This book argues that Keynesian economists have betrayed Keynes' theory and policy conclusions, and that the world has been misled about those policies. Keynesians have focused attention on policies for dealing with effects of economic failure as they arise, whereas Keynes was concerned with the cause and then the prevention of economic failure.
Recognition of this relationship opened the path to recognition of the multiple-
equilibrium nature of the economic system, re-enforced the leading role for
investment and led to the decisive rejection of the classical theory of interest.
Linking this development with the first, the release of the saving constraint on
economic activity through the existence of bank money was finally recognised to
affect not only prices in the long run – as Keynes thought up to and including the
Treatise – but ...
