The Theory of Interest in Keynes' Treatise on Money
Keynes' argument that income can change without any change in the quantity of money appears in his Treatise on Money. This argument is essentially concerned with the theory of interest and the equilibrium condition in the money market, but Keynes' argument in the Treatise concerning these...
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| Published in | Annals of the Society for the History of Economic Thought Vol. 33; no. 33; pp. 90 - 100 |
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| Main Author | |
| Format | Journal Article |
| Language | English Japanese |
| Published |
The Japanese Society for the History of Economic Thought
1995
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| Online Access | Get full text |
| ISSN | 0453-4786 1884-7366 |
| DOI | 10.11498/jshet1963.33.90 |
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| Abstract | Keynes' argument that income can change without any change in the quantity of money appears in his Treatise on Money. This argument is essentially concerned with the theory of interest and the equilibrium condition in the money market, but Keynes' argument in the Treatise concerning these matters has not been sufficiently analyzed. The purpose of this paper is to clarify these matters and investigate the significance of the argument in the Treatise. In the Treatise, the total demand function for money is not specified and the money market is not theoretically related to the goods market. Then the theory of interest in the Treatise is not complete, but it can be regarded as a theory which necessarily developed into the liquidity preference theory of interest in the sense that the interest rate is governed by the excess demand for money. Furthermore, the Treatise contains valuable analysis of many subjects which are not covered in the General Theory, such as the transaction demand for money in disequilibrium and the behavior of banks. |
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| AbstractList | Keynes' argument that income can change without any change in the quantity of money appears in his Treatise on Money. This argument is essentially concerned with the theory of interest and the equilibrium condition in the money market, but Keynes' argument in the Treatise concerning these matters has not been sufficiently analyzed. The purpose of this paper is to clarify these matters and investigate the significance of the argument in the Treatise. In the Treatise, the total demand function for money is not specified and the money market is not theoretically related to the goods market. Then the theory of interest in the Treatise is not complete, but it can be regarded as a theory which necessarily developed into the liquidity preference theory of interest in the sense that the interest rate is governed by the excess demand for money. Furthermore, the Treatise contains valuable analysis of many subjects which are not covered in the General Theory, such as the transaction demand for money in disequilibrium and the behavior of banks. |
| Author | KANO, Masao |
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| DOI | 10.11498/jshet1963.33.90 |
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| References | [9] Robertson, D. H., “Mr. Keynes' Theory of Money”, The Economic Journal, September, 1931. [15] 平井俊顕『ケインズ研究』東京大学出版会, 1987, 第3章. [8] Leijonhufvud, A., Information and Coordination: Essays in Macroeconomic Theory, Oxford University Press, 1981 (中山靖夫監訳『ケインズ経済学を超えて 情報とマクロ経済』東洋経済新報社, 1984). [13] 鬼頭仁三郎『貨幣と利子の動態』岩波書店, 1942, 第1章. [10] Robinson, J., Economic Heresies, Basic Books, ch. 6, 1971 (宇沢弘文訳『異端の経済学』日本経済新聞社, 1973, 第6章). [1] Davidson, P., Money and the Real World, Macmillan, 2nd ed., 1978 (1st ed., 1972) (原正彦監訳『貨幣的経済理論』日本経済評論社, 1980). [14] 菱山泉『スラッファ経済学の現代的評価』京都大学学術出版会, 1993, 第2章. [6] Keynes, J. M., The Collected Writings of John Maynard Keynes, Vol. 13 [The General Theory and After: Part I, Preparation], Macmillan, 1973. [3] Keynes, J. M., The Collected Writings of John Maynard Keynes, Vol. 5 [A Treatise on Money 1: The Pure Theory of Money, 1930], Macmillan, 1971 (小泉明・長澤惟恭訳『貨幣論 I: 貨幣の純粋理論』東洋経済新報社, 1979). [11] 浅野栄一『ケインズ『一般理論』形成史』日本評論社, 1987, 第1章, 第2章. [12] 加納正雄『ケインズ貨幣経済論』行路社, 1992, 第1章. [2] Kaldor, N., The Scourge of Monetarism, Oxford University Press, 1982 (原正彦・高川清明共訳『マネタリズムその罪過』日本経済評論社, 1984). [4] Keynes, J. M., The Collected Writings of John Maynard Keynes, Vol. 6 [A Treatise on Money 2: The Applied Theory of Money, 1930], Macmillan, 1971 (長澤惟恭訳『貨幣論 II: 貨幣の応用理論』東洋経済新報社, 1980). [7] Keynes, J. M., The Collected Writings of John Maynard Keynes, Vol. 14 [The General Theory and After: Part II, Defence and Development], Macmillan, 1973. [5] Keynes, J. M., The Collected Writings of John Maynard Keynes, Vol. 7 [The General Theory of Employment, Interest and Money, 1936], Macmillan, 1973 (塩野谷祐一訳『雇用, 利子および貨幣の一般理論』東洋経済新報社, 1979). |
| References_xml | – reference: [7] Keynes, J. M., The Collected Writings of John Maynard Keynes, Vol. 14 [The General Theory and After: Part II, Defence and Development], Macmillan, 1973. – reference: [5] Keynes, J. M., The Collected Writings of John Maynard Keynes, Vol. 7 [The General Theory of Employment, Interest and Money, 1936], Macmillan, 1973 (塩野谷祐一訳『雇用, 利子および貨幣の一般理論』東洋経済新報社, 1979). – reference: [8] Leijonhufvud, A., Information and Coordination: Essays in Macroeconomic Theory, Oxford University Press, 1981 (中山靖夫監訳『ケインズ経済学を超えて 情報とマクロ経済』東洋経済新報社, 1984). – reference: [10] Robinson, J., Economic Heresies, Basic Books, ch. 6, 1971 (宇沢弘文訳『異端の経済学』日本経済新聞社, 1973, 第6章). – reference: [6] Keynes, J. M., The Collected Writings of John Maynard Keynes, Vol. 13 [The General Theory and After: Part I, Preparation], Macmillan, 1973. – reference: [14] 菱山泉『スラッファ経済学の現代的評価』京都大学学術出版会, 1993, 第2章. – reference: [15] 平井俊顕『ケインズ研究』東京大学出版会, 1987, 第3章. – reference: [3] Keynes, J. M., The Collected Writings of John Maynard Keynes, Vol. 5 [A Treatise on Money 1: The Pure Theory of Money, 1930], Macmillan, 1971 (小泉明・長澤惟恭訳『貨幣論 I: 貨幣の純粋理論』東洋経済新報社, 1979). – reference: [11] 浅野栄一『ケインズ『一般理論』形成史』日本評論社, 1987, 第1章, 第2章. – reference: [4] Keynes, J. M., The Collected Writings of John Maynard Keynes, Vol. 6 [A Treatise on Money 2: The Applied Theory of Money, 1930], Macmillan, 1971 (長澤惟恭訳『貨幣論 II: 貨幣の応用理論』東洋経済新報社, 1980). – reference: [12] 加納正雄『ケインズ貨幣経済論』行路社, 1992, 第1章. – reference: [2] Kaldor, N., The Scourge of Monetarism, Oxford University Press, 1982 (原正彦・高川清明共訳『マネタリズムその罪過』日本経済評論社, 1984). – reference: [13] 鬼頭仁三郎『貨幣と利子の動態』岩波書店, 1942, 第1章. – reference: [1] Davidson, P., Money and the Real World, Macmillan, 2nd ed., 1978 (1st ed., 1972) (原正彦監訳『貨幣的経済理論』日本経済評論社, 1980). – reference: [9] Robertson, D. H., “Mr. Keynes' Theory of Money”, The Economic Journal, September, 1931. |
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| Title | The Theory of Interest in Keynes' Treatise on Money |
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