The Public Interest

Introducing the Pre-Keynesians

Richard N. Langlois

Fall 1984

YOU KNOW about the Keynesians. You’ve heard about the Post- Keynesians. Now meet the Pre-Keynesians. Actually, you may already know these writers by another name.  They are none other than the doctrinaire and dim-witted “classical school” immortalized in sarcasm by John Maynard Keynes in the General Theory. You remember: These are the guys who believed “supply creates its own demand” and could not recognize economic truths that the common laborer finds intuitively obvious. These are the guys who blindly and heartlessly opposed deficit spending in the depths of the Great Depression. You remember.

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