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Keynes in the History of Economic Thought: Some Reflections

  • B. Corry
Part of the Keynes Seminars book series (KESE)

Abstract

I must emphasise ‘some reflections’ because it would be far too presumptuous to pretend that I am going to assess Keynes’s place in the history of economics. Rather I shall make some comments as a sort of prologue to such a complex and complete study. My main concern here is with Keynes and the classical tradition.

Keywords

Real Wage Classical Tradition Full Employment Economic Thought Money Wage 
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Notes

  1. 3.
    From a letter to George Bernard Shaw, 1 January 1935 in Collected Writings of John Maynard Keynes, Vol. XIII, pp. 492–3.Google Scholar
  2. 6.
    cf. D. E. Moggridge, Keynes (1976), Chapter 4.CrossRefGoogle Scholar
  3. 18.
    ‘In a given state of organisation, equipment and technique, the real wage earned by a unit of labour has a unique (inverse) correlation with the volume of employment’ (General Theory, p. 17). The fact that real wages seem to move procyclically was one of the earliest ‘empirical’ criticisms of the General Theory. We can either abandon the assumption of diminishing marginal productivity or develop the Keynesian assumptions in a formal model of disequilibrium behaviour. For the latter approach see, for example, D. Patinkin, Money, Interest and Prices (2nd edition, 1965) Chapters 13 and 14;Google Scholar
  4. R. Barro and H. Grossman, Money, Employment and Inflation (1976).CrossRefGoogle Scholar
  5. 19.
    A. C. Pigou, The Theory of Unemployment (1933).Google Scholar
  6. 21.
    J. M. Keynes, A Treatise on Money (1930) and Collected Writings.Google Scholar
  7. 22.
    Letter to J. M. Keynes (May 1931); Collected Writings, Vol. XIII, p. 217.Google Scholar
  8. 25.
    Robertson’s loyalty comes out very clearly in the Keynes—Robertson correspondence about Pigou’s Theory of Unemployment. See also the article ‘Arthur Cecil Pigou’ by E. A. G. Robinson in the International Encyclopaedia of the Social Sciences, Vol. XII (1968).Google Scholar
  9. 26.
    On this point see S. Howson and D. Winch, The Economic Advisory Council 1930–1939 (1977).CrossRefGoogle Scholar
  10. 36.
    B. A. Corry, Money, Saving and Investment (London, 1962).Google Scholar
  11. 37.
    David Hume, Writings on Economics (ed. E. Rotwein, London, 1955), p. 33.Google Scholar
  12. 40.
    H. Thornton, An Enquiry into the Nature and Effects of the Paper Credit of Great Britain (ed. F. A. Hayek, New York, 1939), p. 235.Google Scholar
  13. 43.
    D. Ricardo, Collected Works, Vol. V (Cambridge, 1953).Google Scholar
  14. 52.
    See R. F. Harrod, Life of John Maynard Keynes (London, 1951).Google Scholar
  15. 60.
    Michael Foot, Aneurin Bevan 1945–60 (London, 1973), p. 56.Google Scholar
  16. 61.
    On the relationship between Marx and Keynes see, for example, L. Klein, The Keynesian Revolution (2nd edition) (London: 1966);CrossRefGoogle Scholar
  17. P. Mattick, Marx and Keynes (London: 1971).Google Scholar
  18. 65.
    J. R. (now Sir John) Hicks, ‘Mr. Keynes and the Classics’, Econometrica, V (1937).Google Scholar
  19. F. Modigliani, ‘Liquidity Preference and the Theory of Interest and Money’, Econometrica, XII (1944);Google Scholar
  20. D. Patinkin, Money, Interest and Prices (1st edition, 1956, 2nd edition, 1965).Google Scholar
  21. 67.
    See letter to J. R. Hicks, 31 March 1937, Collected Writings of J. M. Keynes, Vol. XIV, p. 79.Google Scholar
  22. 68.
    This is suggested by P. A. Samuelson in ‘The General Theory’, Econometrica, Vol. XIV (1946) 10.Google Scholar
  23. 71.
    Letter to R. F. Harrod, 27 August 1935, Collected Writings, Vol. XIII, p. 548.Google Scholar

Copyright information

© Keynes College 1978

Authors and Affiliations

  • B. Corry

There are no affiliations available

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