Journal of the History of Economic Thought Preprints - Keynes, Mill, and Say’s Law: A Comment on Roy Grieve’s Mistaken Criticisms of Mill

James C.W. Ahiakpor

No ys8dt, SocArXiv from Center for Open Science

Abstract: Employing different meanings of classical concepts of saving, capital, investment, and money, and incorrectly attributing the assumption of full employment of labor and a world of certainty to classical analysis, Keynes (1936) faulted Say’s Law as irrelevant to the real world. Roy Grieve (2016) ignores previous clarifications of Keynes’s misrepresentations and misunderstandings of Mill’s restatements of the law. He employs similar misrepresentations and misunderstandings of Mill’s explanations as Keynes. His model of Mill’s analysis is incapable of explaining how variations in relative prices, the value of money, and interest rates coordinate production, consumption and savings decisions in a monetary economy.

Date: 2017-11-29
New Economics Papers: this item is included in nep-his, nep-hpe and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:ys8dt

DOI: 10.31219/osf.io/ys8dt

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