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Piero V. Mini
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Piero V. Mini: Bryant College

Chapter 10 in Keynes, Bloomsbury and The General Theory, 1991, pp 192-211 from Palgrave Macmillan

Abstract: Abstract Economics has always been a ‘divided’ science. Keynes’s predecessors saw the division as one between the theory of value and distribution and the theory of money and absolute prices. Keynes — in Chapter 21 of The General Theory — suggests that the correct division is between the theory of the firm and industry and the theory of output as a whole. Both halves should use the same concepts in order to avoid the ‘double life’ of living on ‘two sides of the moon’ without knowing the route that connects them.1 As we saw, Chapter 21 is a notable attempt to use many of the concepts of the theory of the firm to explain the response of prices to a change in the money supply.

Keywords: Stock Market; Money Supply; Natural Rate; Full Employment; Capital Asset (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11651-5_10

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DOI: 10.1007/978-1-349-11651-5_10

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