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Keynes’ treatment of dynamics and stability in a monetary economy: the role played by expectations from the Tract on Monetary Reform to the General Theory

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  • Sylvie Rivot

Abstract

Contrary to the commonly accepted view, Keynes’ static treatment of the effective demand principle in his General Theory should be considered more as an achievement than as an incomplete proof. The Tract investigated the fluctuations due to short-term forecasting errors. Next, the Treatise extended the analysis of expectations’ mismatches to the determination of the level of investment. Hence the major achievement of the General Theory can be located in its demonstration of the possible existence of an underemployment equilibrium due to the indeterminacy of long-term expectations.

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  • Sylvie Rivot, 2020. "Keynes’ treatment of dynamics and stability in a monetary economy: the role played by expectations from the Tract on Monetary Reform to the General Theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 27(4), pages 523-548, July.
    • Handle: RePEc:taf:eujhet:v:27:y:2020:i:4:p:523-548
    DOI: 10.1080/09672567.2020.1769152
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    Cited by:

    1. Rivot, Sylvie, 2021. "Reading Keynes’s policy papers through the prism of his Treatise on Probability: information, expectations and revision of probabilities in economic policy," OSF Preprints s5qp9, Center for Open Science.
    2. Marco Guerrazzi, 2023. "The Keynesian nexus between the market for goods and the labour market," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 70(2), pages 195-216, June.

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