Keynes's monetary theory: a partial survey

Victoria Chick

Brazilian Journal of Political Economy, 1993, vol. 13, issue 4, 626-636

Abstract: The title of the paper alerts the reader to the fact that while the role of moneyin Keynes’s earlier work is alluded to, it is mostly the monetary contribution of the GeneralTheory (to which the author is particularly partial) which is surveyed here. The GeneralTheory represents a breakthrough in monetary theory both broadly and narrowly defined.Money in the General Theory is all-pervasive. It is essential in the sense of Radner andHahn. Money is also essential in allowing Keynes to break away, more profoundly thanbefore, from equilibrium economics. Monetary theory narrowly defined also represents abreakthrough: speculative demand is a revolutionary concept, driving a wedge between therate of interest and the rate of profit. The concept is elaborated and compared with Hicks’streatment. The article ends with a brief section on the finance motive and endogenous money. JEL Classification: E52; B21; B31.

Keywords: History of economic thought; Keynes; money (search for similar items in EconPapers)
Date: 1993
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