Foundations: Units, Expectations, Income

Connell Fanning and David O Mahony
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Connell Fanning: National University of Ireland
David O Mahony: University College

Chapter 3 in The General Theory of Profit Equilibrium, 1998, pp 40-56 from Palgrave Macmillan

Abstract: Abstract In the course of writing The General Theory, Keynes found that ‘three perplexities’ impeded his progress. He could not ‘express [himself] conveniently’ until he had found ‘some solution for them’ (CW, VII: 37). The three perplexities were ‘the choice of units of quantity appropriate to the problems of the economic system as a whole; … the part played by expectation in economic analysis; … and … the definition of income’ (CW, VII: 37).

Keywords: Current Output; Labour Unit; User Cost; Capital Equipment; Effective Demand (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50228-4_3

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DOI: 10.1057/9780230502284_3

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