The late W. H. Hutt was a preeminent and persistent critic of the
economic theories of John Maynard Keynes. In "The Keynesian
Episode," he presents a comprehensive review of Keynes's "General
Theory," including the finest critique to date of the Acceleration
Principle. He questions the very legitimacy of Keynes's fundamental
epistemology. In Hutt's discussion of economics there is a
refreshing emphasis on the vital importance of the market price
system as a coordinating process. As Dr. Hutt wrote: "The
intellectual developments for which Keynes's "General Theory"
appeared to be responsible had caused a setback to scientific
thinking about human economic relations at a crucial epoch. Keynes
tried to find in the factors determining the value of the money
unit the genesis of output and income. . . . He linked monetary
theory to the economic world only through unsatisfactory concepts
such as employment, income, and effective demand."
General
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