Hamlet without the Prince : Cambridge Macroeconomics without Money

Jan Allen Kregel

61 citations0/0 files storedAmerican Economic Review

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Abstract

Keynes' General Theory was exclusively concerned with a monetary economy in which changing beliefs about the future influence the quantity of employment. Yet money plays no more than a perfunctory role in the Cambridge theories of growth, capital, and distribution developed after Keynes. This essay attempts to explain this paradox with reference to the relation between Keynes' monetary revolution and the value theory revolution which simultaneously occurred in Cambridge in the 1930's.

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1983Structural Change and Economic Growth 1985The Making of Keynes' General Theory.

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