The Marshallian Structure of General Theory: Rethinking Macroeconomic Markets
The article discusses how traditional Keynesian economics views the economy as interconnected markets for goods, labor, money, and bonds. This approach, influenced by Walrasian economics, became the dominant theory post-World War II. However, the author argues that this interpretation may not align with Keynes's original ideas from his General Theory in 1936. The study highlights the shift towards equilibrium equations and the Walrasian perspective in macroeconomics, but questions whether this truly reflects Keynes's intentions.