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Some Aspects of the Development of Keynes’s Thought

In: Richard F. Kahn

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  • Richard F. Kahn

Abstract

This chapter incorporates portions of a lecture delivered in 1974 to the British Academy with the title “Re-reading Keynes”. Kahn retraces how Keynes abandoned the Quantity Theory of Money in favour of the model set out in the General Theory, where inflation results from the interaction between nominal wages and the level of aggregate demand. The elaboration of this model paved the way to Keynes’s growing awareness that if unemployment ceased to be a serious problem, it would be replaced by the problem of pressure to raise money wages faster than productivity and by this means to create inflation.

Suggested Citation

  • Richard F. Kahn, 2022. "Some Aspects of the Development of Keynes’s Thought," Palgrave Studies in the History of Economic Thought, in: Maria Cristina Marcuzzo & Paolo Paesani (ed.), Richard F. Kahn, chapter 0, pages 97-118, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-98588-2_6
    DOI: 10.1007/978-3-030-98588-2_6
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