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‘We have completely failed …’

In: Keynes, Bloomsbury and The General Theory

Author

Listed:
  • Piero V. Mini

    (Bryant College)

Abstract

Economics has always been a ‘divided’ science. Keynes’s predecessors saw the division as one between the theory of value and distribution and the theory of money and absolute prices. Keynes — in Chapter 21 of The General Theory — suggests that the correct division is between the theory of the firm and industry and the theory of output as a whole. Both halves should use the same concepts in order to avoid the ‘double life’ of living on ‘two sides of the moon’ without knowing the route that connects them.1 As we saw, Chapter 21 is a notable attempt to use many of the concepts of the theory of the firm to explain the response of prices to a change in the money supply.

Suggested Citation

  • Piero V. Mini, 1991. "‘We have completely failed …’," Palgrave Macmillan Books, in: Keynes, Bloomsbury and The General Theory, chapter 10, pages 192-211, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-11651-5_10
    DOI: 10.1007/978-1-349-11651-5_10
    as

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