Abstract
As Professor Harcourt has observed,1 the same formal proposition can be expressed in any number of languages. The different linguistic expression does not always produce exactly the same meaning, although in general it conveys the same basic or general idea. As we all know, Keynes himself was not particularly wedded to any particular method of presenting his theory: indeed he was considering a new formulation when illness and governmental commitments intervened.2 There should then be little reason to dispute alternative presentations. Instead, it may be more fruitful for those interested in Keynes’s ideas to try to identify the basic contributions of the General Theory in order to identify whether or not the different languages, or different approaches, express the same basic concepts.
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References
Clower, R. W. (1984) ‘Keynes and the Classics: A Dynamical Perspective’, reprinted in Money and Markets: Essays by Robert W. Clower, Donald A. Walker, ed. (Cambridge University Press) pp. 2–6.
Keynes, J. M. (1973a) ‘The General Theory and After — Part I Preparation’, The Collected Writings of John Maynard Keynes (Macmillan St. Martin’s Press for the Royal Economic Society) vol. XIII.
Keynes, J. M. (1973b) ‘The General Theory and After — Part II Defence and Development’, The Collected Writings of John Maynard Keynes (Macmillan St. Martin’s Press for the Royal Economic Society) vol. XIV.
Kregel, J. A. (1976) ‘Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians’, Economic Journal, vol. 86, June, pp. 209–25.
Kregel, J. A. (1987) ‘Rational Spirits and the Post Keynesian Macrotheory of Microeconomics’, de Economist, vol. 35, no. 4, p. 59–3.
Smith, A. (1976) An Inquiry in the Nature and Causes of the Wealth of Nations (Glasgow Edition, Oxford University Press).
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© 1992 Mario Sebastiani
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Kregel, J.A. (1992). The Identity between Aggregate Supply and Demand Price Equilibrium and Labour Market Equilibrium at Less than Full Employment. In: Sebastiani, M. (eds) The Notion of Equilibrium in the Keynesian Theory. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-22086-1_10
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DOI: https://doi.org/10.1007/978-1-349-22086-1_10
Publisher Name: Palgrave Macmillan, London
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