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Keynes's monetary theory: a partial survey

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  • Victoria Chick

Abstract

The title of the paper alerts the reader to the fact that while the role of moneyin Keynes’s earlier work is alluded to, it is mostly the monetary contribution of the GeneralTheory (to which the author is particularly partial) which is surveyed here. The GeneralTheory represents a breakthrough in monetary theory both broadly and narrowly defined.Money in the General Theory is all-pervasive. It is essential in the sense of Radner andHahn. Money is also essential in allowing Keynes to break away, more profoundly thanbefore, from equilibrium economics. Monetary theory narrowly defined also represents abreakthrough: speculative demand is a revolutionary concept, driving a wedge between therate of interest and the rate of profit. The concept is elaborated and compared with Hicks’streatment. The article ends with a brief section on the finance motive and endogenous money. JEL Classification: E52; B21; B31.

Suggested Citation

  • Victoria Chick, 1993. "Keynes's monetary theory: a partial survey," Brazilian Journal of Political Economy, Center of Political Economy, vol. 13(4), pages 626-636.
    • Handle: RePEc:ekm:repojs:v:13:y:1993:i:4:p:626-636:id:1351
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    More about this item

    Keywords

    History of economic thought; Keynes; money;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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