J. M. Keynes as a Marshallian

Abstract

It has been argued by a number of economists that John Maynard Keynes of The General Theory was a Marshallian [Friedman 1970, pp. 208-09; and 1972, p. 908; H. G. Johnson 1961, p. 5; Johnson and Johnson 1974, p. 268; Parrinello 1980, p. 63]. One might ask, however, how Keynes's General Theory could possibly be in the Marshallian tradition. After all, he confessed that the composition of this book had been for the author a long struggle of escape ... from [those] habitual modes of thought and expression embodied in the work of Alfred Marshall [Keynes 7, p. xxiii].' Although a complete answer to this question may have to be sought on several levels of inquiry, I shall limit myself to the following approach. In the first place, I shall briefly indicate some of the things that Keynes escaped. Secondly, I shall discuss some of those fundamental propositions he apparently inherited from Marshall. The latter endeavor will constitute the bulk of my exposition.

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