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The Importance of Money, Contracts, and Liquid Financial Markets

In: John Maynard Keynes

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  • Paul Davidson

Abstract

The neutral money axiom is an essential building block not only of 19th-century classical theory, but as the previously cited quote from Professor Blanchard indicated, it is also a matter of faith underlying the conventional wisdom of today’s mainstream macroeconomic models of the economy. Since in classical theory producible goods and services exchange for other producible goods and services and the supply of producibles always equals the demand for producibles (Say’s Law), then there is no need for money, except as a counting device — a numeraire — in the production and exchange processes.

Suggested Citation

  • Paul Davidson, 2007. "The Importance of Money, Contracts, and Liquid Financial Markets," Great Thinkers in Economics, in: John Maynard Keynes, chapter 7, pages 75-115, Palgrave Macmillan.
    • Handle: RePEc:pal:gtechp:978-0-230-23547-2_7
    DOI: 10.1007/978-0-230-23547-2_7
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