Keynesian Revolution

Abstract

‘Gentlemen, the change in the title of these lectures’ – from ‘The Pure Theory of Money’ to ‘The Monetary Theory of Production’ – ‘is significant’. With these words on 10 October 1932, Keynes began the first of his eight lectures for the autumn term of that year – and in effect announced the beginning of the Keynesian Revolution. He gave his last lecture in the fourth of this series on 2 December 1935; ten days later he sent off his manuscript for what was to become The General Theory of Employment, Interest and Money. The book appeared on 4 February 1936 – three years, three months, three weeks and four days from that October morning.