Keynes's Z function: a reply to Hartwig and Brady

The author has argued that The General Theory (Keynes, 1936, hereafter GT) extends Marshalls theory of value to the monetary economy, and that the Footnote (GT, pp. 556) can be understood as a statement, not of Keynes's own assumptions throughout the rest of The General Theory, but of the three...

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Bibliographic Details
Published in:Cambridge journal of economics 2008-09, Vol.32 (5), p.811-814
Main Author: Hayes, M. G.
Format: Article
Language:English
Subjects:
Aggregate demand
Effective demand
Employment
Entrepreneurs
Equilibrium
Keynes, John Maynard
Keynesian theory
Keynesianism
Macroeconomics
Marginal productivity
Mathematical functions
NOTES AND COMMENTS
Output rate
Political economy
Prices
Supply
Supply & demand
User costs
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Summary:The author has argued that The General Theory (Keynes, 1936, hereafter GT) extends Marshalls theory of value to the monetary economy, and that the Footnote (GT, pp. 556) can be understood as a statement, not of Keynes's own assumptions throughout the rest of The General Theory, but of the three special assumptions needed for the Classical marginal productivity theorem to hold, at the macroeconomic as well as the microeconomic level. The author's comments concerning Keynes's Z function are discussed.
ISSN:0309-166X
1464-3545
DOI:10.1093/cje/ben014