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Kahn-Hicks' Criticism of the Independence of Prices in Keynes's "Treatise on Money". A Correction

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  • Richard J. Kent

    (Professor Emeritus of Economics - Kent State University, Kent, OH)

Abstract

Kahn and Hicks extended Keynes’s model in the Treatise on Money, having consumption also depend on total profit, not just income. Tobon criticized Kahn’s and Hicks’s extensions arguing that they are not compatible with the central message of the Treatise. It is shown in this paper that there is an error in Tobon’s argument and that correcting this error invalidates his conclusion.

Suggested Citation

  • Richard J. Kent, 2016. "Kahn-Hicks' Criticism of the Independence of Prices in Keynes's "Treatise on Money". A Correction," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 24(2), pages 197-202.
    • Handle: RePEc:hid:journl:v:24:y:2016:2:8:p:197-202
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