The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to“Standard” Theory
Professor Jacob Viner of the University of Chicago wrote a long and serious review of Keynes's General Theorythe only review which drew forth a rebuttal by Keynes. Professor Viner maintained that the General Theory really did not make a sharp break with traditional economics and that Keynes achieved novel results because velocity was allowed to vary and prices and wages were assumed to be rigid.1 Professor Viner 's review pointed toward the neoclassical synthesis, which can be said to have reached maturity with Patinkin's work at Chicago.2