Keynes’s ‘Monetary Theory of Production’ and the Post-Keynesian Research Programme

Eckhard Hein

Chapter 6 in Money, Distribution Conflict and Capital Accumulation, 2008, pp 30-55 from Palgrave Macmillan

Abstract: Abstract In order to overcome Classical and Neoclassical ‘real analysis’, Keynes proposed the research programme of a ‘monetary theory of production’. Whereas in the Treatise on Money (Keynes 1930), monetary variables only have disequilibrium real effects, and the equilibrium is determined by real variables only, in particular the drafts preceding the General Theory (Keynes 1979), and less the General Theory (Keynes 1936) itself, aim at this ‘monetary theory of production’. In his 1933 contribution to the Spiethoff-Festschrift, Keynes outlines this research programme, which should contribute to an understanding and solution of real world problems and crises, as follows:

Keywords: Interest Rate; Monetary Policy; Central Bank; Commercial Bank; Money Demand (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59560-6_6

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DOI: 10.1057/9780230595606_6

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