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Keynes, Sraffa and the Emergence of the General Theory

Grieve, Roy (2012) Keynes, Sraffa and the Emergence of the General Theory. Review of Political Economy. ISSN 0953-8259 (In Press)

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    This paper considers the question of whether Sraffa had any significant influence on Keynes’s thinking in the period of preparation of The General Theory. Questioning the negative view expressed by Pasinetti (2007), we suggest there is a strong possibility that Sraffa, in introducing the idea that there exist as many ‘natural’ rates of interest as there are commodities which can be lent or borrowed, was instrumental in pointing Keynes to a way of escape from the traditional ‘productivity and thrift’ conception of the rate of interest; this new line of thought Keynes developed into the liquidity preference explanation of interest on money.

    Item type: Article
    ID code: 31415
    Keywords: Keynes, Sraffa, economics, general theory, Economic Theory, Political theory, Commerce, Political Science and International Relations, Economics, Econometrics and Finance (miscellaneous)
    Subjects: Social Sciences > Economic Theory
    Political Science > Political theory
    Social Sciences > Commerce
    Department: Strathclyde Business School > Economics
    Related URLs:
      Depositing user: Pure Administrator
      Date Deposited: 13 Jul 2011 09:56
      Last modified: 05 Sep 2014 09:15

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