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The Saving-Investment Identity and the Transition from the Treatise to the General Theory

In: Keynes’s General Theory, the Rate of Interest and ‘Keynesian’ Economics

Author

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  • Geoff Tily

Abstract

In late 1932, Keynes recognised that the nature of the relationship between the macroeconomic aggregates saving and investment was one of identity rather than equilibrium. The central argument of this Chapter is that this was the ‘discovery’ that set Keynes away from the Treatise and became the foundation for all his subsequent theoretical arguments. The nature, cause and consequence of the saving-investment relationship are crucial components of any statement of Keynes’s General Theory as a positive doctrine.

Suggested Citation

  • Geoff Tily, 2007. "The Saving-Investment Identity and the Transition from the Treatise to the General Theory," Palgrave Macmillan Books, in: Keynes’s General Theory, the Rate of Interest and ‘Keynesian’ Economics, chapter 6, pages 152-182, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-80137-0_6
    DOI: 10.1057/9780230801370_6
    as

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