On the New Appeal of Chapter 12 of the General Theory. Complicating Remarks on the Keynes-Hume Connection and the Presumed Novelty of the Analysis of Financial Markets in the General Theory
AbstractA basic presupposition of the rediscovery, in the times of the crisis, of chapter 12 of the General Theory is that Keynes’s treatment of financial markets, and particularly the use of the notion of convention, represents a crucial novelty in both his economics and philosophy. The article offers complicating remarks to critically discuss this interpretation. In particular, we analyse the complex Keynes-Hume theoretical connection in the light of the Keynes-Sraffa correspondence on Hume’s Abstract, and emphasize the theoretical legacy of Keynes's 1910 lectures on speculation for the analysis of financial markets in the General Theory.
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Bibliographic InfoPaper provided by University of Turin in its series CESMEP Working Papers with number 201202.
Length: 36 pages
Date of creation: Oct 2012
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-04-13 (All new papers)
- NEP-HME-2013-04-13 (Heterodox Microeconomics)
- NEP-HPE-2013-04-13 (History & Philosophy of Economics)
- NEP-PKE-2013-04-13 (Post Keynesian Economics)
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