Reading Hayek and von Mises I found a bunch of strong arguments against interventionism beyond economics (philosophical and ethical aspects). The technical difference between Classical and Keynesian economics is obvious, but is there any Keynesian text about ethics (individual freedom, wealth redistribution, social justice, and how to deal with inflation injustice among different groups)?

P.S. This question includes New-Keynesian economists.


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If you enjoy ethical and philosophical aspects, you should look into international aid and intervention. Check out "Adaptive Preferences and Women's Empowerment" by Khader and work by Nussbaum in regards to social justice. These are some great texts coming off of reading Hayek. If you aren't familiar with the concept of adaptive preferences, it is the idea that preferences may adapt to circumstances of deprivation.

Other readings I suggest: Creating Capabilities by Nussbaum and Robust Political Economy by Pennington.

Coming back to your question on Keynesian texts, you have to start with "The General Theory of Employment, Interest, and Money", it spends quite a bit of time trying to prove the soundness of the inflationism and labor unionism components of contemporary economic policies. Written in the midst of the great depression and the New Deal by FDR it seemed to be the correct approach for the time.

  • $\begingroup$ ---Gali and Gertler's, "The Science of Monetary Policy: A New Keynesian Perspective” Journal of Economic Literature 1999 ----Goodfriend and King's, “The New Neoclassical Synthesis and the Role of Monetary Policy.” Cambridge: MIT Press 1997 ---Gregory, and Romer's, New Keynesian Economics Cambridge: MIT Press 1991 $\endgroup$ Commented Jan 30, 2017 at 20:00

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