ABSTRACT

The triumph of Keynesianism may have given the illusion that it dominated the stage, that The General Theory had effectively dethroned classical theory. The acknowledgement, by Pigou,1 of the validity of Keynes’s theory constituted, in a way, a symbol of this triumph on the theoretical level, as the new economic policy, implemented at the beginning of the 1960s under the presidency of John F.Kennedy, seemed to mark its political victory. But Keynesianism, as we saw above, constitutes a vast nebula, crossed by currents and sub-currents; economists with very diverse theoretical or political orientations were there able to find substance to nourish or back up their theses.