Cammarosano also views Keynes as “eminently practical and when the facts did not conform to theory . . . quick to move on” (p. 189), abandoning both classical orthodoxy and his own past ideas. We find classical doctrines being addressed, albeit to abandon some and reinterpret others (see p. 197). The more recent New Classicals’ critique of Keynes for lacking “microfoundations” would suggest that at least they don’t find enough deference to universal laws in Keynes. In any case, I would be quick to turn to this section if I needed a quick, but coherent, overview of Keynes and his context.
Donald E. Frey (Wake Forest University, retired) is author of America’s Economic Moralists: A History of Rival Ethics and Economics (SUNY Press, 2009).