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Keynes, Ricardo and the classical theory of interest

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  • David Andrews

Abstract

Keynes made harsh and repeated attacks on the work of Ricardo, blaming him particulary for what Keynes called the 'classical theory' of interest. Garegnani and others argue that Keynes' criticisms of the classical theory of interest apply to later neoclassical writers, but not to Ricardo. This paper re-examines Keynes' criticisms. It argues that Keynes attacked Ricardoapos;s theory of interest despite his awareness that Ricardo did not hold the 'classical theory'. Moreover, Keynes not only expressed sympathy for Ricardo's understanding of interest, but his criticisms which do apply to Ricardo do not address Ricardo's theory of interest.

Suggested Citation

  • David Andrews, 2000. "Keynes, Ricardo and the classical theory of interest," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(2), pages 228-244.
    • Handle: RePEc:taf:eujhet:v:7:y:2000:i:2:p:228-244
    DOI: 10.1080/096725600361799
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    References listed on IDEAS

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    1. Maria Cristina Marcuzzo & Annalisa Rosselli, 1994. "Ricardo's Theory of Money Matters," Revue Économique, Programme National Persée, vol. 45(5), pages 1251-1268.
    2. Joan Robinson, 1978. "Keynes and Ricardo," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 1(1), pages 12-18, October.
    3. Garegnani, Pierangelo, 1979. "Notes on Consumption, Investment and Effective Demand: II," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 3(1), pages 63-82, March.
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