Chapter 18 of theGeneral Theory: Its Methodological Importance

Abstract

Greenwald and Stiglitz have recently held that Keynes' description and summary of the General Theory in chapter 18 (The General Theory of Employment Re-stated) was, regrettably, still influenced by the neoclassical way of thinking (see Greenwald and Stiglitz, 1987).1 Such an interpretation of chapter 18 is in contrast with other points of view, such as that of Shackle. He holds that the methodological principles underlying Keynes' description and summary of the model of the General Theory in chapter 18 are radically different from traditional views and reveal a new philosophy of explanation of economic reality.2

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