The Economics of John Maynard Keynes

The Economics of John Maynard Keynes

The Theory of a Monetary Economy

Dudley Dillard


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The Economics of John Maynard Keynes: The Theory of Monetary Economy by Dudley Dillard seeks to make The General Theory of Employment, Interest and Money by John Maynard Keynes understandable to both the economist and to the non-economist. First published in 1948 and since translated into over 10 languages, Dr. Dillard’s book has been widely regarded as the seminal scholarship on the monetary aspects of Keynesian economics.

In addition to explaining the economic theories of Keynes, Dillard also includes a chapter on Keynes’s philosophical development and the “social philosophy toward which it leads.” Throughout the book, Dillard provides summaries and examines Keynes’ concepts on employment, income, saving, marginal propensity to consume, the investment multiplier, fiscal policy, post-war inflation, interest, and wages.


Dudley Dillard:
Dudley Dillard (1913-1991) was a professor and author who was a specialist in Keynesian economics and the history of the North Atlantic Community.

Born in Ontario, Oregon, on October 18, 1913, Dr. Dillard received his doctorate in economics from the University of California in 1940 and joined the economics department at the University of Maryland in 1942. He was department chairman from 1952-1975. He published his acclaimed book, The Economics of John Maynard Keynes, in 1948, followed by The Economic Development of the North Atlantic Community in 1967, which was widely recognized as a monumental work on the history of capitalism in the Western world.

Dr. Dillard revolutionized economic thought following the Great Depression by explaining how interest rates and investment relate to unemployment. He also published research on evolutionary economics. For many years, he taught the University of Maryland’s College of Behavioural & Social Sciences graduate course in the History of Economic Thought.

Among his numerous awards and accolades, Dr. Dillard was President of the Southern Economic Association, President of the Association for Evolutionary Economics, President of the Eastern Economic Association, and President of the History of Economics Society. He established Phi Beta Kappa at the University of Maryland and later served as its President. He was President of the American Association of University Professors at the University of Maryland, College Park, in addition to serving as Chair of the Faculty Assembly. He was a member of the U.S. Executive Board of the American College in Paris and served as its Chair. He was honored with the prestigious Veblen-Commons Award by the Association of Evolutionary Economics.

After completing his service as Department Chair, Dr. Dillard continued to teach. He remained an active and engaged member of the University community as Professor Emeritus until his passing in 1991, aged 77.