The revolutionary feature of the General Theory was its claim to be a theory of the determination of the level of aggregate output. But this was not the goal Keynes announced when he began reworking his ideas in the wake of the reception of the Treatise. Initially he posed the project as an analysis of dynamics, to ‘follow up the actual genesis of change’ as he had promised Hawtrey. One of the aims of the Treatise had been ‘to discover the dynamical laws governing the passage of a monetary system from one position of equilibrium to another’.1 Nevertheless this could hardly be achieved in the confines of a model which formally assumed constant employment and instantaneous price responses.
Weitere Kapitel dieses Buchs durch Wischen aufrufen
- Hawtrey and Keynes II: The General Theory
- Palgrave Macmillan UK
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