Description:
1933, Keynes described his intentions to develop a monetary theory of production in a short text published in the Festschrift für Arthur Spiethoff. In 1936, His "General Theory of Employment, Interest and Money" was published, in which he tried to present the state of his model. The "General Theory" is considered the foundation of modern macroeconomics, yet it has not led to a coherent monetary theory of production in academic economics. Rather, Keynes' work has been largely abandoned there, and post keynesian theorist have not succeeded in working out the paradigm keynes had in mind into a convincing overall macroeconomic theory.
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