Abstract
In his criticism of my finance motive analysis, Horwich (1966) has made an assumption which is fundamentally different from the one underlying my analytical model as well as Keynes’s own writings. Moreover, the Hicksian 1S-LM apparatus is also based on the Keynes-Davidson (hereafter referred to as K-D) assumption.
Oxford Economic Papers, July 1967.
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References
Davidson, P. (1965), ‘Keynes’s Finance Motive’, Oxford Economic Papers, 17, March, pp. 47–65.
Hicks, J. R. (1950), A Contribution to the Theory of the Trade Cycle, (Oxford).
Horwich, G. (1966), ‘Keynes’s Finance Motive: Comment’, Oxford Economic Papers, 18, July, pp. 242–51.
Kahn, R. F. (1954), ‘Some Notes on Liquidity Preference’, Manchester School, 22, September, pp. 229–57.
Keynes, J. M. (1936) The General Theory of Employment, Interest, and Money, (New York).
Keynes, J. M. (1937a) ‘Alternative Theories of the Rate of Interest’, Economic Journal, 47, June, pp. 241–52.
Keynes, J. M. (1937b) ‘The Ex-ante Theory of the Rate of Interest’, Economic Journal, 47, December pp. 663–9.
Robinson, J. (1952), The Rate of Interest and Other Essays, (London).
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© 1990 Paul Davidson
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Davidson, L. (1990). The Importance of the Demand for Finance. In: Davidson, L. (eds) Money and Employment. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-11513-6_3
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