Did Keynes in the General Theory significantly misrepresent J S Mill?
AbstractIt has been alleged that J M Keynes, quoting in the General Theory a passage from J S Millâ€™s Principles, misunderstood the passage in question and was therefore wrong to cite Mill as an upholder of the â€˜classicalâ€™ proposition that â€˜supply creates its own demandâ€™. We believe that, although Keynes was admittedly in error with respect to, so-to-say, the â€˜letterâ€™ of Millâ€™s exposition, he did not mislead readers as to the â€˜substanceâ€™ of Millâ€™s conception. The purpose of this paper is to demonstrate that J S Mill did indeed stand for a â€˜classicalâ€™ position, vulnerable to Keynesâ€™s critique as developed in the General Theory. [This is a revised version of an earlier working paper: â€˜Keynes, Mill and Sayâ€™s Lawâ€™, Strathclyde Papers in Economics, 2000/11]
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Bibliographic InfoPaper provided by University of Strathclyde Business School, Department of Economics in its series Working Papers with number 1323.
Length: 26 pages
Date of creation: Oct 2013
Date of revision:
Publication status: Published
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Keynes and the 'classics'; John Stuart Mill; Say's Law;
Find related papers by JEL classification:
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-11-02 (All new papers)
- NEP-HIS-2013-11-02 (Business, Economic & Financial History)
- NEP-HPE-2013-11-02 (History & Philosophy of Economics)
- NEP-MAC-2013-11-02 (Macroeconomics)
- NEP-PKE-2013-11-02 (Post Keynesian Economics)
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