Keynes, Ricardo and the classical theory of interest

David Andrews

The European Journal of the History of Economic Thought, 2000, vol. 7, issue 2, 228-244

Abstract: Keynes made harsh and repeated attacks on the work of Ricardo, blaming him particulary for what Keynes called the 'classical theory' of interest. Garegnani and others argue that Keynes' criticisms of the classical theory of interest apply to later neoclassical writers, but not to Ricardo. This paper re-examines Keynes' criticisms. It argues that Keynes attacked Ricardoapos;s theory of interest despite his awareness that Ricardo did not hold the 'classical theory'. Moreover, Keynes not only expressed sympathy for Ricardo's understanding of interest, but his criticisms which do apply to Ricardo do not address Ricardo's theory of interest.

Keywords: Keynes Ricardo Interest Classical Theory Money (search for similar items in EconPapers)
Date: 2000
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DOI: 10.1080/096725600361799

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