The Economic Consequences of Pragmatism: A Re-interpretation of Keynesian Doctrine
This chapter attempts to illustrate how John Maynard Keynes came up with an effort to reclaim the authority attributed to the lived experiences of economic agents to establish a basis for formulating various economic theories. In addressing the bias of mainstream theory against obtaining knowledge through means of experimentation, Keynes focuses on the alarming changes and events that occurred over the period in which he had expressed his thoughts. In doing so, his innovations have gone beyond mere economic theory to economic thought’s methodology. This chapter attempts to derive the prominent themes from Keynes’s works, develops these themes, and analyzes how they have resulted as consequences of his endeavours to establish the connection between human conduct and various human beliefs.
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