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Economics in PerspectiveA Critical History$
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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171647

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171647.001.0001

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Affirmation by Mars

Affirmation by Mars

(p.259) Chapter 18 Affirmation by Mars
Economics in Perspective

John Kenneth Galbraith

Princeton University Press

This chapter examines how John Maynard Keynes's ideas appealed to younger economists in America. For the younger generation of scholars, Keynes's views were a welcome alternative to the unemployment and misery that could no longer be defended and also to a commitment to Karl Marx and revolution. Those from Harvard University were of the belief that the Keynesian system came to the United States through their agency. Harvard, would be the germinal point for Keynesian economics in the United States. The chapter considers some of the economists who engaged in the discussion of the Keynesian system as it applied to the United States, including Joseph Schumpeter and Alvin Harvey Hansen. It also discusses Keynes's influence in the late depression period and during World War II, leading Keynesian voices in the American government such as Lauchlin Currie, and the major consequences of World War II for the Keynesian system.

Keywords:   younger economists, John Maynard Keynes, Harvard University, Keynesian economics, United States, Joseph Schumpeter, Alvin Harvey Hansen, World War II, Lauchlin Currie

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