Keynes, Ricardo and the classical theory of interest
AbstractKeynes 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.
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Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal The European Journal of the History of Economic Thought.
Volume (Year): 7 (2000)
Issue (Month): 2 ()
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Maria Cristina Marcuzzo & Annalisa Rosselli, 1994.
"Ricardo's Theory of Money Matters,"
Programme National Persée, vol. 45(5), pages 1251-1268.
- Garegnani, Pierangelo, 1979.
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Cambridge Journal of Economics,
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- Garegnani, Pierangelo, 1978. "Notes on Consumption, Investment and Effective Demand: I," Cambridge Journal of Economics, Oxford University Press, vol. 2(4), pages 335-53, December.
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