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Article: Adolphe Lowe's political economics: instrumentalism as enlightened intervention.
- Article from:
- The American Journal of Economics and Sociology
- Article date:
- July 1, 1997
- Author:
CopyrightCOPYRIGHT 1997 Blackwell Publishers Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Keynes's articulation of his theory of aggregate effective demand laid the theoretical foundation for what is now termed the "Keynesian revolution." Questioning the efficacy of the so-called "Treasury view", Keynes provided a substantially new model of the functioning of the macroeconomy, and a theoretical foundation for establishing appropriate mechanisms for enlightened intervention to move the economy in the direction of achieving national policy goals. What he offered was both a protest against and an alternative to 19th century laissez faire which he viewed as expressing "the needs and wishes of the business world of the day." (John Maynard Keynes JMK IX, 286).
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