Abstract
The simple inversion of John Stuart Mill’s famous dictum that in economics there is nothing more insignificant than money cannot be considered as a satisfactory characterisation of a monetary production economy. Money is not more significant than goods, nor is it less important. The formulation of abstract models in which monetary theory is given the position of importance formerly reserved for the analysis of goods is thus equally unacceptable. The generality of Keynes’s theory involves an analysis dealing with commodities as well as money and production as well as exchanges.
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Notes
J. Schumpeter, The Theory of Economic Development (Oxford University Press, 1961): ‘this money form is not shell but kernel’ (p.184).
Cf. G. Grellet, ‘Money-Wages and Distribution’, in chapter 3 of Keynesian Economic Policies, and the detailed criticism of the notion of the labour market in A. Barrère, La crise n’est pas ce que l’on croit (Editions Economica, Paris, 1981) pp. 83–8.
A detailed study of the Keynesian theory of the price level is given in A. Barrère, Déséquilibres économiques et contre-révolution keynésienne (Editions Economica, Paris, 2nd edn, 1983) pp. 264–95.
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© 1988 Association pou le Dévelopment des Etudes Keynésiennes
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Barrère, A. (1988). The Foundations of a Monetary Production Economy. In: Barrère, A. (eds) The Foundations of Keynesian Analysis. Keynesian Studies. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-08062-5_2
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DOI: https://doi.org/10.1007/978-1-349-08062-5_2
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