The Keynesian Episode: A Reassessment

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The late W. H. Hutt was a preeminent and persistent critic of the economic theories of John Maynard Keynes. In "The Keynesian Episode, " he presents a comprehensive review of Keynes's "General Theory, " including the finest critique to date of the Acceleration Principle. He questions the very legitimacy of Keynes's fundamental epistemology. In Hutt's discussion of economics there is a refreshing emphasis on the vital importance of the market price system as a coordinating process. As Dr. Hutt wrote: "The intellectual developments for which Keynes's "General Theory" appeared to be responsible had caused a setback to scientific thinking about human economic relations at a crucial epoch. Keynes tried to find in the factors determining the value of the money unit the genesis of output and income. . . . He linked monetary theory to the economic world only through unsatisfactory concepts such as employment, income, and effective demand.