The Keynesian Dichotomy
DOI link for The Keynesian Dichotomy
The Keynesian Dichotomy book
To be more specific about this issue of the classical dichotomy, Chapter 17 of Keynes’s General Theory may be read as a catalogue of difficulties that stand in the way of keeping
separate and distinct the ‘real’ and the ‘monetary’ aspects of economic phenomena; in combative language, this becomes transmogrified into an ‘attack on the classical dichotomy’. This particular theme has greatly exercised some of Keynes’s follow ers and the commentators on his work: it was taken up and forcefully elaborated by Townshend (1937), and has been extensively and eloquently aired by Shackle (1967, 1974). It has, moreover, been given canonical status by those followers of Keynes whom I shall later label ‘fundamentalist’.