The Saving-Investment Identity and the Transition from the Treatise to the General Theory

Geoff Tily

Chapter 6 in Keynes’s General Theory, the Rate of Interest and ‘Keynesian’ Economics, 2007, pp 152-182 from Palgrave Macmillan

Abstract: Abstract In late 1932, Keynes recognised that the nature of the relationship between the macroeconomic aggregates saving and investment was one of identity rather than equilibrium. The central argument of this Chapter is that this was the ‘discovery’ that set Keynes away from the Treatise and became the foundation for all his subsequent theoretical arguments. The nature, cause and consequence of the saving-investment relationship are crucial components of any statement of Keynes’s General Theory as a positive doctrine.

Keywords: General Theory; Effective Demand; Genuine Saving; Loanable Fund; Current Investment (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-80137-0_6

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DOI: 10.1057/9780230801370_6

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