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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

  • Roy H Grieve

    ()

    (Department of Economics, University of Strathclyde)

Scholars who in recent years have studied the Sraffa papers held in the Wren Library of Trinity College, Cambridge, have concluded from Sraffa’s critical (but unpublished) observations on Chapter 17 of Keynes’s General Theory that he rejected Keynes’s central proposition that the rate of interest on money may come to ‘rule the roost’, 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 ‘own-rates’ terminology employed by Keynes rather than with the substance of the theory developed in Chapter 17.

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Paper provided by University of Strathclyde Business School, Department of Economics in its series Working Papers with number 1319.

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Length: 26 pages
Date of creation: Sep 2013
Date of revision:
Publication status: Published
Handle: RePEc:str:wpaper:1319
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