Resposta de um respeitável economista:

Keynesian economics failed because Keynes did not provide an intellectual foundation to his policies that was consistent with the underlying microeconomic theory of behavior; economists express this critique by saying that Keynesian economics does not have a microfoundation. Expectations… provides this foundation by explaining why unemployment cannot be cured by a fall in the money wage. It also provides a dynamic version of Keynes’ theory of aggregate demand that suggests a policy to maintain full employment that is different from the two remedies that are common today.

Keynes’ theory was static; he did not account for decisions that are made by households that take account of the future in a consistent way. He argued that the Depression occurred because firms were not spending enough on factories and machines: This lack of private investment expenditure should be replaced by government expenditure through deficit spending and his arguments were responsible for the fact that government in the US currently accounts for more than 20% of purchases and 30% of total expenditure Expectations, Employment and Prices explains how an alternative policy can maintain full employment without the need for government to have such a large footprint in the economy. I argue instead for the creation of a new institution, similar to the Fed, that is charged with the role of maintaining asset prices much in the way that the Fed controls the interest rate.

Eis o original. Moral da história: não me venha com este lero-lero furadíssimo de que temos que “reler a Teoria Geral no original”. Não há nada disto. O que é importante é avançar no conhecimento, não se dedicar a adorações messiânicas de economistas mortos.