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- W193976850 abstract "The essay considers one of the discussions Keynes engaged in as a consequence of his publication of the General Theory. Shortly after its publication, Harrod published The Trade Cycle. It prompted a response from Keynes, the substance of which was that Harrod's theory was not so much a theory of the trade cycle as a description of it. This is borne out by an interpretation of Harrod's book. The only sense in which it could be considered a theory, meaning a causal explanation of the cycle as a historical phenomenon, is by appealing to history and historical determinism. Harrod concedes that it is endemic to the conditions of the capitalist society once imperfect competition enters due to the differentiation of commodities which shifts the demand curve from perfect to diminishing elasticity. An account of the correspondence between Keynes and Harrod provides an intermezzo, which serves to show that Harrod had not succeeded even to the extent which Keynes had in the of escape from habitual modes of thought and expression. The major part of the essay focuses on Keynes' own struggle of escape. It comprises, in a way, a dialogue between those habitual modes of thought and expression, and Keynes' use of such expressions to accord them a mode of thought more reminiscent of ancient thought than modern scientific thought. If any definite conclusion may be drawn from the dialogue it is to attribute the cause of the trade cycle to the cause of what still remain (despite Keynes' valiant effort) habitual modes of thoughts." @default.
- W193976850 created "2016-06-24" @default.
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- W193976850 date "1989-01-01" @default.
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- W193976850 title "Keynes and Harrod on the trade cycle" @default.
- W193976850 hasPublicationYear "1989" @default.
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