著者

黒木 龍三

出版者

The Japanese Society for the History of Economic Thought

雑誌

経済学史学会年報 (ISSN:04534786)

巻号頁・発行日

vol.37, no.37, pp.28-43, 1999 (Released:2010-08-05)

参考文献数

33

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In the General Theory, Keynes criticized the classical idea of the automatic adjustment of markets towards full employment, and emphasized the role of the demand side of the market in ensuring the possibility of an underemployment equilibrium. The roots of this criticism can be found already in A Tract on Monetary Reform and A Treatise on Money, though in these works Keynes still maintained the classical equilibrium methodology. After the publication of the Treatise, Keynes deepened the study of the role of money in transactions, and abandoned the classical idea concerning the relationship between savings and investment. In fact, he conceived the idea that savings are generated by investment. According to this new view he espoused, which emphasized the creditdriven nature of the economy, the rate of interest must be equal not to the natural rate of interest but to the monetary one.Professor Izumi Hishiyama proposed the interpretation that Keynes's new idea concerning the determination of the rate of interest could be traced back to the controversy between Hayek and Sraffa. Taking into account Hishiyama's view, in this paper we show that, in his 1937 papers, Keynes implied that the banking system can have only an indirect effect on the level of the long-term interest rate that governs investment, although it can affect, temporarily, the level of industrial activity through the endogenous creation of money and the control of the short-term interest rate.