By Professor Geoffrey Harcourt, Peter Riach
Keynes continuously meant to put in writing 'footnotes' to his masterwork The common Theory, which might take account of the criticisms made from it and make allowance him to enhance and refine his rules extra. besides the fact that, a few elements mixed to avoid him from doing so earlier than his dying in 1946. quite a lot of Keynes students - together with James Tobin, Paul Davidson and Lord Skidelsky - have written the following the 'footnotes' that Keynes by no means did.
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Additional resources for A ’Second Edition’ of The General Theory
There is therefore always both a need for liquidity and the inescapable fact that the resting place (if there is one) of a monetary production economy will always have some different determinants, and therefore different values of the relevant economic variables, than a barter world without money. They make their argument through a reworking of Keynes-Sraffa ownrates analysis and show that liquidity and the liquidity preference function are respectively an essential variable and an essential relationship in any model, no matter how abstract, that purports to illuminate the workings of a modern economy.
These had the effect of securing, if not satisfactory, then at least stable conditions for much of the time. But because of the fragile nature of the conventions, if they ceased to hold then instability and crisis could quickly emerge. In addition, behaviour within capitalist institutions such as the stock exchange in his day, and in our day the markets for property and the foreign exchanges as well, could be dominated by destabilizing speculative behaviour rather than legitimate and socially beneficial 'enterprise'.
The interesting point about two of the contributions to a 'second edition', those by Robert Eisner and Luigi Pasinetti (12, 13) respectively, is that their authors are on the whole Chapter 11 Keynesians - and make excellent fists of explaining why. c. A. RIACH Indeed, Eisner remains an unreconstructed Keynesian as far as the theory of investment is concerned. He sets out succinctly Keynes's own theory, the critical role which the marginal efficiency of capital (actually the marginal efficiency of investment) plays; he then examines its main determinants and what government policy can best do to bring about the optimum rate of investment (at the most fundamental level, the rate which creates and absorbs full employment saving).