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Did Keynes in the General Theory significantly misrepresent J S Mill?

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  • Grieve, Roy H

Abstract

It has been alleged that J M Keynes, quoting in the General Theory a passage from J S Mill's Principles, misunderstood the passage in question and was therefore wrong to cite Mill as an upholder of the 'classical' proposition that 'supply creates its own demand'. We believe that, although Keynes was admittedly in error with respect to, so-to-say, the 'letter' of Mill's exposition, he did not mislead readers as to the 'substance' of Mill's conception. The purpose of this paper is to demonstrate that J S Mill did indeed stand for a 'classical' position, vulnerable to Keynes's critique as developed in the General Theory. [This is a revised version of an earlier working paper: 'Keynes, Mill and Say's Law', Strathclyde Papers in Economics, 2000/11]

Suggested Citation

  • Grieve, Roy H, 2013. "Did Keynes in the General Theory significantly misrepresent J S Mill?," SIRE Discussion Papers 2013-102, Scottish Institute for Research in Economics (SIRE).
    • Handle: RePEc:edn:sirdps:527
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    1. Davis, J Ronnie, 1979. "Keynes's Misquotation of Mill: Further Comment," Economic Journal, Royal Economic Society, vol. 89(355), pages 658-659, September.
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      Keywords

      Keynes and the 'classics'; John Stuart Mill; Say's Law;
      All these keywords.

      JEL classification:

      • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
      • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
      • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
      • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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