Continuity and change in Keynes's thought: the importance of Hume

Abstract

Keynes's economic thought underwent a major transition during the course of his life; in recent years a debate has arisen over whether Keynes's philosophical thought underwent a similar transition. This paper argues that, despite the existence of significant continuities, Keynes's philosophical thinking did undergo a major change, and specifically that this change can be seen clearly when Keynes's philosphy is viewed in the context of the philosophy of David Hume: the early Keynes attempted to answer Hume's analysis of induction, but the later Keynes accepted Hume's sceptical conclusion that custom and not reason is the 'guide of life'.