Ricardo and Keynes on War Finance

I. Introduction

Tradition has placed David Ricardo and J.M. Keynes at opposite poles in the history of monetary theory. In the General Theory, Keynes focused much of his criticism of classical economics on Ricardo, because the Ricardian tradition had dominated theory and policy for over a century [Keynes, 1936, VIII, p. 32; henceforth cited as JMK]: "Ricardo conquered England as completely as the Holy Inquisition conquered Spain." The General Theory was written during the Great Depression, when economists were primarily ...

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