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The Economic journal (London), 1993-05, Vol.103 (418), p.647-663
Ort / Verlag
Cambridge: Blackwell Publishers
Erscheinungsjahr
1993
Link zum Volltext
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
It is convenient to discuss the question of the evolution of Keynes' thought from his Treatise on Money (1930) to his General Theory (1936) in 4 parts. These are: 1. the analytical distance between the treatise and the general theory, 2. the relation between Kahn's (1931) multiplier article and the general theory, 3. the stage reached in the discussions of the Cambridge Circus, and 4. the subsequent stages. Because the theory of effective demand cum equilibrating role of changes in the level of output is not found in Bryce's notes of Keynes' lectures in the fall of 1932 but is found in those for 1933, it is concluded that Keynes formulated his theory of effective demand during 1933 and probably during the first half of that year. This remains the main reason for rejecting the traditional description of the role of the 1931 Cambridge Circus in the development of the general theory.