An Issue With Own-rates: Keynes Borrows From Sraffa, Sraffa Criticises Keynes, and Present-day Commentators Get Hold of the Wrong End of the Stick

Roy H Grieve

Research output: Working paperDiscussion paper

Abstract

Scholars who in recent years have studied the Sraffa papers held in the Wren Library of Trinity College, Cambridge, have concluded from Sraffa’s critical (but unpublished) observations on Chapter 17 of Keynes’s General Theory that he rejected Keynes’s central proposition that the rate of interest on money may come to ‘rule the roost’, thus dragging the economy into recession. While Sraffa does indeed express dissatisfaction with Chapter 17, the commentators have, we believe, misunderstood his concern: we suggest that he was unhappy with the ‘own-rates’ terminology employed by Keynes rather than with the substance of the theory developed in Chapter 17.
Original languageEnglish
Place of PublicationGlasgow
PublisherUniversity of Strathclyde
Pages1-25
Number of pages26
Volume13
Publication statusPublished - 2013

Keywords

  • chapter 17 of keynes's general theory
  • commodity-rates
  • own-rates of interest

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