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2024 | OriginalPaper | Buchkapitel

4. A Sketch of the General Theory

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Abstract

In February 1936, the General Theory was published after going through the process discussed in the previous chapters. This work brought about the phenomenon called the “Keynesian Revolution” in the field of economic theory and policy. In this chapter, we will examine the message issued by the General Theory in line with the original text.

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Fußnoten
1
See Skidelsky (1992, Ch.15) and Laidler (1999, Ch.10) as explaining the contents of the General Theory.
 
2
Keynes does not refer to the difference between classical economics (in the usual sense) and neoclassical economics (in the usual sense) in the theory of value—Ricardo’s theory in the form of the production cost theory (or the labor value theory) versus Marshall’s or Jevons’s theories based on exchange value.
 
3
See GT, p.6.
 
4
See GT, p.243.
 
5
See GT, p.213.
 
6
See GT, p.193.
 
7
See GT, p.293.
 
8
See GT, p.294.
 
9
Chapter 17 can be traced back to Chapter 18, “Philosophical Considerations on the Essential Properties of Capital, Interest, and Money”, in the spring 1934 draft of the General Theory (although the draft itself does not exist). Keynes and Hawtrey had many exchanges on this chapter, which stemmed from Hawtrey’s comments in June 1935 (see JMK.13, pp.574–576). In addition, Chapter 17 was discussed between Keynes, Champernowne, and Reddaway in April-August 1936 after the publication of the General Theory (see JMK.14, pp.59–70).
 
10
Harrod (1948, pp.72–73) emphasizes this point as an innovative feature of the General Theory, arguing that “Keynes offers the possibility of a stable equilibrium at the lower end”.
 
11
See GT, pp.249–250.
 
12
See GT, p.249.
 
13
See GT, pp.249, 299.
 
14
GT, pp.84–85 should also be mentioned. There, in terms of the free will of an individual to choose to save and the equality of saving and investment, and the free will of an individual to hold money and the equality of all supply and demand for money, the theory is explained.
 
15
See GT, pp.230–231.
 
Literatur
Zurück zum Zitat Harrod, R., Towards a Dynamic Economics, London: Macmillan, 1948. Harrod, R., Towards a Dynamic Economics, London: Macmillan, 1948.
Zurück zum Zitat Laidler, D., Fabricating the Keynesian Revolution, Cambridge: Cambridge University Press, 1999. Laidler, D., Fabricating the Keynesian Revolution, Cambridge: Cambridge University Press, 1999.
Zurück zum Zitat Skidelsky, R., John Maynard Keynes, Vol.2. The Economist as Saviour 1920–1937, London: Macmillan, 1992. Skidelsky, R., John Maynard Keynes, Vol.2. The Economist as Saviour 1920–1937, London: Macmillan, 1992.
Metadaten
Titel
A Sketch of the General Theory
verfasst von
Toshiaki Hirai
Copyright-Jahr
2024
DOI
https://doi.org/10.1007/978-3-031-40135-0_4