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Ekonomik Yaklasim. 2008; 19(66): 73-94


IS KEYNES A MARGINALIST?: MICROFOUNDATIONS OF THE GENERAL THEORY

Zafer Barış GÜL.

Abstract
J. M Keynes's "The General Theory of Employment, Interest and Money", written in 1936, is one of the most controversial books in the history of economic theory. lt is suggested that one reason for the intensive attention drawn by this work is the practical importance gained by its recipes to the crisis of world economy at that time, the other is its accomplishment on cutting off the contemporary crisis of economic theory. In this context, the purpose of this paper is to reveal the theoretical framework of General Theory 's propositions, evidently, that is, the conclusions of goods, money and labor markets, and the methodology, taking into account the neoclassical tradition before Keynes. Place of marginalism as the dominant paradigm of economics in the pre-Keynesian economic thought, the importance of marginalist attitudes in decission making processes, in this respect Keynes 's position in the history of economics, to what extent his work connotes a paradigmal shift from the neoclassical paradigm and to what extent it is a complement to the neoclassical school are the main points to be discussed in the paper. We aim to arrive at a conclusion on the question whether Keynes achieved a paradigmal shift or his work is just a complement to the old theoretical framework.

Key words: General Theory, Marginalism, Keynes, Neoclassical Economics, Paradigm



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