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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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Abstract

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
Depositing user: Pure Administrator
Date Deposited: 13 Jul 2011 08:56
Last modified: 21 May 2015 13:22
URI: http://strathprints.strath.ac.uk/id/eprint/31415

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