The Social Philosophy towards which Keynes might Lead
The development of Keynes’s macroeconomic analysis, from the very first contribution in ICF, via TMR and TM to the GT, eventually provided the insight needed to realize his vision: to “combine economic efficiency, social justice, and individual liberty” (“Liberalism and labour”, Keynes 1926 [1972]: 311).
After the war, part of his social philosophy became for a couple of decades accepted in mainstream thinking in Western economics and politics with regard to the operation of the international monetary system and national commitments to full employment.At the end of his life his view was still that individuals should have the possibility, but also the responsibility, to pursue their aspiration of a good life (My Early Beliefs, Keynes 1949 [1972]). This presupposed organization by the state and semi-official institutions of a reasonably stable macroeconomic and political environment for the good of the system as a whole. One might call it a philosophy of holistic individualism.
Victoria Chick and Jesper Jespersen
See also:
Cambridge School of economics (II); Keynesianism (II); Post-Keynesianism (II).