040044 KU History of Economic Ideas (BA) - The Heresies of Mr. Keynes (2023W)

Aims
The aim of this course is to provide a general introduction to the work of John Maynard
Keynes. Keynes, of course, is well known for his book ‘The General Theory of Employment
Interest and Money’, which revolutionized macroeconomic theory, and was published in
1936. However, as an author and as a high-ranking civil servant, Keynes contributed not only
to economics, but to philosophy and to politics as well and played an important role in
shaping British politics from 1914 to 1946. By reviewing some of his major works on the
basis of selected passages, this course discusses Keynes’ ideas and theories as well as his
important activities as high-ranking civil servant and financial expert, such as his role with
respect to financing the Great War and World War II. The passages reviewed will be taken
from Keynes’ books such as ‘The Economic Consequences of the Peace’, ‘Treatise on
Probability’, ‘A Tract on Monetary Reform’, ‘Treatise on Money’, ‘The General Theory of
Employment, Interest and Money’, and ‘How to Pay for the War’. The focus, however, will be
on Keynes’ economic ideas, which deviated from contemporary orthodox theory not only as
late as with his ‘The General Theory of Employment, Interest and Money’. In want of better
alternatives, the title of this course is stolen from an introductory article to Keynes’ work,
authored by Robert Heilbroner, contained in his book ‘The Wordly Philosophers’.

Methods
Teaching consists of one unbroken 90-minute seminar; Discussion of problems at issue on the
basis of short introductory talks; discussion of different text passages on the basis of questions
distributed in advance for every meeting.