Hostname: page-component-78c5997874-s2hrs Total loading time: 0 Render date: 2024-11-12T22:18:19.847Z Has data issue: false hasContentIssue false
  • English
  • Français

A THIRD FUNDAMENTAL EQUATION FOR KEYNES’S TREATISE ON MONEY

Published online by Cambridge University Press:  11 May 2016

Richard J. Kent
Richard J. Kent*
Affiliation:
Professor Emeritus of Economics, Kent State University, [email protected].
Get access Rights & Permissions [Opens in a new window]

Abstract

Keynes abandoned the theoretical approach used in the Treatise on Money, the fundamental equations approach, very soon after publishing the Treatise. One reason why he may have done so is discussed in this paper. Twice in 1931 someone pointed out to Keynes a third fundamental equation, one for the price of investment goods, an equation Keynes had not developed in the Treatise. This third fundamental equation may have shown Keynes that his fundamental equation approach may not be promising or fruitful.

Type
Articles
Information
Journal of the History of Economic Thought , Volume 38 , Issue 2 , June 2016 , pp. 175 - 188
Copyright
Copyright © The History of Economics Society 2016 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Chambers, David, and Dimson, Elroy. 2013. “Retrospectives: John Maynard Keynes, Investment Innovator.” Journal of Economic Perspectives 27 (Summer): 213–228.Google Scholar
Chandavarkar, Anand. 1989. Keynes and India. London: Macmillan.Google Scholar
Chua, Jess H., and Woodward, Richard S.. 1983. “J. M. Keynes’s Investment Performance: A Note.” Journal of Finance 38 (March): 232–235.CrossRefGoogle Scholar
Davis, Eric G. 1980. “The Correspondence between R. G. Hawtrey and J. M. Keynes on the Treatise: The Genesis of Output Adjustment Models.” Canadian Journal of Economics 13 (November): 716–724.Google Scholar
Dimand, Robert W. 1986. “The Macroeconomics of the Treatise on Money.” Eastern Economic Journal 12 (October–December): 431–441.Google Scholar
Dimand, Robert W. 1989. “The Reception of Keynes’ Treatise on Money: A Review of the Reviews.” In Walker, Donald A., ed., Perspectves on the History of Economic Thought Volume II. Aldershot: Edward Elgar, pp. 87–96.Google Scholar
Fantacci, Luca, Cristina Marcuzzo, Maria, and Sanfilippo, Eleonora. 2010. “Speculation in Commodities: Keynes’ ‘Practical Acquaintance’ with Futures Markets.” Journal of the History of Economic Thought 32 (September): 397–418.Google Scholar
Hansen, Alvin H. 1932. “A Fundamental Error in Keynes’s ‘Treatise on Money’.” American Economic Review 22 (September): 462.Google Scholar
Hardy, Charles O. 1931. “Review of A Treatise on Money.” American Economic Review 21 (March): 150–155.Google Scholar
Hart, Albert G. 1933. “An Examination of Mr. Keynes’s Price-Level Concepts.” Journal of Political Economy 41 (October): 625–638.Google Scholar
Hawtrey, Ralph George. 1932. “Mr. Keynes’s Treatise on Money.” In The Art of Central Banking. London: Longmans, Green and Co., pp. 332–411.Google Scholar
Hayek, Friedrich August von. 1931a. “Reflections on the Pure Theory of Money of Mr. J. M. Keynes.” Economica 33 (August): 270–295.CrossRefGoogle Scholar
Hayek, Friedrich August von. 1931b. “A Rejoinder to Mr. Keynes.” Economica 34 (November): 398–403.CrossRefGoogle Scholar
Hayek, Friedrich August von. 1932. “Reflections on the Pure Theory of Money of Mr. J. M. Keynes (continued).” Economica 35 (February): 22–44.Google Scholar
Kahn, Richard. 1978. “Some Aspects of the Development of Keynes’s Thought.” Journal of Economic Literature 16 (June): 545–559.Google Scholar
Kent, Richard J. 2012. “Keynes’s Investment Activities While in the Treasury During World War I.” History of Economics Review 56 (Summer): 1–13.Google Scholar
Keynes, John Maynard. [1930] 1971. A Treatise on Money 1. The Pure Theory of Money. Volume V, The Collected Writings of John Maynard Keynes. London: Macmillan.Google Scholar
Keynes, John Maynard. 1931. “A Rejoinder.” Economic Journal 41 (September): 412–423.Google Scholar
Keynes, John Maynard. 1932. “Keynes’s Fundamental Equations: A Note.” American Economic Review 22 (December): 691–692.Google Scholar
Keynes, John Maynard. [1933] 1972. Essays in Biography. Volume X, The Collected Writings of John Maynard Keynes. London: Macmillan.Google Scholar
Keynes, John Maynard. [1936] 1998. The General Theory of Employment, Interest and Money. Volume VII, The Collected Writings of John Maynard Keynes. London: Macmillan.Google Scholar
Keynes, John Maynard. 1993. John Maynard Keynes Papers. Cambridge, UK: Chadwyck-Healey Microfilm Edition.Google Scholar
Kurz, Heinz D. 2010. “Keynes, Sraffa, and the Latter’s ‘Secret Skepticism.’” In Bateman, Bradley W., Hirai, Toshiaki, and Cristina Marcuzzo, Maria, eds., The Return to Keynes. Cambridge, MA: The Belknap Press of Harvard University Press, pp. 184–204.Google Scholar
Moggridge, Donald E., ed. [1973] 1987. The General Theory and After Part I. Preparation. Volume XIII, The Collected Writings of John Maynard Keynes. London: Macmillan.Google Scholar
Moggridge, Donald E., ed. 1983. Economic Articles and Correspondence Investment And Editorial. Volume XII, The Collected Writings of John Maynard Keynes. London: Macmillan.Google Scholar
Moggridge, Donald E. [1992] 1995. Maynard Keynes. London: Routledge.Google Scholar
O’Donnell, Rod. 2006. “Keynes’s Principles of Writing (Innovative) Economics.” Economic Record 82 (December): 396–407.Google Scholar
Patinkin, Don. 1976. Keynes’ Monetary Thought. Durham: Duke University Press.Google Scholar
Robertson, Dennis H. 1931. “Mr. Keynes’ Theory of Money.” Economic Journal 41 (September): 395–411.Google Scholar
Robinson, Austin. 1947. “John Maynard Keynes 1883–1946.” Economic Journal 57 (March): 1–68.Google Scholar
Robinson, Austin. 1972. “John Maynard Keynes: Economist, Author, Statesman.” Economic Journal 82 (June): 531–546.Google Scholar
Robinson, Austin. 1978. “Keynes and his Cambridge Colleagues.” In Patinkin, Don and Clark Leith, J., eds., Keynes, Cambridge and The General Theory. Toronto: University of Toronto Press, pp. 25–38.Google Scholar
Rymes, Thomas K. 1989. Keynes’s Lectures, 1932–35, Notes of a Representative Student. Ann Arbor: The University of Michigan Press.Google Scholar
Schumpeter, Joseph A. [1951] 1965. “John Maynard Keynes 1883–1946.” In Ten Great Economists From Marx to Keynes. New York: Oxford University Press, pp. 260–291.Google Scholar
Shenoy, Bellikoth Raghunath. 1932. “An Equation for the Price-Level of New Investment Goods.” Quarterly Journal of Economics 47 (November): 138–149.Google Scholar
Shenoy, Bellikoth Raghunath. 1934. “The Interdependence of the Price-Levels P, P′ and Π.” Quarterly Journal of Economics 48 (February): 362–368.Google Scholar
Skidelsky, Robert. [1992] 1995. John Maynard Keynes. Volume Two, The Economist as Saviour 1920–37. New York: Penguin.Google Scholar
Stamp, Josiah Charles. 1931. “Mr. Keynes’ Treatise on Money.” Economic Journal 41 (June): 241–249.Google Scholar
Walsh, Justyn. 2008. Keynes and the Market. Hoboken: John Wiley & Sons.Google Scholar
Williams, John H. 1931. “The Monetary Doctrines of J. M. Keynes.” Quarterly Journal of Economics 45 (August): 547–587.Google Scholar