ABSTRACT
In The General Theory of Employment, Interest and Money, Keynes introduced a radically new theoretical structure accompanied by an essentially new vocabulary to accomplish his ‘struggle of escape from habitual modes of thought and expression.’ His vocabulary has become incorporated even into introductory economics texts in spite of early difficulties. His theoretical structure, however, is significantly different from the income-expenditure models popularly thought of as Keynesian economics, particularly in America. These are not Keynes’s models but rather are the product of several highly successful efforts at popularization.1 There are important differences between Keynes’s original work and the body of thought generally identified as Keynesian. This suggests the usefulness of presenting Keynes’s theory of employment, output, and income by returning to The General Theory itself.
