Misreading Keynes: Reply to Garrison

Critical Review 8 (3):441-446 (1994)

In the concluding chapter of The General Theory, Keynes offers a vision of socialized investment, which, according to Allan Meltzer, informs Keynes's entire analysis and critique of laissez?faire capitalism. Roger Garrison adds a critical dimension to Meltzer's interpretation, contending that Keynes's vision of the ?comprehensive socialisation of investment,? with its zero rate of interest, is Utopian, thereby weakening Keynes's case against real?world capitalism. This paper defends Keynes, arguing that Garrison and Meltzer misconstrue both Keynes's theory of interest and his proposed socialization of investment. The paper criticizes Garrison's justification of interest earnings as ?a reward for waiting,? provides an alternative account of the economic arrangements implied by socialized investment, and, more generally, argues that Keynes's economic analysis shaped his social vision, not vice versa.
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DOI 10.1080/08913819408443349
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