Keynes and Sraffa on own-rates: a present-day misunderstanding

Roy H. Grieve

Research output: Contribution to journalArticle

2 Citations (Scopus)

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the Sraffa papers held in the Wren Library of Trinity College, Cambridge, have concluded from Sraffa's critical-though unpublished-observations on Chapter 17 of Keynes's General Theory that he rejected Keynes's central proposition that the rate of interest on money may come to 'rule the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 express dissatisfaction with Chapter 17, the commentators have, we believe, misunderstood his concern: we suggest he was unhappy with Keynes's use of 'own-rates' rather than with the substance of the theory developed in Chapter 17.

Original languageEnglish
Pages (from-to)1-16
Number of pages16
JournalContributions to Political Economy
Volume34
Issue number1
Early online date15 May 2015
DOIs
Publication statusPublished - 2015

Keywords

  • Piero Sraffa
  • commodity rates
  • recession economics
  • own-rate of interest

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