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 & 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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- Garegnani, Pierangelo, 1979.
"Notes on Consumption, Investment and Effective Demand: II,"
Cambridge Journal of Economics,
Oxford University Press, vol. 3(1), pages 63-82, March.
- 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.
- Annalisa Rosselli & Maria Cristina, 1994.
"Ricardo's Theory of Money Matters,"
Presses de Sciences-Po, vol. 0(5), pages 1251-1268.
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