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The Keynesian Revolution in the Making, 1924–1936$
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Peter Clarke

Print publication date: 1990

Print ISBN-13: 9780198202196

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198202196.001.0001

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The making of the theory of effective demand

The making of the theory of effective demand

(p.256) 11 The making of the theory of effective demand
The Keynesian Revolution in the Making, 1924–1936

Peter Clarke

Oxford University Press

In writing the General Theory, Keynes sought to grapple with economic theory in a fundamental way. Admittedly, certain directions were set by his long-standing concerns. The move away from the Treatise was determined in this way. The searching critique from the Circus pointed towards new concepts. Their significance took time to sink in; at least one fruitful contribution fed in from outside Cambridge, and the sharp minds of Robertson, Hawtrey, Harrod, and others helped shape the book in draft. It may not be perfect in exposition, but it can fairly be taken as a considered expression of its author's central convictions. What organized them was a view of market transactions in which the random disparities of individual behaviour were contained by the requirement that all such transactions were double-sided.

Keywords:   effective demand, Robertson, Hawtrey, General Theory, Treatise, economic theory

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