Keynes's General Theory: Interpreting the Interpretations.

This paper considers the confusion generated by the interpretations of Keynes's GENERAL THEORY. Drawing on the study of hermeneutics, it is argued that much of the confusion is caused by the adoption of presuppositions, often implicitly, about the nature of interpretation. Another contributory factor is the failure to distinguish between meaning as the aim of interpretation and significance as the aim of application. It is concluded that the existence of multiple interpretations should not be regarded as a problem but as evidence of the high reference power of Keynes's GENERAL THEORY through its ability to disclose different possible ways of understanding the macro economy. Copyright 1991 by Royal Economic Society.