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Keynes on Judgment, Moral Science, and the Civilization of the Few

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Abstract

In his 1924 Ball Lecture at Oxford, Maynard Keynes announced that, finally, the end of laissez-faire was close at hand: “For more than a hundred years our philosophers ruled us because, by a miracle, they nearly all agreed or seemed to agree on this one thing [i.e., laissez-faire]. We do not dance even yet to a new tune. But a change is in the air.” The General Theory was still more than a decade away; indeed, A Tract on Monetary Reform and its extended version, A Treatise on Money, had seemed to confirm Keynes’s place in the laissez-faireoriented Cambridge tradition. Yet Keynes was already prepared to turn away from the classical tradition of Smith, Mill, Marshall, and Pigou and champion the end of laissez-faire.

Ross B. Emmett, "Keynes on Judgment, Moral Science, and the Civilization of the Few," Journal of Markets & Morality 20, no. 1 (Spring 2017): 69-78

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