An issue with own-rates: Keynes borrows from Sraffa , Sraffa criticises Keynes, and present-day commentators get hold of the wrong end of the stick
Scholars who in recent years have studied the Sraffa papers held in the Wren Library of Trinity College, Cambridge, have concluded from SraffaÃ¢â‚¬â„¢s critical (but unpublished) observations on Chapter 17 of KeynesÃ¢â‚¬â„¢s General Theory that he rejected KeynesÃ¢â‚¬â„¢s central proposition that the rate of interest on money may come to Ã¢â‚¬Ëœrule the roostÃ¢â‚¬â„¢, thus dragging the economy into recession. While Sraffa does indeed express dissatisfaction with Chapter 17, the commentators have, we believe, misunderstood his concern: we suggest that he was unhappy with the Ã¢â‚¬Ëœown-ratesÃ¢â‚¬â„¢ terminology employed by Keynes rather than with the substance of the theory developed in Chapter 17.
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