From Theory to Policy? Keynes’s Distinction between “Apparatus of Thought” and “Apparatus of Action”, with an Eye to the European Debt Crisis

Drawing on "The General Theory", in particular, that is here re-read through the lens of Keynes’s early works and “methodological” writings, this paper elaborates on the complex relationship between theory and policy in Keynes's thought, to propose a methodological and philosophical reading of the fundamental distinction Keynes made between theory ("apparatus of thought") and policy ("apparatus of action"). The article then suggests that Keynes’s reflections on this issue can be usefully put to use in discussing the current European debt crisis.