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Kahn-Hicks' Criticism of the Independence of Prices in Keynes' «Treatise on Money»

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  • Alexander Tobon

    (University of Paris x Nanterre, France)

Abstract

Keynes formulated the idea that consumer goods prices are independent of prices for new investment goods. This notion was rejected by Kahn, who felt that an independence of this sort stems from certain highly specific hypotheses. Unfortunately, after corresponding with Kahn, Keynes ended up by accepting this criticism. A few years later, Hicks resurrected Kahn’s viewpoint when commenting upon the Treatise. The purpose of the present text is to demonstrate that Kahn-Hicks’s criticism is incompatible with the central message of the Treatise, since it implies an equality between investment and savings, asserting their identicalness, whereas for Keynes this equality is a condition of monetary equilibrium.

Suggested Citation

  • Alexander Tobon, 2006. "Kahn-Hicks' Criticism of the Independence of Prices in Keynes' «Treatise on Money»," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 14(1), pages 113-122.
    • Handle: RePEc:hid:journl:v:14:y:2006:1:4:p:113-122
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