Introduction

John Maynard Keynes (1930, 1936) changed the meanings of key economic concepts, including saving, capital, investment, and money, and incorrectly attributed to classical economic analysis the assumptions of full employment and expectations of the future with certainty. His influence has impeded the ability of most modern macro-monetary economists to employ analyses consistent with classical economics. The impediment afflicts even those inclined to argue classical macro-monetary conclusions contrary to Keynes’s, including monetarists and new classicals. Complementing my previously published explanations, the chapters in this book illustrate the problem so to help the return to macroeconomic analysis in the classical tradition.