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History of Political Economy 33:1 (2001) General Points of Connection between Keynes and Einstein The existence of a link between the General Theory and relativity theory is not a new idea. A. C. Pigou (1936, 115) suggested such a connection in his review of Keynesâs book: âEinstein actually did for Physics what Mr Keynes believes himself to have done for Economics. He developed a farreaching generalisation under which Newtonâs results can be subsumed as a special case.â However, it is difï¬cult to deny that economists have not picked up on Pigouâs observation. Although an increasing number of scholars today acknowledge the positive implications for all the social sciences of Einsteinâs revolution and twentieth-century physics in general (see, e.g., Bramhall 1986, Dow 1996, Mirowski 1989, and Chick 1990), only James Galbraith ([1994] 1996) has paid sufï¬cient attention to the relationship between Einstein and Keynes. There is no doubt that an important reason for this neglect can be foundâor not found, as the case may beâin Keynesâs own writings. In the General Theory, he certaintly did not indulge in analogies between economics and the physical world, perhaps owing to his own habit of regarding the social and the natural sciences
History of Political Economy – Duke University Press
Published: Mar 1, 2001
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