ABSTRACT
John Maynard Keynes brought back something of the hard-headedness of the Classics. He saw the capitalist system as a system, a going concern, a phase in historical development. Some of Keynes' contemporaries and seniors dislike the expression "the Keynesian Revolution". Keynes brought back the moral problem that laisser-faire theory had abolished. Keynes was very sceptical of econometrics; but it was he who made the new statistical work possible. The descent into time has brought economic theory also into touch with history. Keynes himself lacked the scruple of a scholar. He would pick up any example to illustrate a thesis, and if one betrayed him he could always find another. Keynes brought back time into economic theory. In the branches of economics the replacement of timeless equilibrium by historical development has still a long struggle before it. Keynes brought back the moral problem into economics by destroying the neo-classical reconciliation of private egoism and public service.
