ASPECTS OF A NEW CONCEPTUAL INTEGRATION OF KEYNES'S TREATISE ON MONEY AND THE GENERAL THEORY: LOGICAL TIME UNITS AND MACROECONOMIC PRICE FORMATION

Abstract

The paper reviews Keynes's original analysis of macroeconomic price formation in the Treatise on Money and describes how Austrian time concepts permeated his theory, especially of the 'Credit Cycle'. With the abandonment of these time concepts in the General Theory in favour of a Marshallian short-period framework, the effect was to exclude one important explanation of macroeoconomic price formation that was essential to Keynes of the Treatise --- the link between investment and inflation. It is in the writings of such Post-Keynesian economists as Augusto Graziani that such as relation still prevails.

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