Keynes's attack on the citadel: proportionality, the two-price theory, and monetary circulation

Mark Lautzenheiser and Yavuz YaÅŸar
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Mark Lautzenheiser: Earlham College, USA
Yavuz YaÅŸar: University of Denver, CO, USA

Review of Keynesian Economics, 2016, vol. 4, issue 1, 99-113

Abstract: In the Treatise, Keynes claimed that the price levels of consumption and investment goods would not necessarily move in opposite directions. He further argued that the first claim had nothing to do with monetary circulation. If these two claims could be established, they would have constituted a direct attack on Ricardian economics and the economics of Marx, both of which are identified as self-adjustment mechanisms as in Say's law by Keynes. This paper seeks to evaluate these claims through the lenses of sector balance, the two-price theory, and monetary circulation.

Keywords: Marx; Keynes; proportionality; monetary circulation (search for similar items in EconPapers)
JEL-codes: B31 E12 E19 (search for similar items in EconPapers)
Date: 2016
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