An issue with own-rates: Keynes borrows from Sraffa, Sraffa criticises Keynes, and present-day commentators get hold of the wrong end of the stick

Roy Grieve ()

No 1319, Working Papers from University of Strathclyde Business School, Department of Economics

Abstract: Scholars who in recent years have studied the Sraffa papers held in the Wren Library of Trinity College, Cambridge, have concluded from Sraffa’s critical (but unpublished) observations on Chapter 17 of Keynes’s General Theory that he rejected Keynes’s central proposition that the rate of interest on money may come to ‘rule the roost’, thus dragging the economy into recession. While Sraffa does indeed express dissatisfaction with Chapter 17, the commentators have, we believe, misunderstood his concern: we suggest that he was unhappy with the ‘own-rates’ terminology employed by Keynes rather than with the substance of the theory developed in Chapter 17.

Keywords: Chapter 17 of Keynes’s General Theory; commodity-rates; own-rates of interest (search for similar items in EconPapers)
JEL-codes: B22 B31 E12 E43 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2013-09
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-pke
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Working Paper: An issue with own-rates: Keynes borrows from Sraffa, Sraffa criticises Keynes, and present-day commentators get hold of the wrong end of the stick (2013)
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