Keynesian Economics Misinterpreted: Society's Understanding Flawed, Impact Profound.
Keynesian economics, often associated with John Maynard Keynes, actually differs greatly from his original ideas. A paper by Hicks in 1937 is not a true representation of Keynes's work. Many economists have overlooked Keynes's actual theories based on a brief positive comment he made about Hicks's paper. Key concepts in Keynes's economics include interest rates, monetary policy, traditional wisdom, liquidity preference, and marginal efficiency.