Keynes and the Ricardian Vice

Vol. 14 No. 3 (1994)

Jul-Sep / 1994
Published July 1, 1994
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Vernengo, Matias. 2023. “Keynes and the Ricardian Vice”. Brazilian Journal of Political Economy 14 (3):471-76.

Keynes and the Ricardian Vice

Matias Vernengo
Do Instituto de Economia Industrial da Universidade Federal do Rio de Janeiro e da Faculdade de Economia da Universidade Federal Fluminense, Rio de Janeiro/RJ, Brasil.
Brazilian Journal of Political Economy, Vol. 14 No. 3 (1994), Jul-Sep / 1994, Pages 471-476


The paper tries to demonstrate that the fundamental aim of Keynes’ work as an economist was to solve important issues in economic theory and not, as commonly said, to influence public policy. Indeed, his vision of economics as a moral science, that employs introspection and judgements of value, prevents him of committing the Ricardian Vice, so that the Schumpeterian charge is groundless. The work concludes that Keynes was aware of the Senior Indetermination.

JEL Classification: B31; B21.

Keywords: History of economic thought Ricardian vice Keynes senior indeterminacy