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Keynes, Sraffa and the Emergence of the General Theory

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  • Roy H. Grieve

Abstract

This paper considers the question of whether Sraffa had any significant influence on Keynes's thinking in the period of preparation of The General Theory . Questioning the negative view expressed by Pasinetti (2007), we suggest there is a strong possibility that Sraffa, in introducing the idea that there exist as many ‘natural’ rates of interest as there are commodities that can be lent or borrowed, was instrumental in pointing Keynes to a way of escape from the traditional ‘productivity and thrift’ conception of the rate of interest; this new line of thought Keynes developed into the liquidity preference explanation of interest on money.

Suggested Citation

  • Roy H. Grieve, 2012. "Keynes, Sraffa and the Emergence of the General Theory," Review of Political Economy, Taylor & Francis Journals, vol. 24(1), pages 51-67, January.
    • Handle: RePEc:taf:revpoe:v:24:y:2012:i:1:p:51-67
    DOI: 10.1080/09538259.2011.636606
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    References listed on IDEAS

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    1. Moggridge, D E, 1992. "The," Journal of Economic Perspectives, American Economic Association, vol. 6(3), pages 207-209, Summer.
    2. Pasinetti,Luigi L., 2007. "Keynes and the Cambridge Keynesians," Cambridge Books, Cambridge University Press, number 9780521872270, November.
    3. Michael S. Lawlor, 2006. "The Economics of Keynes in Historical Context," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-28877-5.
    4. Robert Dimand, 1988. "The Origins of the Keynesian Revolution," Books, Edward Elgar Publishing, number 139.
    5. Milgate, Murray, 1983. "Capital and Employment," Elsevier Monographs, Elsevier, edition 1, number 9780124962507 edited by Eatwell, John.
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