‘At of Poses zs Sew 8 INTRODUCTION, ‘The Pst Keynesian projet represents beth recovery and an teson oft econ pradign delopedy Keys. (Pll, 1096.p.9) ‘hiss history ofa didnt bel of thought in maroeemoni, fom is nine ida down othe end ofthe re cena agree i Ths Palla eorery, ease Post Rene gree on anything-vbich is sometinesopen to dab tis tat th Grand ‘Seca Shei (Ares. 1p2)sa aves of eyes isan senso bsane Pos Renesas el with quests gard ory lug ected by Keo nding eonoic roth sc coi, income diibtn andinftin Ths bok, ts, isthe stay of Past eyes econsis ener extended its spe onde sues that ‘eyes ad commented pen, posed a chleng tw orodn rmsrssnonicsbut hima fed opt it Some very mprtan questions ave aed ben aie in these fist er sesents, Whats the eseneof Post Resin esos isaac cov? Cait be eine enlin nea ay in emsof ts oppestan easel mcoeonomie?Oristiee a coberentpose os Kees alemate tothe noseane? What ats ese, dowe mean bya Sho of ‘Yong incononis? What ors deri te pares orlackot progres fone shy omparion with oer sche? Can ve legate speak af rogresin snc al? Has there been press any sortinecononic? My ansets to sone ofthese questions willenere (hes ls Philosophers and ita of xen ave managed ash som ight nthe ieand deat of sols of tought, Ths Josep Schumpeter recoguzd the exten econ ops of les ni ‘ater rounds tech or sone insitaton. Bybeiginteeed a sme robles by being tg sia aye of handing tem, exchanging nd assigns and resis, ey acquire a sor of meat fanaly has The Phot, Rerins, Marts and Keyoesisn ere ‘amples cf ach sh each ith ‘tsmnr cc, ts propaga, its ators it esoteric ands poplar ct’ together wih abroad ficge of patina For Shue teed was al ingot a inal ene han in bsies (Shon, 1096, 99.2879). “erence Hutson, in conta, empties gengapy rather than lnsdershiprintecta eins when ing ofthe amid ‘coal, wich has avy been haar by ntemal eonnorenizs nd feuds (onthe otra, aremarablefetarecfCambrie sosrise ‘in roughly te sta of the cen, wich cule toAtif fetemesin Eom Se 895 inthe fhe tera a tt thy edad to pnd ‘alr, or ot rls, canes at coo fom esmanto Ens, Combe, eet or varie bes, of ‘he odd seson in ori parts. Theeloeational mits were timer in ome css acoder dere ot Dr, Gana idl once aed hat twa Aglston hed of uneasy xa. ich comes rom conning tou recently the wri fone immadite cobages. Tas, side indunes, no farsthey peered ta signin featheteringuete of Martha opus through ero ambiigepeconspos teen, 26, p.) “Thre annprtnt een ofthat, oot eat appli the Cambrige Po eyes. nd much the same could be i for ample ofthe Chicago Schoo ofeemamis (Rader, 1982) ‘Schumpeter maintained hat inthe twenet cen the erences ‘beren competing shelf haut in exons wre ery mah es than their adherent chow to ble since economist hain ict rence pement on he foundations oft scl. Quaid suport for cootation comes rom Rika Whiley dade out he ineetun a social cremation of cette activ hich hinges on here of tak uncer thie ay conning inagrmeent on ‘wats tobedone bythe eactioners fay patel sentie spline nthe soca eenees npr, separate cco ay vel farm around opposed conceptions ofthe centralise and peered was ‘comer ery lic (hie 1984.) Taskers lncese bythe hry and cert ofthe audience wo wc enc ‘on iid. When a approval isonet hie nee rus ave a vein the cuttomeand whee fonding comes rom 2a of su cncend of Whisper ad thor pyse te other. roc isomerate nid, sae inti aipie bd ‘here unfory ndeencal uncer peal The common (vosdaseal theoreti core canot be apie to emptied pobensin 2pleations (bi, p18) Bu al thas of hap ae les roinent inci partion bravery thar semis ha in the plveene larch’ ofthe other social scence. extra ein he deelopment foil een 1990 nd 45. The Dunteinin Pasonian nd Chago Schools ne constiuted 2 zal,communi of esas wos ogi an omsatve peed can be aie’ ‘a tne and plac. Bvery shoo eques2 Yonder adr, since pal ‘heimovatanie ste, eeu, aol caeenaiznn wich este boli primary erty igor around "mare ope sotkng geben ets the worship ison or more ou journals reves (Takin, 1979-240) Thareae song snlrtes between chooks of hog and lseting lions eet. Both cin tobe exposing errand aging ation and oh ae at eat ina oti fom the uae he ‘wpe, General the ender ofthe sce! wi be surounédbyaszall ‘umber fiporan eosers who may beofthesame generation the dene, nd theeare sare hs metres station (idatng wate nts ding bt he preset ate ofthe nine): Equal sedate younger thn header ha bereits estes theyre pando ry inther cree. Ler tring ne generation ad inpar, heist es ‘Hom angen asia fhe chaotic fonder. ‘ingore way fouespuniing te elt of the wo tate as wublespressig hein cdiony language’ Fly there athe ‘usar or fotos, who et Jourals, wie tthooks and oxapy ‘ns requires foundered, an intonation, jour ard nies hati, 2dorunen in thenatureof profsicalpeamaton ofits aremadeofperviagandreting the word (ip. 21-2) ‘Tha es seem aly appicable to Schumpeter Rene Seol ‘nie ar dca 2936-46), a happens to have bea hela ead of Keyes ie Keys mol ive th ero ‘oonde hades ath Genera Theory be aie the Feo Journal whic ted wt eth reaped the ees aia ‘Hanes ithe most ingortnt comer Janes Meade ad oan Roiaoe ‘he archeypal students, Roy Harrod and JR. Hicks among thee ‘nner. Tira’ account ofthe ate ofa eho at api wig eer cece ia igh insu Ath too becomes mor intial vse (logon to ‘he eleton therein communi rom ents ennai) it mambersp sae ees inresing hs cores (eo, methods eines) become popula and wo ager pend upon the founder dct aching new eran aeto-ry et tepnan cme ee T= ap ‘aeration Te cae ftw bomen ‘sidasbeoms pro estan concepts he pie vetting, dit ined pre ne Interearseons menbesin. the restpastios of tesco ecu arte ted red or compromise preston ar ever flat iti ava osslht ‘hescoo ay eae ify a neu pine resapeitnswininrettionsfooninga mor ait cin ftheprdion em ites, relandnto sin ‘oom scenic eit interesting i. 2:8) Stooge derive tom the history ofsncsoyhs pase wa story hat suc remiient othe omega of Gand eos Shes and it Pot ers cles. ‘oad forthe solos (nd even hampered a ins as {songs cine wher wot on hes seine) The pAosopes als have soning oom, ough ssh make mc ger oft eas in Chapters wi em ey ‘wi hone elevation the gutatin run Pale uses ‘Thomat Kas comept ofa arg, tious defined ut sl taen onan th ato ame offence tha fons abject ae nd ‘specs be appopie way of pproating an a add st of roel opting and oki raover, psc Getic otis (Gul, 70) ina seu of seo hough in sl te pln dfnnga shel arsine commeniy’ ante Kuaisn ‘er tatstars common paradigm, Adberns toa pra shal of ‘tought operate win tkeir ov praia ae sometime called upon todd gant tel Kab aes tatien parade ae sory ncoamenebe hatte te wader presents eo dint th communi between scents wong in spate raion seemed to quite inpesle This is hye ees assent recto he procs er ante communi sists aesznce em one pardign anther Alien otis ne Laat’ sei ear pani, ih consis f2coe of uncalngle rth 2st ofinsrutons evesing he condo een anda rotate afqustome, andes emit propostons (Lakatos, 198). As al suggest in Chaper,eeaeenpora neces beeen Lala 2nd Kubo tastes themes of al porammes, an ined on Whether sch 2 moseseat is plein the at ae Bu hres ab eno ‘common goin fro cosie dfiing sl of tought the cesenblet esearch whe work win 2 sped esearch programme (cradtretoapriearpraign) and often in ome sens compete ith‘i Peper on Su ETE the praones of sa pais ral esearch propane) The ‘oem and Copanicn shoals represen casio nance om the Dison ofmaal dence Neotor'sad Haste psc cose sete: ‘fre ing arent sane eerste amps et ata nesta, ner there ete uae are ces thea contet or i eed pd vine each opranee Pas essa soni no sinse mater Farther ede ‘hi probe. The lr ota ene ein arate bathe toast te ass conde efron come Je. arene stupid enough into bea Se, Oe 23 oo ‘aoe. al 6Gve my jet ater in me he ae at ‘tre wiocl hemsehes Fo Renesns automata qu. This ‘erm ert Keys camino widen latins he dy oe et) nina cate myth ie ling heathen othr ‘one hud dud mar gus Be hl alt and Pero ‘Sion the gout hy eer sop the ot Rees ie Fe ‘hsm al deo ey ad hee “Thesoyexe mre compa thn his, te sere of te fone ‘nts Post Keen (aud fonn Robins, thgoninpcant fending motto ane ‘tegle of xape om babi modesof ‘hought2n exes’ Kes eben hom case he race tote ener ery ees 0965p vil Fr Roan thse vee the eal pe Kemsn non hat ced aida cous eet cine Cambri soni Sie Wena ae man Nin, the ther in af rien forthe neal athe eines aoe aferKnsoctetheteofar ale Rainn (6) Arpv nent he ein ced nde ‘ef tnd even Pos Resin nd ote onrie es, the eye ofa clan eck with the pit of qusinsle ai. Te Newey of et Keyan naomi ths nesta mane lassi theresa cob stor tobetald aint 0908 AP Taal whoalvae eed inset 2 Keyes (vito waiving ade emmariedthe sixcencal mesagesof eyes ‘Soe Thee wre the propane and enplvmene Seermine nthe rout mike atthe oar mare oy semper as incense doo genera gut ‘eee enn ones eso inant te om re ecm he Quant Ter ls ny under ilenploen, va ott ely of rion wile cot us a nit val oe ti pot ed and captalstecoumie arden te nial pi of eterna ih eerie te dso inetiy epi sn Se 15g (ia 24a. 95-7 ope hat man aroned Ps Reso ould ead hiss seabe miso pam. Inadatin he Grau Neca Sua atest es 2 henner componente model income mathe rte finer hbo market ani of lost ad nage. thy feos poh ad aii Care asset ‘age an se inion The 5-1 mee came et a he ease fea of8 His (957, Tas Paten digo (942) ded an grt pdusion fection aa boursupl fnction ticks qua demenstatng tat naka wempiymen eu tera eer dae mone demand curve he old iy tap)or evar ity none ages. Tele es ner Robe Sl (936) ‘rtd the nner tla witha medal oh conineusbtitos bette pal ad abu onthe sete otuctn ncn Fal thea of age an ee ination wae ‘ernie byte uenplyneat xe ia the lips wansip wih, inthe canonical verso of Seman md Sl (60) vanerpeed ae budget constant nen for oer ie. ea, we al sin Caper, Sour igced SLM se ested nih fro torts Gate ‘consis hat odin and tether eas canis de ‘omit He ad erie ay bout te iar conmi rewth and ‘vas mpi comemedinthe General Thay wth te pole of lattice bce te General Tr ast ambialet nd Incompe the otKeymsns out tester and exe it Tit estes ns836 or etene iteser whereJons Rion 8 Mille vere consrod Kova illeoning 6 st. ave te hist tot eg iho stint hems, reson street ook ay hole snd pry heatic Theresa tepid fori inter the inet repetion an txcacking hat isceuied bat ikitis ee ort ai, “othe xa tate diet aes ens, ny peste ithat sf sine histori sta sci Kori, Tat ist oy, Tare ‘fame nether aso ng. val deed network of ocaimed st erent ie 905 Le, 00, fr aden api) “Tis ousea unr of eplais nota dagmaspiile ST sy ato micormoomis. Tiss epbatal ror beese [bie ht ‘hetwocan ec sprtl bt incre hee the book to ‘magni and oid ueesary dupont the wart thers (ee ae, 398).In chapter, Fist reaeons to The General Theory ses tw pes cay spore tone honk, hve ht tabled th seis yt nd hose which an fyb deed ae proto) Pst ‘eyusan The fit ate incodes the eviews by David (Canperone, Harrod Hels, ade and Boas Reavy tgeter ith ete wor by Hicks, Oskar Lang andthe book-length teaching versions of Keys wont by Mende 2nd Jan Robison. 1a the seond ater coma some of obnson's 05 xa bret but suet passages chy papers by Nichola Kalo, nds earl 957 arly Hugh ‘Towushend conde this opening chapter by assing Keyes resent thee interpretations f iden ithe General Theory ‘tl is esponsesdpayedconerabembicence (Chapter An eames om Plan ntroduce ical alee ho nd aie at any of Keyes mast inporantcondusins pia 102996 add on sone issuesleedy gre wel beyond him. oui the wasn hie alee eticad the Genera Theory, edie is ownanais ‘helio Reyer wor and applied ito he impart poli debates surroandingprvarrconstueion,Kla provided foundations fee "eft eyes’ appeaebtomacreonomic thought and th chapter ends hs brief examination ofthe sleeguen ever of monoply cpt ‘hat were st ost by ol Baran and Pal Sosy, ef enfant conan rng intenced by Kale eyes bad confined himself the short perio, assuming the capital stecktobe gen. Theetenson fi warkto he ng peri question of apa aceutation vas begus by Joan Robinson as ear 25 1935.18 hape3,Generaling Te Generel Then, tae his para the ast Kemnesan sory downto te end ofthe 150s, seting oat the wasn which ‘iar Kan, Salar aed Robison eed to Had’ del of camino. ditnctve Cambridge approach income itibaton slesenerged rom thi erg, sb ths frmed on inter part ofthe anak on neoasseaeaptal ery hat css in Chapter 4, Those Comrie contreerieg. The hconlag get ite ee thi it sae the Cambridge ost Kesmisiane ever sped taking boat rot, a heir des on exp and stun theory eran i ot commence ithe pebleaion of Saas Production of Commodities by Mane of Comedie Sata, 1960), Bt Srasbok it markan ‘gett watered a ors apa have aes 3960 the ding [ine between ther chapter. Tus in Chapter the emphasis chino the pot 6 capil coors andthe et high ara re-sale and open catontation betwee Post esesan aud neo deas ‘led tates and tions the sbjctof Chapt 5, Ouse Cambs: ‘heft US Pot Keven. Hee [eae the wrk Sdn ‘Webra nd Hyman Sins pioneer of ost Reyesian thoughtcyt epi cnn Se 36-1 ‘North Ames whoe nape om wit by 195 Wee ws ming ‘Chass Reyes was hard and pote. al dc he ‘sy wrtigs of Wests mot einen stent, Poel Deion, wo ‘he bpining th ros bad shied bath pone equ the dks ethers an acomprebenie eat of eye ther of ‘Bone. Thespyarweres ers decide fer the Pat eyes Tse ‘te he yas wih th net defi tens aa dint cool f:howght with 2.00 rere programme opradigm. and mash ther fr fora ado ch ih eked aon Chapter, gunk ‘the minsteans Fost eynesan coum inthe 19708 deeb how ‘Sey fought ths ae andateng to epin thy at 8 Among cl gard acral oe was played by Rabon Whe ad at fit ih the Vid State Some lend ri tothe allege, os natal red Eker ad Jan Kea bythe endef the decade twas ear ‘cond i ‘evelopment use the USA nde UK the abt of hater “aon ney rund the wl’ Pot Keys den proved meh ‘moe infuenisome counts ha notes, nti chapter ecb 2d aly pang some aso national syncs ie staal autor eerie by rata in tay The exo capes are sho thematialthertharchrcealag tough both el ely ‘sth delpments fe 702 seach hae rei ame see tthe sequncein wich eas merged a events need. Chapter, ‘Mone an the monetary deve their of ot Keynesian ‘monetary eos, besinnng with eens of be Quant Try snd moving though th campaign waged by Kor snd thes agit ‘monenrist thilego the appearance of fll ged Pos Kepeian ‘te of exdogenous mone inthe 19805 tn Chapter, ocean, speciosa reid foe on he onan betwen loeb nd sono, Thi hater ds withthe Ge tsner of ere’ Pllomphic witingsthecourse ten by Pot Kernen hing om uesioasoflnonaie uncertainty and the formatinofexpetatins, 2nd ‘he impleaonf thse developments for Post Repel ves onthe ethology of cn ‘Tailed bac nerorar tothe questions ofhow the Pot Keen ‘land these ue of nell caren. a Chapter, Reyes, Kale, Seat coherence” out Pot Keen ion theca oso andi sbseqoent tition between reeecco een anni Se 195-15 Sin summarize the nul rinsed br ach fon aginst ‘beets. and ass th prospec for pene cestenee Dawn then, ‘hen in Caper, st Reyes and ober deviants more ssh cacy nnn abet: teelatinahip been he Pst eynesitn andthe tern che of ecnosc thong. Thee st conser areasof cmon round beeen ost Rees fiz Mains, stitutions, ausiansand Ne Keyes sage, bt abo inprat deren. mChapier 1, a proisetarboanced”,leameack a soneot he Sauetht cased athe ota, What ight be derby propre sentient pd are special esnonie! Tot ete ad on wt otra has Post Kerasan eo made roges ince039° This wie td inveietn oth nto of eet vee inthe stig at Pope, Tomas Ku and ie Lalas. oe ith ame (oedipal) pedis the are specs of Post Keynesian mcroecnonictheo sae alread oe the abel Post Kees’ ast in vied oncom or see ses. ee asin ele inthe rspoewithaerondogeal ater than 2 econ mening deebing aero wie range ef deepens in macroeconomics afte te leon ofthe enrl Theory Tha hes Raise weet pt eyes economy (Robinson, 1960, psi) shew refering oar comets tat Combi colin ite Ki at aor wok wih ase para running emnenary the pioerag pom antl fhe vba ena Roy Had Kar 996.98, a)hadalreny ed post Reyer! ina sara Inthe ied Sate Remeth Kur’ PeeyesanEooies forsale reprsered ‘he ols wns fey, and Pl Sateen tered he era Inde ie ofan eee suv ate casing the wk of Kan and ‘orn addition oat of AC Pou ion Pednan and Raber Solow (Bahr, 95: Sumadn 369) Raheem tees aot sansa been hse ses of port Keyes seems ot ve een pret the tine Foe the ides, twee, Ss Wein of he Cen of esata ad ee plging 22 Case Keyed’ an oping en eating of Keys ht phan the pole fiat and te prep tthe grate uly snd mand aaah’ atin Cape ofthe General Theory (tra) Te Cabri conomst ndinn coetnte on th ein of eles c2ptal thor an ther iploions forthe analsis of goth anise sib, Tse concer are Wy no mes inant ate wee feet nd thee as ist enough ta iconpmebeson genetsoe eling on both ie ofthe lat. como stagnate senza aia emerged nin 69, when Babine, 3 barre adenes, ose hs wary nterpeaion2'he aad Sees ode! Pann, p. 6). ‘Breathe itok sme yeas before the tie ost eres as ier adoped. Their ne Kees’ eyed a esa opin the 96 and emsne ine eee pot Kemesan ol uns thee oftefilonng eae ee or camp Hawa. 197) Atesame tine ohn fire with the noon fan ‘ng-Ilian ton, cogniingthe ‘omits of Sasa and of oan nin hens wh else Cambege comeeion socks Perngel Gare sd Lagat Net athe plan in the urna of Economie itrararof te wid east ‘nent sae aieby Hicker and Kegel (7) eet earth Shi ibook cocered aly andro nom a sng cemented bythe appa in Batt it ise ft Jornal of ot Kysion Enon. The ioe wi sllprolailiy seer entirely atadarize, oot Kees tll sometines enploed onlay, afr caplet east Lams (198) andthe phosepe oh e198) ath wham cng 0 ‘have ava beter ut atte efi, Thoms Pall 88) reanly seed ase Ke the work af Mogan, Tin and other svat often tess ‘hae arefou deat vay of ing Ps Reyes depending eterr tot ete ipa edo te caption (ort) of ‘he oes Tad a fori pei aarp The funders ofthe ural Fst Rees roomie net cpa bat omit he ‘phan [stl ole ie eonenton nee wearin he resus ase sso ito be deny nahi dose To oid moeary eda shale os Rene’ troaghuttbebookto refer al hee ‘wou hopas th za Orta to mae nh dna Thecly csrepion isin dre potion, bere Iba el teil tet Al enplas in qucatonsis har ote orginal auto, ness others sad Baier esos eum ehpters ere presented conferees: Chater ithe Tel Cone of he try ef zuomie Thought Soc) of Austin Caner, uy 999 and at te Poa Keen Say Grape aesone ay sod Biol, ober 96; Capers tthe kal lei Centenary Conerene, Lens Noverber sm Chapter 2 athe (ean Coxferae ofthe Bopean Soi forth Histo of enone “Tough ebrany 200, eer een of Caper ae preted 28a sminara te Unvrier f aneterinNerenber 99 an eer ‘enon f Capra vas yubished Ha tere progres ast eyisin ston” Ste Erno, 2000.99.52 Mh of ‘he een ish hs bdkisbased as caida dig prod ot ssuyleve at etoaree Unies the Unies of anes, thnn Pete Erm Se ‘ey flog andthe Une Leeds vas seb grant frome sus Rsk Cot mut a grate cone thes ft longo ning ines at or ops Pil aris, Sasa (hyp Vier hk BoD Cons Pal Dav, Reber Dito, Ges Dante ie Dagny, Cay Ds Pee Ea Water Bt Grant eng the ate Ki Fearn, Cf God, Pet rate, (Get cour Jn Hen, oa ir he te Jon Hee, ke oar Peer Keen Prien rep Pe ir, Mar Li, Fed Jona Bue Fang Ban Sada, ae Mall gon ze Crine Meagher Wi ler lela, ase Jon Phy. Bub oi, eh ules, Rend elon, Fee Reps Pesr ick Rel Rinse, ean Ran Pte Rose, Roy et. Sar Raid Jae oe, Cran esi ‘Soyer lad sie aS HovadSbrman Jl Spite Sith Dns Spree a Set Fst ‘Srey Tay Tal an eprops Tampa gal Rogr acon sa Doo compensa arco: haves se hyo mse ft gp. ‘paid wens ofan Rebs cop The ros Sears Kings cee Cambie 200. apalake mtal Fa the pes of ith Raa iced by prison of Pees Did Pape ‘wpb tel orth popes Nea alice by ‘eso of ror Til eset ene Wea aes are pose ih th pemisionof eR Brls Mansi, 25 ps Calcon ray of a Ureyoot emi Eon Sen 34-9 Finsr neactioxs to Te Genera Tutony ‘The Gora Theory wold aha of many esa then veltued and semua mos dean. lade, 1982p.) (ONE, TWO, MANY GENERAL THEORIES ‘The sug ese te Wan adn ala nenettin of Reyer macoceneaies had beni 96. pbs ere et. Ase ‘hase Cape sme der ot erases ae the 099 ‘eae on Novy as bemay ways amore dared nl woreda tant Genera Theory. nay ee, Ryne vas notrbus bth ot daring ind aor reve hbeok pot The fl vein of he General hwy haz veat whe pablhrsin asa 1996 maces appenedin ebooks within ame ited sania fom eae dat an vas east nel cbt Revers and cerned in ay as Bote 1990): Reyer ise oo polo be rfl amber on ua ‘het es The ed ofthe rue Port Kein hoa ee abeats prouey Buhl woul not go tomar oan uaret of ace and the seding aso ely ele ass, epesvasnstn pec mode an and auur he Gonoal Toy beter inmaen Hsnewthonn gee eimai suber of wes. Mot mp. t emote ta fllenplomect ‘asa pecan, Theprinlt oer demand seed tit hele cfenploment as deemed yh oaneof eee Gena independent he cps eins onal vores. enand as inadequate ws wuld be uemgosel een te aed te pais relwage aoe igh than the aril ty of weking The etoud hail peste 2 eresteedit erm 1996p 9 8 ete in ene ie Hereained ti casi pectic the eat ‘ago hearin product ofabour) ssi eww tats te ‘teow ofenlomseat cepted y Reeser a sth comeeprre- repeated ola apc ce This as wy be bee, ube ol George era shainafnouseteria ane 955, ahi ew book ig elon cuppa, ene, bata be course othe nate es -hevay th wed hk boat como woe ees, 182, 2) ‘Teeebas ena seat deaf envre oe kt precy constes eam cre ofthe Geral hay B the en ft gs he peat ry of Pos Kees aed hat tthe ral eee dena a stoi te resus pxagrph:cuputandenplomen ema onstied by eb fagsete demand oy esp coniertos that redone in eda thoy, ea,Ares and Soe, 1998) Nother arto - mare array ast 0 vas whi he principe of efeive denandcane sobatted. Bath ‘Theory. Testes on the poesia that he frei cera; at ‘eet tan veut poe anna be buona atance, es stb an hath eso to ever on tinlin be ‘tera sens in wich sonomiststdertand the ntion of ronal. Tltis aves expend st determined 2 reise clation of rect cana return aurea ig, caapot eso etersoed. Ths rent rine in Kens se isopial hous and can be eared ean eensionefthe eas ‘sores in bs Tei on Probably (Rees ga © Denne, 989). stn ith rent jn Chagter 2 ofthe Geeal Tey wee eyes rue hatin aed tothe ara ofhaman ‘cue ht ae poprion four poe ate dagen spontaneous pin rer thn ona athena expect whether tira orhdonistior som, Tas inet dain depend wp ‘he anal pets ef envepreneus Rees, 296,26) Since nso sve determinedly te pli ropes fini (tore at ofr thre eaten tempeh lume ferment spendtwe planned by eavepreneus tobe xy eal tothe lame of ssving that wos be derakn the fillemplyment ve ef age ‘acme Whyte, sol al employe be regard a arting ber stanaspecal eae “The dsl pot qunon nod emi oineren ah nec hat brings ssns nd ineement nee ath inst comesending til enploment Remeber tht eye we laa ent body of econ thn thts chore ony Snownas nels) His own goeal hor fiteres.and money epost bi step oie his courage the General ‘Theo the rtectintereties montana atthe nto he rel sia factors ofcapl roduc aol hit Tepes instead on Saud relent pclae phenomenon release erin bond pis sa wo in wih erst asaya capt aie and es re unreal, Thswas stout very ery it bape ‘amoneay then of ther fntest as an ese ato ‘pet danger his enti theortlpjet, fo t ld oxta huge ‘ampation whieh Kees was uae ee to vest. Chapter Be ‘efoto a2 general equim made inkig sing. resent ‘come a th eof terest in 25st of mulaneous egurtons. Thatsoon make ave ter oft Wht ese ad doo, in Chapter 8 ay dwn the rial erin at donates Chapt 1 3 oor tothe neoelssieasuthess and severe (eraps al) ‘ermine ican to ane potded a gnorlather tha spec theory ofmployment. eyes ought ot, pep, to ete too enor The temptation to formant macroeconomic ear ae & eral equim sete awh the rat of terest paved psa alc ad ccumbed toi ale 19940 to Chale, 995 Toes, 1908, and Chapter). And Keyes war under some preset too ie dean a manne tat would ender hr palatable is contenpoae, riser Roy Harod (Keyes, 9738 9526-9) ‘Tere wars hed veron of Keynes rroert contained in nec rat ois book but net ineude inthe poised version er Kees production areroante bing pin agen proportions the of asain which the pesupostions ofthe casi tery te proces art depends on clas of entree wo ie the face of production for money an ok tte ecoupmen En sling he ctp far ane, poidod that he whole othe cet Incomes ofthe atanfprotacon ae cesar pet, mciy cr iniretvon purchase their ovm caret tpt rm tbe ‘cong frehor Tete pe hich the mond sing‘omy fPotomn Exo Shee 11 eos that weal eto. Rene 0825, 78) Thsien eaves anssfthe cretion roe in capil and nen api oii that ite baie att coudbave bec oten bythe same ma vo, ace letra tain the folowing year denonned Das Knits dear ont ate sexdeicomrovesiliing (Rees 9825.38) Inthe 93 rt eyes nsf ching te USautar LL stern motel he resemblance f Mrs. Ina cooperate economy th eatin oes tao te fora Cte xtangeo comedy or mone in oreo bri anther ommody (hs was what Marsha ened pot ety commit produto Under cpl iat CA or redone pro, ics Kemet dsb paring monevor ome (eft) in onde to bin ne one (Kees, 9» 1) sual at Reyes ba en ey uncer pl oi og Commi poe Merce Dob, Probate was indeed by nother Younger eopanist the enineaty nn Manian Denis Rebetsn who dren aeration in Bs Ranking Ply and there Lec Roerson, 382, 9.1) nd be folie hit th, Reo might have been pred te enpaton forte is thnyin pe quiram tems. tule leds toads ara ale 2 thereon te monet hearts, whose peril Sthunpeter elas ar, but ava fom he nec shes Gee (Chapter) stead te 99 mame var abandoned be reliveed ony gyn Lnny asetin Titan, Rees sein ‘he Suse coun Retin, 18: Reallonn 1698, [KEYNESIN GENERAL EQUILIBRIUM ‘There isontyoe caramin the Generel Theory. Prvied by Ry Baro, ita wed is dusate te import pot at her fates ‘nda asa anal ater hn enolate the srumestofhe bro asa whl Rees 836.180; e£ Donel 950). His (997) hasreseed most ofthe cedit-and more scaly ese quer he anf daring the it agree representation f eye'ieas. Bathe eer euliumnteeatcn fhe Gneal Tory, on wie the famens Giga rele, ocsared ee os iutaou oa nae of vrs astra meds afer he oo appeared nin to Hicks he co= zor f1-L ine David Coamperane (996) Ros Haro (ogga) James Meade 9967) a Bian Reddy (36). ende had beens member ofthe oil ‘Cmbrige Cre in 90-31, and Herod as arepeeedand ties eit of Kemescesie ats. Relay ‘byconms, vas jst yao ni enue asta) when be reed te Geeral Theory forthe oom Record antSe ey Poti en SSI Chanpenorae i a0) ance tn Bana ener oi ution en Duy an Yr 95 Tem. 98 Cty ae ute cai erin foc gt ema senso ee tsi sinner pi Tieden one aici (wn ae) at ‘beatin (hrathiespctet) Ties oe een ioe he ert tt sped a ep stag ite Lae mit fone tee et (Gatien eid of pa ee ih cis Dae tiem ean eg tater) nine ee ‘etme toate spn cnn emer Fs ‘note dh teat Se ‘sa gli teenage nS aL nt “Ter we btn ger spe andowptre eine perinatal p Inde ee aoa deep isp ‘teen hemraai Teguise t's eine oe iho ne ata ere sein dere cua hater loaton seaside ripe i, sua) ou Ceanpenoee nd Rei ste an ‘ad eee de. nice aie shad bey Snag artnet inne ia theca ing ‘abe Rend tc ih ee cone dea eal, Sa ‘Thee boone vb enseratre mte curve in ei ish ie ia, ‘wrapped opts ewe Sal zis etme. Tnrwebaeiecp, atone ato fi soe iets eo ‘i etn te ci 96 28 Se es pce ete hee none =a7OORnSky Rapin anc See) cok, Ps Ligon. Kes pci y's edema ogy fin het ce Wha te Ge They hasstomsoiosas ease gece metering. ‘Wi iss ire ari sepa Maan nth adi ay acum gt fn aed colt rl tees ie ave es, oe yan va ii ath LL se ae alonet hort ug atti ang ered sth tee aang efi acpe S Hilscomaed te Gaal Teno EayyatistheBowaisct Dern! Blond at The Geel Thro Emmet ‘wok isthe teeing rt dD Eos (ids a. 55.5: pS rs nd thu, rodapesdnahtgcnsn eared pnleemis ‘hay ath on isp ac a fm ere at, ‘iiiog sump toi rung esos ‘nw opis, Rescind nt eden sae as ino enn tarbattyoae atisieomins unter cesta ‘ngacane Tso ose vhon my pea vow ate ‘herd weigh fete oper socom utero (ame 8780.79) icin eons ei ey, Hard ona teen be afi pee ene al lk pies reper ute penis Thste Gee ‘dare ren nal cent at aa jun sito amps (i, 6,6. ‘Sarge bes mapper esuie Keess ine OnE it vaste ah eras Lat, ‘hexane ate eso os bo mages commit arin eisien hao iene qui as Lange anode eile ea and dso ie beter tithe ec cas.qTe ded cache ie sa coterie ene) aaasagensonafeledenane he ‘ad tor) Fm Laine hth te Rees ot ‘aerate throttling ecto rege ube nly ef nev tamed he raeotiners weeinprat ss fue geil eee asennad sd inc Vals i Ream e's cease sian ang. 198 9.2). TOORAt Pain Se Lange beet then sbreene ef ing culo feos ho: More order ire vas Fae Nog vhs iit Prete the Tay Moue 8a becmeaceressne there thee (Deve 00} dinate sere seen tnd a bn SA ug apg odio ad labor pti nea ‘uti mod der og su gee wine ‘he dial modet (einer anata Mai) eb ein endodermal isos vh ouvaiceprian ayia ses as The it ies ovary of moe wage tiga ibn sp cure ts ‘nitric hor illenpoen Teswend tee ‘buy pee deed ir zesty eae th pet thera of ogi 94.0 65 7). Thee yess wrensoft game Ou e Titi Motions Tse at at ne ee ‘woh he quan acces ees itt pate equa eapymet othe Tenement Tee! (i, Ts eestor vst ina se ee Ot sy, retdon verapamil ip 8 ‘THE FIRST POST KEYNESIANS ern tele agos te wees ish incited on te ans fteGerel Theryadthet ep ei rau ig cud be aad spec ‘aso og Ja bin gh Twn od Nile he ina at alee ‘econ Pot Kean mais ous okisn (028) ene tom ne nies Egih ‘amb itr esate She sti tito Cae, Comi, unig 65d maring ti exami At Foie inthe ‘ang yar yin ce aed Coin 9, metro ante aang eave bed i sth bls aig ot of his reac og, Rai oan rue apeputon aa ag nd ene eas aasaigams eed conti. Sisley psd bape fest Cantera 965, ad ater arena 7. count ee an mgueen eon themes un ead oer fe enbreteuenin of Gere! he, Reisner ‘oven seepage tig eestor bead ‘gue psn bh ae tig ee iat sets deme tae esa athe ae dst ten (aig epi tm te beri hear) at =7O0Rry nai an Sd he abo nels tit anno spec othe oar ire fst, materi py ante meds sconomitht i lento eer Rakin’ Earp nthe ‘ary of Empoyen ee Pot Kernen (068) toward Man Chap, br lgeind nai apr Tatertstnentfthelsou may, eke ou ape puhthesryaf ian Maney ape pendant ate sp ney agin ye wri (ee ogi ‘ee the are ried) and acest evaverd presets noes te eel apes ming urd ase orth othe pats aren dota (otne, 972.» 2) us ergs as bald cosa, ange meer age woul depends a morenens it fie danand ores hoe fattest demand ‘agin dha tof reason Sec esis of uenpmanastepostion ot stead ins dung rane reas nd esas the arco moni Tae coesane witht heen rants emp ‘rile ei ini atin te et he on perpen! tie Thiel este sn er prince “ee ised van pte ig ad ages alg. ip) ‘is atowed Robins eden fallenplpmant Se wed Kee Aetna cel consled eit of lena abe ‘ete site patti tery inpedinert ah oie of dour twarkia message ily es a(R sc Rss, 196 8 253600. ‘This basimpoant ply inpeatons For Rabin, unos eenine heel fone ages menage dates ple ea the one sup te pier trie th ate of ert (2th ‘esate domanfor moe) and beth olan fc denazd and emplomeat ade unin thes harcore conmicpone ‘Teaco pein ina erin ae ied ren te mone conto thle oft te oferty tine hele none er fice emer ages aad asin trainees ad ck sw aneneeelemant. Cid. 27) ‘he Quy Tea che maa cod not provide anadecaeSS sien tpn Se 8 9 cut ofan pees Aeration fer sg obs ened a ofthe Gems per ‘Nee te aon monet ren Turon he ete is coos onbodge desis nd he eset inthe qty and elo of elon ofr. The ising ese chined na ences one ngecbinl by the Gernz sos tine ‘ow unmpymentandieig pri. crwth quty of oes ‘as asa tnd fertiniion batvae tec e cect ofits arp nd continos ie of money wages Witt ig mcey mages loon emote, ad vee ssa lat ine ages asin bine, 500, ‘spose anaemia Hilo coop nsec wrenumps see coplomeat ee maz oud eee eisai ps slat ivan te foarte reid eee sin ey wage (kn, 9.2) Arle ena inteimay goto mone ul hoe, babi sie re sab quest heeft call bead ents ‘ghia at af ea ey ages ih oti fs [ono put ef nesig eens abies feed nein on oe money nage meen yb imposible gen theses ofthe ale uinsand hela earn of hag ples (pp. 24 28) Thasasea at 1555 hed alo am ae of adr ag tat von epee ihe efemlnment Sou forme mages ber een of lags Rota as qual sored ‘Tee cnmcin envenoming movements ine api ose Tecra ee ple, atin he ene tigen poston fh Tine ins ich mnerges se andthe coshomentherit cern rls deine he ‘whi cnlitonsof rofuson ad he dee of ep Raises 00 5) ‘Steconooed eset maser tiie, anti de shor pried une lating rel aan enposent ‘integer em et gat ceerenl mane id, po) tel peed Rison aul heed be ee, 2d shearer 2 ase fog pv anes, soe hem yrds ode oe i, FigaeSan7 127d Fie 2p 129) tase peste tt hele ped cae ih ito nterse hlab sap ener hat ere ma eunsanes in ih flemplrmetcnct ead by TAO)‘io Pons aT spun ec tes (dy. 17). Aad te ome soso be pees ede in tot ean or eagle hla afl eal aden yma ad gues 9. abst of tr mat agama ee et seit igen. The cre sig thee elt tera esse tines ithe opt oma Dati fanny tot nesarenomae eons eee coats anepeden sd aout emlrme he gee ae Dt xe due pon asin fit et edo ies ont eat leaf celmatss hn esa creases pe aralvagente.Forekoa beter tea ects and cane fre ior wba lead drone ts cada cay ead cui. pin a8) ion vas ee. dng th hela fend pe w he. Enplsoavasdeemice inthe pint mtr the es ft emit Ge tel enon ms ri ude eget ono pote at ene heel age Cusine nena fomeepuymet era ag stele ot pase was, ene orem 2 ‘nse enplorenty dung ale, “Ti nt red imo quai, Tie ber ‘bye abisn sted ey a he Aino eves isan suri thaw ame dninte erie cel ont asd Resins erage abou dma cane he Gove yapadeendestnd threat ery ane eae euisium ste queso Robie, 9.120 er conchae ami etd becom feet eceomsciled anand et tng ecru tt ere tris wout peeing tells of ns Nei, as nding ed inthe ey i, 8 ee se Capers 33nd. ‘Thesond poet eon vst stihl era ah “yond 850-479) ho verison ‘ina (Chik. 9.6) pb ine Noe and Mea ti ft Eonar Tovaeend ‘nde means epee um abil ve ela ped be cise xian nr Reet spe He asthe tera pepa en mony (Crises, 9), pat TOORiy Pop na Se SE en santos ei his iat aio oon tote sede ira nth tie ik ik 96) om conned dhe to 2 wie rnin hlonatle fds yo acta cont ith be Geel Try For Raat inert finite sof eta asts nd asc ey ued wtf ous. es hey argo pele ofthetaton er at abet more suet itu ea at es deine oS poeee realrinchesgealniontte cael mapa eyo ae F aumayse,hemaginl era ae seem dts clay bee xaos (at tbemgoegy andres oe tate api pdcton (Tose 79.80) es fe one ert lod rungs, Tosh spt be hey fess he Seternincton he pepe heen ef ster dead eae ‘Semtodsng peodequiim ene en. nthe qu, Tosa aphid te pee demetin iene Thivorianil ie a rile ste rg else mt nai ee alien ates ama. The. 28 ese and mont se eral rf chang a recy efor ee) cunt tte ela est ean a eine dai, ith eget res oer lcr chug anes andl aoe potuedase oft neo ut ep oh tise yen pein, id. ps8) tuh Tousen naib tpn es (57), saree ple of resiment eau vas aise hese af tees fin tat gael rte A ‘negro he Genre Tey ovis oat wi 2 Qnty Thor apes te gee fee ries na vor vt spines preci he ‘otf aain a iy it iit avait, boven hey sper es merih rose ena a ch aa suey fen weer sani vi ae, deli dso cis t,o hd owt =70 08Sot ttn ee Se 51 ‘nies doy eh snd 7 9) Da inrace moneys oan Ect watt shor tad They must ere uderpined byes tts ene oe ta Trend ei lic eas tt ‘ede evenness uma aap beth ssrnp t elelefmcayage ieee apoio! (i, 6. Ke. 45,2697. age ion i vmstat pe Main dete el aman abn ear faba aint ney condone sabia money cor. -uitasa macy cnn ih ih Tso ascomeed Ib Inge ey sina tof ee vhs sea eae communy a wr ee ‘ployer fore nau eneszony Yabo ‘eiddurbleapes owe sei Een vio wader ase, reece comend ity pio: Wethen hina ese bepaorect ter fre, 2 mceey coon Tash wr Sak spn reese comma phen dusk othe Teter fea apn ey the hwy fone pe Tenn, 5 p6 > Tesla pes cans ete arian comets at dt eran forge eer aa toad oen feat bec hig ang pel jane eon lige (ns tay) iene apiece temerity Ines, Toashand tpt mae a et pao ftir the echoes ememic eer ‘ud Thais mst gon Te tisatonta i 3 Keceuihs ceil es cnatbe made Met ‘Weisner eo "eagna inh eg pete competi, ietimaberoped citing ater ct ak sop eet te ma: ete es femapetton ae peels sng sting rer pce (id. 8 9) 8 ih ae pir ahs oes an ener owas a eth es Po Kosi ih adr) var rae lia aod ate recs ate pet peng gti cl tlic onsen amin eg Flor ‘eae sant Lon if Eons. jie he seit eye Hemi eLSE un 7h eves rh ed Nes in Gena 50a ited =7008Soy ttn ene See HE wallop igs colae ad ethereal a Cnt cenit Flas oes nti eyo ah ihr ol, oa Robison al ao Sat esnips ae be ‘sty ea Po Kensie ap oy, bower seg nea aan dey sepa Fitchette the Genet ‘ery rei bene Ren Tb 7.23.7 senda compen ers ing rence imp be ues 1a 9 ee Pu Ri, 1 shane sitesi icpinghe Eqns per lium ote Gr 6,» a eevee ao soi hei en ek pada comin eee of mes, cap inane dita, Ontetintf tee guts, Facade terion ‘ramatfte mney ack Seemed hee ‘ed its ane er ely sap arden pecace cae ih eid ‘Tetra patmsan amadebeg ae ‘senate epn met patentee ak ye comme at linge eet ‘inte fee teas te dean sana isa couse thea tender retain ae ier fe cen doa nate pet stay etn he anol dost noe nesta ed ore ae 9814.8) ‘cin ponte deo eae er es Reais aie dapsone mney Tee pagel mein fate it ‘sae pes lao obese ae ‘Therese spin tat ace lye ‘ara Te cbr ere hemi xb se Sop ita, denied they tee a A, ‘uns Ctr ete soled Rae (Gono) aro case haar ants co edges ‘Boe ane Batti se fer eo ad ‘ena thee ees Anil or pigeda marian eth nk Heed see aides tinge eta Assi count he pdf edu ing hero he wes ttecing het Rank ght an contig tt he uae Copia ecpoedty am othe mcnamie gatas ane ‘need res eof an iets prod wer cota cps. itches rie min ep comp 7Oe8ney Pty ee Se psi ala drome ant 5 ie ‘apa pal estore, ean eo edt rie ae of te pire alr, 959 42) Ba bidecras t tartPae Stet ‘ambi ct fondo il ene Capter He oped cpl stat indeaftro,eaobeeenthela on ade ut of edi puerta ll aided prob agen oe ia gh ‘ine odds te Masai peat el and cone cient at (onary Hae arin hei bea denice pov cence Uber ott fail (i p49. 24 107). ay, Bereaao agin eg alr ans Thee, over ie si Kalra war been 98252 pci tvanoe cote fon or ch ewe ae bess aon Ker. isin Cer 2 Twwotten wer inhisdsesin ofthe rade Sand leper etd ars deg pine telnet sme etd pad ving el ante ingens ats ee Deas, by Gone ot ‘byaoseintion et empresa eine ing 2 Sitters Gate dsb tinea dss ai ‘nas es ease ps ear popu ale ‘nae hae agen) came pss lame waned nefits [ees ing. Silay. he gennent ul ease siya ie cn tine in ier of rts dre er reamed haga clarion apes creates ce exzumpn pene an, 3p. 65) Ths angst theaters fags ad pos payed inprateia mining neocon Rly is goes ‘eon Mth Ts Ose mrs aie pce Nissin atin aie engl aring ht en scat sighed pri lds ne ona hire bea sin te eon nein ut pt ad tua ‘nena te age past ns. Heme muh ese tint lige in the coe cate ta eps Fire der. 140.5. 8:08.94) ‘TEACHING VERSIONS OP THE GENERAL THEORY Flersenc pase stant obinnitet it hee (obi 9 pc aba a ae) ie fs a omg er Boa pou be rt Reaboc, comma ugeed oe tit ert Dy =70@R9) Ao of Posten Erie Sn 134-1 -Enploymet (Robinson, 9) sou insted be eared asthe original bastard emesian tet. He bad point. Thee ae odagramsin Robinsons Introduction, no references to production fants orto nnd smoecoonic mali, and noel usefthe 1S. apart, bat the nding ea are ceria he. Novis the ay grat hort or pl gulfbetenherteshing eso the Genera Theory and tiat Sonn Prt Tf James Mende’ nrducin to Esai Analy and Poy (ead, 090) wish had apparel inthe previous a.nd ead, sve lavesee, ras one of thenventarsf 1M j[pce eee een Caen eee rere Seer et ery > «Ea Ome Oa Oe en Seen A New Guide to Post Keynesian Economics