ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Was Keynes a Development Economist

Anand G Chandavarkar Keynes is widely regarded as essentially a monetary economist (Hicks) who was not concerned with either growth or the underdeveloped countries (Patinkin). But while Keynes was not directly concerned with economic development, he was the first to present the developmental rationale of a Central bank. Development economics also derives intellectual support from the applicability of his (testable) concepts, such as the fringe of unsatisfied borrowers, liquidity preference, and the multiplier Nevertheless, the author concludes, the most influential paradigms of development economics, such as the centre-periphery dichotomy, cumulative causation, backwash and spread effects, big push, takeoff, balanced growth, human capital, choice of techniques, and unlimited labour, owe little directly to Keynes or Keynesian economics.

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