2013년 6월 10일 월요일

[발췌 6장: T. Hirai's Keynes's Theoretical Development] After the Treatise

출처: Toshiaki Hirai, Keynes's Theoretical Development: From the Tract to the General Theory (Routledge, 2008)

자료: 구글도서 ; 목차


※ 발췌 / Excerpt of which 

Chapter 6. After the Treatise (p. 71)

Having published the ^Treatise^, Keynes continued to maintain he position advanced in the book for some time, defending 'his own theory' against criticisms levelled at it from various sides.

  How did Keynes go about maintaining the ^Treatise^ theory, and for how long? When, in other words, did this state of affairs end (and a new situation towards the ^General Theory^ begin)? This is an issue of decisive importance.

  We determine the period concerned[1] as spanning between October 1930 and October 1932. The most noteworthy feature is Keynes's stress on the TM supply function; the fundamental equations are seldom mentioned. This will be the focus of our attention in this chapter and the next.

  The chapter proceeds as follows: (1) Hawtrey's criticism; (2) the sources from June 1931 to early 1932; (3) a manuscript consisting of four chapter (^JMK^. 13, pp. 381-396. Hereafter we will call it 'The Monetary Theory of Production' manuscript or the MTP manuscript, named after the title of the first chapter.). (4) criticism of the 'Cambridge Circus'; and (5) two 1932 tables of contents.


I. Hawtrey's criticism


1. Hawtrey's economics

Hawtrey's trade cycle theory originate in Hawtrey(1913). It is a cumulative process theory of the banker-dealer connection based on two lags: the lag in the rate of interest behind change in rising or falling prices, and the lag in the demand for currency behind change in credit.

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