Chapter

The General Theory

Tyler Beck Goodspeed

in Rethinking the Keynesian Revolution

Published in print September 2012 | ISBN: 9780199846658
Published online September 2012 | e-ISBN: 9780199950126 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199846658.003.0004
The General Theory

Show Summary Details

Preview

This chapter takes up the second Keynesian iteration of the Wicksell connection. The chapter examines, in particular, how Keynes’s marginal propensity to consume, liquidity preference, marginal efficiency of capital, and notion of effective demand fit into chapter 17 of The General Theory, which is where the influence of the Keynes-Hayek-Sraffa exchange on Keynes’s thought is most evident. Echoing Leijonhufvud, the chapter argues that the Wicksell “connection” retains a strong presence in The General Theory, though Keynes has heavily disguised it.

Keywords: Keynes; marginal efficiency of capital; liquidity preference; marginal propensity to consume; effective demand; Leijonhufvud

Chapter.  10207 words.  Illustrated.

Subjects: Economic Systems

Full text: subscription required

How to subscribe Recommend to my Librarian

Buy this work at Oxford University Press »

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.