The Demand and Supply of Securities and Economic Growth and Its Implications for the Kaldor-Pasinetti Versus Samuelson-Modigliani Controversy

  • Louise Davidson


The Keynesian revolution is usually thought to have begun with The General Theory of Employment, Interest, and Money (Klein, 1966, p. ix; Harrod, 1951, p. 462). According to Keynes’s biographer, however, The General Theory emerges from Keynes’s attempt to simplify the intricate analysis of his Treatise on Money (Harrod, 1951, p. 437). It is the Treatise (hereafter referred to as TM) rather than The General Theory (hereafter GT) which is Keynes’s ‘most mature work’, ‘the work of a lifetime’, and the one where the student will ‘get the best picture of his [Keynes’s] total contribution to economics’ (ibid., p. 403).


Capital Gain Full Employment External Finance Security Price Effective Demand 
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© Paul Davidson 1990

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  • Louise Davidson

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