New PDF release: Capital and Employment. A Study of Keynes's Economics

By Murray Milgate

ISBN-10: 0124962505

ISBN-13: 9780124962507

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Extra info for Capital and Employment. A Study of Keynes's Economics

Example text

Indeed, in drawing demand and supply 'curves' in the market for 'capital' and in outlining the mechanism by which variations in the rate of interest (profit) establish an equilibrium, one is simultaneously implying the mechanism by which the wage-rate varies so as to ensure equilibrium in the labour market. In cost of funds in any meaningful way. Indeed, in this case the level of investment will be explained not by demand-and-supply but by the reasons for the constancy of its level. The second point is that the associated idea of the supply curve of savings is likewise a function of the rate of interest.

The strength of this analytical structure of Classical Economics is reflected by the fact that it is possible to accept or to reject either of the above theories of distribution (as Sraffa, i960, suggested might be necessary when wages share in the surplus) without having any effect upon the explanation of value (relative price determination). This, of course, does not mean that it is possible to have any theory of distribution whatsoever; a demand-and-supply explanation along the lines that were later to be developed by the marginalist writers cannot be CAPITAL AND EMPLOYMENT 38 adopted because then, as will be shown in the following section, the theory of distribution is one and the same thing as the theory of value.

To the problem of involuntary unemployment" (p. 919). , Robbins, 1952, p. 2; Schumpeter, 1954, p. 481; Blaug, 1968, p. 176; Corry, 1959, p. 718). IV. THEORETICAL SYSTEMS AND THE LONG-PERIOD METHOD 47 opens a demand for products" (Say, 1880, p. * It seems fairly clear, however, that Say produced this 'paradoxical' conclusion (as he called it) in order to make two points. First, that "money is but the agent of the transfer of values" (p. I33)f—an assertion that, in this context at least, has less to do with the so-called 'classical dichotomy' between monetary and real forces (as is claimed, for instance, by Blaug, 1968, p.

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Capital and Employment. A Study of Keynes's Economics by Murray Milgate


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