cobbett, W. 229
Coddington, A. 25
Colander, D. 259, 289
Coleridge, S. T. 239
Collectivism 266
College Council 121
Collins, J. 235
Committee on the Control of Savings and Investment 108
common sense 247
competition 59, 62
confidence 10, 113, 177
See also expectations, state of long-term
consciousness 246
Conservative Party 8, 99, 255
conservative policy stance 56
conservative political circles 51
constrained discretion 197
constrained optimization 59
consumption 264
Contemporary Art Society 217
continuity principle 64
conventional judgement 214
Conventions 25, 177, 188, 256, 262
co-ordination failures 68
Council for the Encouragement of Music and the Arts 233
Council of the Senate 120
counter-revolution 277
Cowles Commission 81, 92
Craine, R. 95
creativity, human 26
credit 27
credit cycle 93
crises, financial 42
Cristiano, C. 178
critical rationalism 259
crowding out, psychological 105
Cullenberg 269
Currie, L. 57, 282
Dadaism 257
Dalton, H. 101
Dardi, M. 178
Dasgupta, A. K. 258
Davidson, P. 26
Davis, J. 17, 134, 155, 161, 164, 204, 269, 270
De Finetti, B. 174, 206, 207, 216
De Vroey, M. 78, 79
Debreu, G. 80, 81
debt 276
deep parameters 76
deferred pay 110
deflation 24, 67, 76, 82, 192
demand management 11, 65, 108, 116, 271–272
comeback at end of twentieth century 287
democratic experimentation 283
in Britain 111, 283
in Canada 283
in France 282–283
in Germany 281, 282
in Japan 281
in USA 281–282
democracy 181, 229
Department of Applied Economics 122
Depression 10, 11
See also Great Depression
Deutscher, P. 156
diagnostic science 13
Dillard, D. 21
Dimand, R. 155
Dimsdale, N. 103, 134
discontinuity thesis 209
disequilibrium 28, 29
disequilibrium macroeconomics 29
Dobbs, M. 199
Douglas, Major 20
Dow, S. C. 259, 269
dual-decision hypothesis 27–28
Dumford, H. G. 118
Durbin, E. 135, 142, 156
Dutch Book argument 211–212
Dutt, R. P. 126
dynamics 13
Eady, W. 153–154
Econometric Society 36
Economic Advisory Council 3, 101
Committee on Economic Information 109, 110
Economic Journal 120, 121, 129, 137, 138, 142, 143–144
economic problem 218, 223
Economic Section 109, 113
economic theory 20, 93
Economica 142
economics, applied 15
behavioural 14
hand of 229
modern 259
orthodox 84
economies of scale 63
education 232
Edwardian ethical premises 175
effective demand 41, 43, 50
effective demand failures 66–67, 68
efficiency, economic 9, 254
Einstein, A. 33, 257
Eliot, T. S. 125, 195
Ely, R. T. 20
empire 231, 235
employment policy 114, 115
Employment Policy, White Paper 114–115, 116, 147
engine, for discovery of truth 80
entrepreneurs 10, 64–65
equilibrium 23, 58
as point attractor 12
full-employment 23, 24, 67
See also full employment
Keynesian short-period 73
low-employment 10, 29
market-day, see equilibrium, temporary
temporary 61–62
with involuntary unemployment 22
Esty, J. 265
ethical concern, levels of 6
ethical values, importance of possibilities for human fulfilment to 239
ethics 6, 186
See also Moore, G. E.
Eton College 2, 119, 138
Euro 184, 197
European Central Bank 184
exchange equalization account 103
expectation, mathematical 215
expectations 7, 10, 26, 29, 53, 64, 125, 265
inconsistent 224–228
long-term 66, 70, 104, 262
rational 56, 60, 75
state of long-term 25–29, 64, 204
expenditure, government 22, 275–279
See also public works, fiscal policy
faculty board 120
fear, mass psychology of 233
Federal Reserve System 93, 287
Felix, D. 155
financial markets 47
First World War 101, 102, 120, 180, 183, 185, 187, 190, 199, 224, 231, 232, 257, 263, 282
fiscal policy 21, 55, 98, 100, 116, 193, 195, 271–288
fiscal rules 192
Fisher, I. 91
Fitzgibbons, A. 131, 163
fix-price macroeconomics 29
Fleming, J. M. 148
Fletcher, G. A. 156
flexibility, wages; see stickiness, wage
fluctuations 127
foreign exchange, theory of 84
foreign exchanges 83
formalism, reductionist 260
formalist revolution 13
Forster, E. M. 217, 225, 226, 230, 231, 235
A Passage to India 226
Howards End 226, 230, 231
Other Kingdom 224
Where Angels Fear to Tread 226
Frankfurter, F. 139
free enterprise, Thatcher–Reagan model of 185
free will 26, 95
Freud, S. 177, 187, 232
Friedman, M. 15, 30, 54, 55, 57, 74–75, 80, 81, 96, 180, 184, 195, 198, 272, 286, 287
Friedman, M., and Schwartz, A. J., A Monetary History of the United States 55
friendship 1
Fry, R. 6, 9, 11, 217, 220–222, 230, 232, 233, 234, 235, 239
An Essay in Aesthetics 220
full employment 22, 48, 53, 67, 98, 100, 108, 273, 286
Full Employment, White Paper 277
fundamental equations 91
Gadd, D. 269
Garegnani, A. 178
Garnett, D. 220, 225, 227, 228
Lady into Fox 225
Sailor's Return 227
Geist, Hegelian 266
general equilibrium theory 13, 23, 58, 65, 76, 80, 81, 175
Genesis, Book of 233
Gernalzick, N. 268
Gerrard, B. 36
Gestalt shift 33
Gillies, D. 5, 17, 216, 256, 261
Gluck, M. 268, 269
glut, general 41, 42, 43
Godwin, W. 229
gold 151
Gold Standard 2, 3, 101, 102–104, 112, 113, 279, 280
Britain's departure from 10
return to 191
good 6, 161, 187, 188, 219
Brentano's definition of 241, 242
Moore's definition of its indefinability 240
Scanlon's buck-passing theory 245
good life 235
Goodwin, C. D. W. 6, 9, 10, 133, 134, 220, 232, 233, 263
Goux, J.-J. 268
government borrowing 108
government failure 184
government policy 20
Granatstein, J. L. 289
Grant, D. 120, 136, 138, 217, 233, 263
Gray, R. T. 271
Great Depression 20, 37, 44, 51, 55, 68, 69, 76, 224, 257, 284, 285
Green, T. H. 190
Groenewegen, P. D. 156
Grossman, H. 29
growth and stability pact 184
Haberler, G. 21, 53
Hacking, I. 165, 166
Hahn, F. H. 13
Hall, P. 273, 274, 280, 284
Hammond, J. D. 80
Hands, D. W. 32
Hannibal 79
Hansen, A. H. 22, 23, 71, 278, 279, 280, 287, 289, 292
A Guide to Keynes 279
happiness 188
Harcourt, G. C. 198
Harcourt Brace 137, 138, 139, 141, 142
Hardouvelis 95
Harrod, R. F. 4, 16, 119, 125, 126, 146, 161, 174, 178, 182, 197, 217
and propagation of Keynesian economics 16
Harvard University 139
Harvey Road 121, 182
Hawtrey, R. G. 23, 56, 57, 104, 108, 110, 190
Hayek, F. A. 34, 35, 57, 97, 126, 142, 181, 184, 188, 192, 196, 197
The Constitution of Liberty 181, 197
The Road to Serfdom 181, 196
Hearst, P. 211
Heath, R. 140
Heemeijer, P. 259
Heertje, A. 259
helicopter, Friedman's metaphor of 195
Henderson, H. 8, 12, 110, 111, 113, 138, 147
Henderson, L. 285
Hendry, D. F. 81
heresy 22
Hicks, J. R. 13, 22, 23, 25, 71, 73–74, 90, 96, 123, 146, 203
‘Mr. Keynes and the classics’ 146
Higgs, R. 285, 290
Hobbes, T. 186
Hobhouse, A. 119
Hobhouse, L. T. 8, 190, 193
Metaphysical Idea of the State 190
Hobson, J. A. 8, 190
Hogarth Press 137
Holroyd, M. 156
homosexuality 186
See also Keynes, J. M., homosexuality
Hood, W. C. 81, 92
Hoover, K. D. 10, 12, 13, 15, 80, 81, 96
hope 11
Hopkins, Harry 282
Hopkins, R. V. N. 105, 110, 111, 114, 115, 148, 150
Howitt, P. 56
Howson, S. 17, 102, 103, 104, 107, 109, 115, 142, 148, 150
human logic, Ramsey's 172
Hume, D. 79, 80, 177, 200
An Abstract of a Treatise on Human Nature 137
Hutchison, T. W. 100
Hutter, M. 272
Huyssen, A. 269
hyperinflation 83
Ideal, the 161, 187
idealism 164
ideology 38
Ietto-Gillies, G. 216
imperialism 190
income 73, 127
income tax, progressive 8
indeterminacy, and human behaviour 26
India Office 2, 100, 120, 185, 265
Indifference, Principle of 201–202, 209–210, 248, 249
induction 169–171, 173
inference 165
inflation 54, 82, 99, 100, 110, 192, 272–288
inflation targets 187
inflationary gap 54
information, co-ordination of 10
institutions 193
interest groups 181, 184
interest rates 29, 39, 44–50, 53, 55, 67, 71, 73, 90, 104, 115, 127, 145, 193, 271–287
term structure of 104
International Clearing Union 112, 151
International Labor Review 279
International Monetary Fund 112, 150
intertemporal co-ordination 55, 67
intuition 14, 201
investment 25, 44–45, 46, 55, 63, 71, 90, 114, 126, 176, 264
IS-LM model 22, 23, 26, 27, 52, 53, 71, 73–74, 146, 202, 261
James, H. 232, 282
Jameson, F. 270
Japan 192
Jeanneret, C.-E. 270
Jefferson, T. 229
Jeffreys 167
Jevons, W. S. 59
Johnson, E. 264
Johnson, W. E. 166, 167
Johnstone, J. K. 269
Jones, E. 149
Jonson, B. 1
Joseph, K. 99
Journal of the Royal Statistical Society 137
Jung, C. G. 232
Kahn, R. F. 49, 57, 121, 122, 123, 124, 125, 126, 127, 128–129, 133, 134, 136, 143–144, 145–146, 147
Kaldor, N. 144, 145, 146
Kalecki, M. 122, 123, 134
Kandinsky, W. 267
Über das Geistige in der Kunst 267
Kates, S. 41
Kendrick, W. 232
Keynes and philosophy literature 4–5
Keynes, G. 135
Keynes, J. M.
‘A Short View of Russia’ 137, 255
abandonment of classical economic theory 186
accountability of the state 131
‘Am I a Liberal?’ 240, 255
American copyright 140–142
and Cambridge 118–133
and Cambridge tradition 261
and capitalism 9–12, 100
and the Classics, see classics, and Keynes
and common men 183
and D. H. Robertson 137
and Duncan Grant 120
and full employment 100
and King's College 123
and laissez-faire 100
and macroeconomics 273
and Marshall's lectures 120
and Marx 126
and mathematical economics 36
and money motive 189
and Moore on probability 162, 163, 176
and New Liberalism 194
and non-conclusive inference 189
and private-public partnerships 195
and public-private partnerships 185
and revolutionary change 189
and rules 189
and social democracy 12
and welfare state 131–132, 183
antipathy to unions 183
as a classical economist 21
as an economic theorist 68
as anti-modernist 260
as civil servant 100
as corporatist 185
as ‘Doctor’ Keynes 80–96
as economic theorist 78, 79
as financial adviser 3
as government adviser 100
as immoralist 188
as investor 123
as journalist 137
as Liberal 8
as Marshallian economist 58–77, 80, 82
as modernist 263–268
as part of world of mid-century economics 16
as philosopher 185
as philosophical realist 72
as player in financial markets 78
as policy adviser 80
as political philosopher 180, 186
as portfolio manager 78
as Treasury representative at Versailles conference 101
as twelfth wrangler 2
at height of modernist period 257–258
attended lectures of Moore and McTaggart 160
attentiveness to definitions 89
axioms of probability calculus 168
bibliophile 121
biographical literature on 152, 220
Bloomsbury influences on 16
bohemian lifestyle 263
break with Marshall over continuity 64, 76
Brentano's influence 240–245
bursar of King's College 3, 123
‘Can Lloyd George Do It?’ 3, 8, 138, 276
capitulation to Ramsey 5, 171–173, 205, 207–210, 250
caricature of 277
chairman of New Statesman and Nation 190
Collected Writings 136, 273
commitment to art 16
commitment to a mechanistic model of the business cycle 7
concern for others 122
concern with duties 252–255
concerns with socialism 9
conservatism of 191
continuity between Treatise on Money and General Theory 124, 127
continuity thesis 204
correspondence 3, 119–129, 136
correspondence with D. H. Robertson 146–154
correspondence with Wittgenstein 156
critical discussion of Moore's ethical theory 246–251
death 130
definition of a good economist 129–130
describing his politics as to the left 9
diplomat 4
disagreement with Pigou 128, 143–146, 155
discontinuity thesis 204
discussion with Robertson over IMF rules 150
dislike of Marx 188
disregard for rules 188
dissatisfaction with Moore's method 241
downplaying importance of uncertainty in economic life 46
early ethical theory, achievement of 245
early work in philosophy 6
Economic Consequences of Mr. Churchill 3, 137
Economic Consequences of the Peace 2, 138, 155, 176, 234, 257, 265
‘Economic Possibilities for our Grandchildren’ 302
‘Economic Prospects for our Grandchildren’ 218
economics as instrumental to good life 161
economics as moral science 131
economics as postmodernist 260–263
elimination of scarcity 11
End of Laissez-Faire 27, 137, 254
Essays in Biography 124, 141, 208, 232
Essays in Persuasion 124, 141
ethical influence of Bloomsbury on 217–236
ethical position endorsed by Moore 246
ethical theory of good feelings and fit objects 243–246
ethics 6, 16
failure to address John Stuart Mill 239–240
failure to use imperfect competition 62
Fellowship at King's College 120, 185–186
Fellowship dissertation 160, 165, 199
frequency theory of probability 165–166
Galton lecture 176
General Theory of Employment (1937) 146, 203
General Theory of Employment, Interest and Money, see Keynes, J. M., General Theory of Employment, Interest and Money
heart problems 120, 143, 192
held responsible for bias towards deficits 98
held responsible for high inflation 98
Henderson's opposition to his policy ideas 111
homosexuality 4, 16, 119
How to Pay for the War 54, 110, 140, 142, 275
iconic status of 34
‘In the long run we are all dead’ 88, 275
in wartime government 156
Indian Currency and Finance 2, 101, 138–139, 265
individualism 185–191, 194
inequality 183
influence of Moore 165, 166
influence of Principia Ethica 160–163
influence on British economic policy 98
influenced by Moore to work on probability 247–249
intellectual development 17
interest in collecting data 14
interest in exchange rate stability 112
interest in rules 130
intersubjective theory of probability 209–216
intuitive arguments 36
irrelevance of wage stickiness 53
Jevons centenary allocution 137
known as practical man 78
lack of interest in uncertainty before General Theory 7–8
laws of motion not guaranteeing convergence 77
lecturer 120, 122
liberal reformer 254
‘Liberalism and labour’ 240, 254
lifelong liberal 100
logical theory of probability 163, 200–202
management of intellectual property 3, 137–146
manager of insurance companies 3
market liberal versus social democrat 183
marriage 120
Marshallian influence on his philosophy 174–175
‘Means to prosperity’ 106–107
member of corporate boards 78
methodological closeness to Marshall 15
methodology 90, 93
‘Miscellanea ethica’ 163, 164
‘Modern civilisation’ 240, 252
monetary theory 94
monetary theory of production 66
Moore's influence on 9, 237–240, 264
more concerned with ethical problems of abundance than scarcity 218
‘My early beliefs’ 2, 3, 15, 163, 179, 190, 197, 237–256
not a classical liberal 183
not a proponent of rigid-wage theories of unemployment 42, 43
not a social reformer 131
not in favour of higher taxes 131
not responsible for postwar inflation 116
not supporter of deficit-spending 275
not throwing things away 136
note on IMF 151
on birth control 255
on British economy in 1920s and 1930s 10
on Christian morality 253
on contraceptives 255
on economic position of the family 255
on economic position of women 255
on expectations 52
on fiscal policy 274
on individual behaviour 13
on marriage laws 255
on mathematics and economics 79
on monetary policy 277–278
on rules 196–197
on Tinbergen's work 91, 92, 171
on uncertainty 34, 178, 261–263
on utilitarianism 14, 165, 182, 218–219
open-mindedness 178
patron of the arts 3, 4
paucity of philosophical correspondence 155
philosophical work 4
policy framework favoured late in life 193
policy recommendations 50
political philosophy 100, 180–189
politics 190
position in Economics Faculty 122
postmodern moments in his work 261
predecessors of 13
preference for balanced budgets 114
President of Eugenics Society 137
presidential address to Apostles 1
principle of organic unity 164
probability in his economics 202–204
proposal to succeed Pigou 124
proposals for a revenue tariff 3
proposals for International Clearing Union 148, 149
publishing on commission 139, 142
reconversion to Mooreism 246
relationship with the Bank of England 101
resignation from Treasury over Treaty of Versailles 138
role in Anglo-American negotiations 112
scepticism about statistical models 14
scholarly agenda shaped by Bloomsbury 230–236
seen not to have a theory 13
sees himself as avant-garde writer 264
similarity between main economic works 84
similarity of position on conventions to Moore's on rules 251–259
similarity to Herbert Simon 88
Sraffa's attitude to 126
switch from mathematics to economics 120
the City of London and the Bank of England 137
‘The means to prosperity’ 3, 106, 107
‘The political doctrines of Edmund Burke’ 163
‘Theory of Beauty’ 246
theory of long-term expectation 214–215
theory of probability 5, 125, 199–216
influenced by Moore's naïve epistemology 250
objective 5
subjective 5
Tract on Monetary Reform 2, 7, 54, 78, 82–84, 85, 86, 87, 91, 96, 124, 192
Treatise on Money 2, 3, 7, 21, 46, 47, 48, 49, 78, 82, 85, 86, 89, 91, 94, 96, 97, 104, 106, 124, 126–127, 141, 146, 147, 164, 235
Treatise on Probability 2, 5, 27, 46, 64, 124, 138, 139, 141, 155, 160, 163, 165, 166, 168, 171, 172, 173, 174, 180, 181, 186, 199, 202, 209, 247, 262
twelfth wrangler 119
use of formal theory 15
use of referees 143
Victorian influences on 16
view of his work in relation to classics 22
wrong about liquidity preference 71
youthful irreverance 252
Keynes, J. M., General Theory of Employment, Interest and Money 2, 3, 4, 5, 7, 8, 10, 13, 19, 20, 21, 22, 24, 25, 26, 27, 28, 29, 32, 33, 34, 35, 36, 39, 41, 42, 46, 47, 48, 50, 51, 52, 53, 54, 55, 56, 57, 62, 64, 66, 73, 78, 79, 82, 87, 88, 89, 90, 91, 94, 96, 98, 100, 104, 115, 122, 124, 125, 126–127, 129, 130, 132, 134, 139, 141, 142, 143, 146, 147, 155, 167, 176, 185, 191, 192, 195, 203, 204, 209, 210, 223, 227, 228, 235, 238, 250, 251, 254, 257, 259, 261, 265, 266, 267, 269, 271, 274, 277, 278, 280, 283, 284, 287, 289
aggregate demand not independent of aggregate supply 65
as about role of monetary system 39
as common language 281
as imprimatur for fiscal revolution 284
containing many lines of reasoning 25
denial of Say's Law 65
discarded draft of 66
ideological implications of 68
influence of Bloomsbury on 227–228
mathematical modelling of 22–25
monetary economy central to 52
not a modernist text 260
probability and investment 203–204
rapid success of 51
Robertson's unhappiness with 147
stabilizing confidence as main argument 132
use of conventions in 251
Keynes, J. N. 125
Keynes's Club, see Political Economy Club
Keynes's economics 20, 72
Keynesian economics 19, 20, 30–31, 65, 73, 74, 98, 99, 119, 259, 274, 277–286
and Cambridge school 130
and Keynes's economics 131
as New Economics 21
basic premise of 130
fine-tuning 92
Friedman's challenge to 75
macroeconomics as synonym for 39
microeconomic foundations of 13
neglect of uncertainty 129
seen as superseded 58
Keynesian policy 24, 30
Keynesian revolution 19–38, 126, 278, 285, 286–292
as breaking with equilibrium 26
as concerning time 26
as harmful detour 30
as overthrowing rational choice theory 26
inseparability from mathematical revolution 36
three possible meanings 20
Keynesianism 4, 12, 193, 275, 276–277
across nations 280–286
American 196
anti-Keynesianism 193
as distortion of Keynes's writings 11
as postwar ideology 286
as tired and failed 286
bastard 26, 53, 129
‘Chapter 12’ 25–27
fundamentalist, see Keynesianism, ‘Chapter 12’
mathematical apparatus of 12
proto-Keynesianism 286–289
stylized history of 271–273
unreconstructed 34
Keynesians
American 278
British 278
orthodox 26
King, J. 26
King's College, Cambridge 2, 34, 78, 119, 199
Fellowship 122
Keynes's papers 136
See also Keynes, J. M., bursar of King's College
Kitson 20
Klaes, M. 268
Klamer, A. 259–260, 267, 268
Klein, L. 21–22
The Keynesian Revolution 21
knowledge, indeterminacy of 262
vague 172
Knüvener, T. 269
Koopmans, T. C. 81, 92
Kregel, J. A. 33
Reconstruction of Political Economy 33
Kries, von 167
Kuhn, T. S. 32, 33, 211
The Structure of Scientific Revolutions 32
Kuznets, S. 284
Labour Party 8, 255
Laidler, D. 13, 19, 35, 46, 56, 57, 269, 272, 288
laissez-faire 228
Lakatos, I. 32
lamb dip 89, 90
Landhaus Lemke 275
language, ideal 164
ordinary 164
Laplace, P.-S. 170
Latsis, S. 32
Lavington, F. 46, 47
law, rule of 254
Lawrence, D. H. 189, 191, 240, 241, 253
rejection of Keynes and his friends 253
Lady Chatterley's Lover 189
laws of motion 61, 67, 68, 70, 71
Lawson, N. 18, 187, 204
League of Nations 14
Leijonhufvud, A. 10, 12, 28, 29, 45, 53, 54, 58, 65
On Keynesian Economics and the Economics of Keynes 28, 53–54
Leith, J. C. 121
Lend-Lease 148
Lenin, V. I. 190
Lerner, A. P. 278–279, 280, 287, 289
The Economics of Control 278
LeRoy, S. F. 95
Lewis, W. 235
Liberal government, 1906 8
Liberal Industrial Inquiry 185
Liberal Party 3, 8–9, 105–106, 190, 191, 255, 284
Liberalism 8, 180, 183, 184, 196, 253
Liberty 9, 231, 255
life, actual 6, 9, 11, 220–223
imaginative 7, 9, 11, 17, 220–223, 230
limited independent variety, principle of 170
Lindahl, E. 29
Lippmann, W. 139
liquidity preference 26, 46, 53, 71, 73, 90, 92, 104, 109, 115, 127
liquidity trap 23
Lloyd George, D. 8, 101, 105, 107, 194
loanable funds 67, 71, 73, 90
Loasby, B. J. 26
logic 186
logical positivism 166
London Artists' Association 217
Lopokova, L. 120, 136
Lorraine, D. 168
love 238
Lovejoy, A. 266
LSE 32, 147, 149
Lubin, I. 282
Lucas, R. E. 30, 39, 55, 75, 76, 79, 92–93
Luxford, A. 152
Lyotard, F. 261, 262
Macmillan (publishers) 137–141
Macmillan, D. 138, 139, 141
Macmillan, G. 138, 139
Macmillan, H. 140, 185
Macmillan, W. 139
Macmillan Committee 3, 7, 105
macroeconometrics 76
macroeconomic policy 273
See also demand management
macroeconomics, origins of 273
Malthus, T. R. 41, 42, 43, 92
Malthus–Ricardo debate 42
Manchester Guardian Commercial 2
Marcuzzo, C. 122, 125, 126, 136
marginal efficiency of capital 63, 64, 90
marginal revolution 32, 258
market clearing 56
market failure 184
marriage, Victorian 225
Marshall, A. 12, 14, 15, 23, 42, 43, 47, 58–77, 80, 81, 82, 89, 92, 96, 120, 122, 124, 125, 127, 129, 130, 131, 134, 164, 171, 174–175, 176, 177, 178, 182, 185, 257
as philosophical realist 72
Principles of Economics 64, 120, 123
use of formal theory 15
See also Marshallian economics; Marshallian/Walras distinction
Marshall, M. P. 42, 43
Marshallian economics 56, 58, 60, 128, 259, 265
Marshallian/Walrasian distinction 81
Martin, K. 190
Marx, K. 34, 126, 185, 187, 230, 269
Marxism 185, 186
Marzola, A. 264, 265
mass communication 257
mass production 257
Massachusetts Institute of Technology 21
mathematical economics 36, 38, 78
mathematical rigour 259
mathematics, Keynes's scepticism over 72
Marshall's warnings over 72
use of 72
Matthews, R. 98, 99
McCarthy, D. 220
McCloskey, D. N. 258, 259, 260
McDonald, J. R. 101
McKenna, R. 101
McLuhan, M. 268
Mc Taggart, J. M. E. 160
Meade, J. E. 111, 118, 134, 146, 149, 194, 280
Meinong, A. 167
Meisel, P. 232
meliorism, Enlightenment 254
Mencken, H. L. 230
Menger, C. 59, 92, 259
methodology, of scientific research programmes 32
economic 258
Marshallian 80–81, 86
Walrasian 80–81
middle way 184
Middleton, R. 105, 107, 108
militarism 231
Mill, John Stuart 42, 55, 59, 169, 218, 232, 239–240, 253, 261
Autobiography 240
On Liberty 239, 240
Utilitarianism 239
Mini, P. 217
Mirowski, P. 259, 268
Mises, L. von 92, 181
Mizuhara, S. 17, 134, 155
modern economics
based on choice theory 59
definition of equilibrium 60
equivalence of theory and model 72
influence of Walras on 60
meaning of theory in 78
modern macroeconomics, and Keynes's theory 80
modernism
difficulty in interpreting 266
economic 258, 259–260
in architecture 267
See also Keynes, J. M., as modernist
Modigliani, F. 23, 25
Moggridge, D. 3, 16, 36, 103, 106, 111, 112, 119, 120, 121, 129, 133, 134, 135, 142, 150, 178, 217, 263, 269, 287
monetarism 54, 73, 75, 129, 196, 287
monetarist counter-revolution 54–55, 192
monetary economy 27, 52
monetary exchange 42
monetary policy 44, 53, 55, 74, 98, 100, 101, 104–105, 115, 195, 199, 271–288
monetary policy rule 187
monetary system 44–50
money 27, 40, 41, 71, 74, 83, 90, 291–292
money-making, motive of 2
Moore, G. C. 221
Moore, G. E. 1, 3, 5, 6, 7, 9, 134, 160, 166, 174, 175, 176, 181, 187–188, 189, 218–220, 222, 227, 236, 237–251, 252, 256
critique of Mill 239
duty to follow rules of conduct 164
ends of art and friendship 9
Ethics 246
influence of objective/subjective distinction on Keynes 249–250
Keynes's impact in changing his ethical theory 246
Lectures on Modern ethics 250
Miscellanea Ethica 241, 245, 246
not concerned with probability in Principia Ethica 248–249
Principia Ethica 6, 160–163, 187, 219–220, 237–238, 240–246, 246–251
refutation of idealism 160
‘The Nature and Reality of the Objects of Perception’ 246
unsatisfactoriness of conception of knowing the good 241
Moral Sciences Club 205
morality, sexual 256
Morgan, M. S. 81
Morgenthau, H. 153
multiplier 32, 48–50, 66, 106–107, 113, 115, 127, 264
multiplier-accelerator model 259
Munro, R. 272
Myrdal, G. 29
myth-making 39
Naldi, N. 133
Nation and Athenaeum 12, 136, 138
National Archives 136, 146
national debt 104, 115
National Debt Inquiry 277
National Income, White Paper 148
national income accounting 4, 37, 284, 286
National Industrial Recovery Act 281
National Investment Board 193
natura non facit saltum 64
naturalistic fallacy 6, 161, 187, 219, 237, 238–239
Nazism 186
neo-classical economics 58, 59, 92, 181, 258, 259, 260
neo-classical synthesis 24, 25, 26, 34
neo-positivism, and Ramsey 172
New Classical Macroeconomics 30–31, 55, 65, 74, 95
New Deal 40, 281
new economics 20–21
New Keynesian Macroeconomics 31, 56, 74, 75
New Liberal Summer Schools 11–12
New Liberalism 11–12, 190
New Republic 137, 138
New Statesman and Nation 137, 140, 190
Newton, I. 133, 227
Nicod 171
Nicolson, N. 142
Nietzsche, F. 230
non-accelerating inflation rate of unemployment (NAIRU) 75–76
non-linear dynamics 69
non-sufficient reason, principle of 168
normal science 32
O'Brien, D. P. 288
O'Donnell, R. 5, 17, 100, 155, 172, 198, 204
O'Mahoney, A. 56
Oakeshott, M. 189
objective frequency distributions 64
open-market operations 92
Opie, R. 149
optimism and pessimism 46–48
organic unity 164–165, 188
Organisation of Petroleum Exporting Countries 30
original sin 233
orthodoxy, Keynesian 4, 20–21
new 25
Ottawa 151
oversaving 191
Owram, D. 289
Oxford idealism 11
Page 199
Paine, T. 232
Paley, W. 190
paradigm shift 33
Pareto, V. 259
Parliament 194
partial equilibrium theory 81
Pasinetti, L. 66
Patinkin, D. 18, 23, 24, 25, 26, 28, 29, 36, 53, 121, 155, 284
Money, Interest and Prices 24, 28
peace 235
Peacock, A. 135
Pearson, K. 171
Peden, G. C. 100, 105, 106, 107, 108, 111, 114, 115, 272, 274, 288, 289
Penguin Special 140
penicillin, discovery of 208
pensions 8
Pesaran, H. 18
Phelps, E. S. 75
phenomenology 247
Phillips, F. 103, 107–108, 109, 110, 147, 149
Phillips curve 75
philosophy, of science 19–20, 32
of ordinary language 188
Pigou, A. C. 7, 23, 33, 49, 53, 58, 96, 120, 122, 123, 124, 125, 127–128, 131, 134, 136, 142, 143–146, 149, 153, 168, 176, 234
attack on General Theory 143
and mathematics in economics 127
Plato 186
Platonism 5, 6, 160, 173, 201
Plumtre, A. F. W. 121, 122
point-attractors 62, 64, 68, 69, 70, 72
policy rules 184
Political Economy Club 120, 121
political philosophy 20
Popper, K. R. 171, 259
Logik der Forschung 171
post-Keynesian economics 33, 35
postmodernism
as a form of dissent in economics 258
modal interpretation of 261–262
postmodern moments in Keynes's theory 34
Post-Impressionism 234
poststructuralist economics 268
poverty, elimination of 11
pre-Keynesian literature 21
prejudice, racial 231
Presley, J. 156
Pressnell, L. 151
price level stability 54
price-taking 59
privatization 185
probabilities, impossibility of attaching 25
probability 4, 162, 186
as partial entailment 200
betting method 206–207
calculus of 25, 46
frequency conception 247
intersubjective theory of 211–213
Keynes's objective theory 201
logical conception 247
logical theory of 166–169, 200, 205
measurable and unmeasurable 167, 201
numerical 173
Ramsey's subjective theory 206–207
subjective conception of 209
Wittgenstein on 173
See also weight
propaganda 233
property 189, 254
public choice 181
public investment 100, 107, 114, 196
Public Record Office 272
public works 8, 10, 11, 48, 106, 191, 275, 280, 284
pure-applied distinction 91
quantity theory of money 82, 83, 85, 91, 129
Quarterly Journal of Economics 25, 137
quasi rents 63
Raffaelli, T. 5, 6, 133, 134, 178
Ramsey, F. 5–6, 17, 79, 134, 165, 167, 171–173, 174, 186, 205–210, 213, 216, 250
‘A Mathematical Theory of Savings’ 79
advocate of pragmatism 172
critique of Treatise on Probability 5–6, 205–206
death 207
Foundations of Mathematics 171
truth and probability 205
Ramsey–de Finetti theorem 207
Ranchetti, F. 133
Rasminsky, L. 153
rational belief 165
rational choice 26, 261
rational economic man 214
rationality 59, 245
Reagan, R. 180, 181, 188, 286, 287
real balance effect 23
real business-cycle models 31, 74, 75
realism, in art 257
rearmament 107–108
redistribution, of income 184
Redmond, J. 103
relationships, male–female 225
Relativity, General Theory of 257
relief projects 281
rentiers 82
representative agent 76
representative firm 57, 62
Republicanism, American 183
revolution
American 229
French 229
rhetoric of 287–288
Reynolds, J. 220
Ricardian theory 92
Ricardo, D. 34, 41, 42, 43, 59, 122, 155, 234, 259, 269
Principles of Political Economy and Taxation 41
Works and Correspondence 122
Ricoeur, P. 35
right, attack on economic management 289
risk 15, 27, 214, 254
Robbins, L. 57, 139, 142, 147, 149, 154
The Great Depression 139
Robertson, D. H. 109, 110, 111, 125, 126, 127, 128, 136, 137, 142, 143, 144, 145, 146–154
as Pigou's successor 149
Banking Policy and the Price Level 146
Money 146
‘Note on the IMF’ 150
Robinson, A. 121, 123, 127, 143, 144
Robinson, J. 21, 26, 33, 35, 53, 122, 124, 125, 126, 127, 128–129, 133, 134, 136, 139, 145, 147
Economics of Imperfect Competition 139
Rockefeller, J. D. 252
romanticism, Coleridgean 242
Roncaglia, A. 133
Roosevelt, F. D. 40, 281–282
Rosanvallon, P. 283
Rosselli, A. 125, 133
Rosser, J. B. 261
Royal Academy 234
Royal Commission on Indian Finance and Currency 101, 138
Royal Economic Society 121, 123, 138, 143
Pigou's Presidential Address 143
Royal Institute of International Affairs 147
Royal Opera 156
Ruccio, D. F. 34, 259, 260–262, 268, 269, 270
Rules 177, 188, 189
Runde, J. 17, 134, 155
Ruskin, J. 221
Russell, B. 1, 5, 79, 80, 134, 146, 160, 161, 168, 169, 170, 173, 174, 249, 250
Principia Mathematica 79, 160, 161
review of Principia Ethica 249
Russia 255, 257
Rutherford, E. 257
Rymes, T. K. 122
Salant, W. 290
Samuelson, P. A. 13, 21, 24, 25, 34, 53, 259–260, 267, 268, 269
Economics 24
Sanfilippo, E. 127, 133
Sargent, T. 39, 55, 76, 95
Saturation fallacy 195
saving 21, 44–50, 71, 90, 110, 126, 127
Say's Law 39, 40, 41, 50, 53, 55, 56, 73, 75–76, 228
Scanlon, T. 245
Schmeichen, J. A. 267
Schumpeter, J. A. 35, 181, 183, 184, 185
Schwartz, A. J. 55, 57, 96
scientific revolutions 32
Second World War 4, 37, 38, 109, 139, 185, 191, 192, 194, 272, 273, 274, 277, 280, 285
Secrest, M. 233
Sellon, G. 288
Seven Samurai 216
Shackle, G. L. S. 26, 257
Shaw, G. B. 19, 185
Shell, M. 268
Shone, R. 232
short period, Marshallian 74
Shove, G. 125, 127, 128, 136
Sidgwick, H. 142, 238
significant form 220
Simon, H. 88, 89, 97
Simon, J. 110
Simonazzi, A. 133
sinking fund 276–277
Skidelsky, R. 11, 16, 17, 18, 19, 36, 111, 114, 119, 120, 121, 131, 133, 182, 183, 186, 197, 199, 217, 223, 233, 248, 263, 266, 269
Smith, A. 34, 41, 44, 59, 232, 258, 269
Inquiry into the Nature and Causes of the Wealth of Nations 41
social democracy 286
social insurance 113
social justice 9, 254, 255
social reform, implications of the General Theory for 22
social rules, Wittgenstein's 177
social security 282
socialism 8, 9, 188
socialization of investment 192
Soddy, F. 20
Sokal, A. 258
Solow, R. M. 29, 36, 72
Soviet spies 186
Spalding, F. 156
speculation 47
Sraffa, P. 121, 122, 125, 126, 127, 134, 136, 137
Stabilization Fund
stabilization policy, Keynesian 65
See also demand management
Stansky, P. 237
state 27, 38
states of consciousness 187
states of mind 1, 188
static method 69
Marshall's 70, 72
static model 70
statistical inference 170
statistics, collection and use of 38
Stein, H. 282, 283
Stephen, A. 263
Stephen, T. 219
sterling, see Gold Standard
stickiness, wage 67, 75
Stigler, G. J. 155
Stiglitz, J. E. 29
Stock Exchange crisis, 1937–8, 123
Stone, R. 111
Strachey, L. 119, 136, 190, 217, 219, 234, 237, 244, 247, 263
Eminent Victorians 234
straw man 287–288
Suppe, F. 32
supply side shocks 31
surplus 277
surrealism 257
Sydney-Turner, S. 219
Tarshis, L. 121
tax cuts 107
Taylor, M. P. 103
Thatcher, M. 99, 180, 181, 185, 286, 287, 290
The Times 99, 110, 137
theory, meaning of 84
Third Way 185
Thomas, J. H. 17
Thomas, M. 9, 107
Thompson-McCausland. L. 149
Tilton 124
time, historical and logical 26
time-horizon 88
Tinbergen, J. 14, 18, 92, 97, 171
Tolstoy, L. 220
Townshend, H. 26
trade unions, bargaining power 115
Trautwein, H.-M. 56
Treasury 2, 78, 101, 102–104, 120, 124, 136, 147, 184, 264, 272–273, 276
Treasury, United States 112, 150
Treasury view 105–108, 228
truth 1
Tuesday Club 101
Turing, A. 199
Turnell, S. 198
uncertainty 7, 25, 27, 33, 35, 42, 44–47, 56, 178, 214, 254, 266
unconscious 180
unemployment 11, 16, 21, 22, 24, 27, 29, 32, 33, 41, 48, 66, 67, 68, 76, 100, 182, 231, 272–288
unemployment insurance 8
unemployment relief 49
uniformity of nature, principle of 170
unions 183
United Nations 4
Upchurch, A. 264
Urban 172
utilitarianism 7, 165, 182, 188, 239, 249, 252
utility 6, 13, 58, 80, 221, 231
utopia 196
van der Rohe, M. 270
Veblen, T. 221, 269
vector-autoregression approach 90
Verdon, M. 33
Versailles 2, 101
Vianello, F. 133
Victorian era 267
virgins, wise and foolish 236
Volpone 1
wage-price spiral 115, 116
wages
problem 115, 184
real and nominal 40
stickiness of 40, 42–44, 53, 56, 71, 128
Wagner, R. 98, 99, 131, 272, 277
Waley, D. 149
Walras, L. 59, 60, 62, 80–81, 259
Walras's Law 65, 76
War Cabinet, Office of 109
Warming, J. 49, 50, 57
Watts, N. 110
wealth, cunning purchase of 1
Weatherson, B. 261
Webb, B. 17, 119, 183
Webb, S. 9, 17
weight 167
Weinberg, J. R. 169, 171
welfare state 131, 285–287
Weston, R. 267, 269
Wheatley, J. 9, 17
White, H. D. 112, 152
Whitehead, A. N. 1
Whitworth, M. 267
Wicke, J. 265
Wicksell, K. 29, 45, 46, 51, 67
Interest and Prices 45
Wicksell connection 45
Williams, R. 217, 269
Williams, B. 182
Wilson, T. 114
Winch, D. 17, 104, 107, 148
Wittgenstein, L. 5, 134, 156, 171–174, 176, 177, 178, 186
appointment to chair 174
influence on Keynes 174
Philosophical Investigations 174
Tractatus 173–174
Wolcott, S. 103
women, oppression of 231
Wood, K. 101, 111
Woodford, M. 56
Woolf, L. 6, 12, 119, 190, 219, 227–230, 233, 235, 263
After the Deluge 227
Principia Politica 227
Village in the Jungle 230
Woolf, V. 118, 138, 217, 219, 220, 223, 225, 230, 231, 239, 246, 258, 263, 264, 265–266, 267
Between the Acts 265, 268
introspective radicalism of 265
Mr. Bennett and Mrs. Brown 234
Mrs. Dalloway 225, 231
To the Lighthouse 225
The Voyage Out 265
The Waves 267
World Bank 112
yield, prospective 203
Young, W. 22, 57, 146
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