Keynes's Theoretical Development: From the Tract to the General Theory (Routledge Studies in the History of Economics)

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Comprehensive and authoritative, this book, written by a recognized authority on the subject explores the contributions to modern economics by John Maynard Keynes and addresses neglected, yet crucial aspects of the genesis of Keynesian economics.

In this book, the author elucidates Keynes �� development as an economic theoretician through an examination of his books, articles, various manuscripts, lecture notes and controversial correspondence. Departing from a narrative account and analyzing processes of theory-building and re-building which constitute Keynes� s intellectual journey from the Tract to the General Theory, this volume shows Keynes � theoretical development as a theoretical hypothesis.

An excellent exposition of Keynes’ contribution, this is a valuable addition to the bookshelves of all to students and researchers interested in Keynes and more widely the history of economic thought and macroeconomics.

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Keynes's Theoretical Development: From the Tract to the General Theory (Routledge Studies in the History of Economics) Review

The author's goal in this book is to try to trace the development of Keynes's GT from the A Treatise on Money(TM;1930),through the materials contained in volumes 13,14,and 29 of the CWJMK,to the GT in 1936.The author simply skips Keynes's technical, mathematical analysis of his theory of effective demand that is contained in chapters 20 and 21 of the GT.The author has no idea about what the employment function is since he skipped chapter 20.The author comes to the conclusion that the Employment Function is a 45 degree line emanating from the origin,where N is on the abscissa and D,Z are on the ordinate.Only in the very special case where economic profit,P, is equal to 0,which is the case of constant retuurns to labor,does the employment function simplify to the total Variable cost curve,since pO=wN,where p is an expected price,w is the constant money wage in the short run,N is aggregate employment ,and O represents an aggregate production function that is a function of N.
Much of the book will not make sense because the crucial technical,formal chapters in the GT,chapters 20 and 21 ,where Keynes demonstrated that the D=Z locus forms a set of multiple equilibria for the set of all expected prices,p, are simply ignored.The author's approach is very similar to previous expositions made by Robertson,Patinkin,Sydney and E Roy Weintraub,Paul Davidson,and G Harcourt

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