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Rethinking the Keynesian RevolutionKeynes, Hayek, and the Wicksell Connection$
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Tyler Beck Goodspeed

Print publication date: 2012

Print ISBN-13: 9780199846658

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199846658.001.0001

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The General Theory

The General Theory

(p.86) Chapter 4 The General Theory
Rethinking the Keynesian Revolution

Tyler Beck Goodspeed

Oxford University Press

This chapter takes up the second Keynesian iteration of the Wicksell connection. The chapter examines, in particular, how Keynes’s marginal propensity to consume, liquidity preference, marginal efficiency of capital, and notion of effective demand fit into chapter 17 of The General Theory, which is where the influence of the Keynes-Hayek-Sraffa exchange on Keynes’s thought is most evident. Echoing Leijonhufvud, the chapter argues that the Wicksell “connection” retains a strong presence in The General Theory, though Keynes has heavily disguised it.

Keywords:   Keynes, marginal efficiency of capital, liquidity preference, marginal propensity to consume, effective demand, Leijonhufvud

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